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WE ARE ESCAPING INFLATION There is an easy assumption in official and fi ¬ nancial circles that we are escaping Inflation It is true that we have not issued any paper money based upon nothing more than a promise to pay and it is true that we arc not selling at a discount non taxable bonds bearing a high Rite of interest but there are other means of inflation and they are being resorted to all along the line lineWhenever Whenever government touches wages they rise Whenever it lixes prices not altogether speculative they rise Whenever it deals with the costs ot transportation they rise Whenever it makes a con ¬ tract of any kind for munitions or supplies the sum total swells beyond anything ever known in time of peace Whenever one of its many agencies meets a question of production or marketing it recog ¬ nizes war conditions and pays the penalty and so to a certain extent gives its approval to inflation inflationInflation Inflation does not always depend upon the initia ¬ tive of cheap money Perhaps one of these days our economists who are so eager to avoid inflation will discover that they have cheapened the best money in the world by overvaluing nearly every ¬ thing else New York World
