Page:Stabilizing the dollar, Fisher, 1920.djvu/305

Rh to social discontent while socialism or the single tax would.

The plan to stabilize the dollar is, needless to say, not put forward as a panacea or as a substitute for general schemes of social reform. It has simply one object,—to supply a dependable unit of value. That object is not in conflict with any other sincere plan for social betterment. Only those who wish to retain existing evils, confusion, discontent, and suspicion in order to make use of them to further their own pet plans can oppose stabilizing, the dollar.

In this connection I may mention an incident of a few years ago. Following an address by me on stabilizing the dollar, a prominent radical socialist addressed the same audience and attributed the high cost of living to "capitalism." Afterwards he frankly told me, privately, that he realized the truth of my contentions but that, as a socialist, he wanted to "make hay while the sun shines" and that the high cost of living was a good lever by which to make the people hate the existing social order!

D. Speculators. This is the only class which would be really deprived of great opportunities by stabilizing the dollar. Speculation feeds on uncertainty. It did so after the Civil War and is doing so after the Great War. The greatest beneficiaries and the greatest victims of great price movements are speculators. As long as uncertainty exists speculation will, and should, exist and the wise speculator in one way and another relieves the rest of society of some of its burden of uncertainty, while charging for this service a very high price. But every reduction of the hazards in business on which speculation feeds marks a step forward in civilization. Stabilizing the dollar would mark such a step forward, though of course it would by no means take away all opportunities to make money by taking chances.