Page:Stabilizing the dollar, Fisher, 1920.djvu/328

274 by the Canadian and then by the Austrian governments. During the war comparatively little was done or thought concerning the High Cost of Living. The revival of interest now following the war is causing this international conference to be again considered. New Zealand, in particular, has shown an active desire for such a conference. Possibly the conference will actually come about in or through the League of Nations.

3. Approval of the Plan for Stabilizing the Dollar

Whether or not the price-level problem becomes the subject of special international study, it cannot escape solicitous consideration in the immediate future in almost every country on the globe and, in that consideration, the role of money cannot be ignored.

In fact I venture to predict that the role of money will be increasingly recognized and much faster than is dreamed of by most people. This prediction is based on the reasons given in § 1 above.

The plan described in this book has already run the gantlet of many of the chief minds of the world and has met with almost universal acceptance wherever it has been examined. As one observer expresses it, "only those oppose who do not understand."

The unfavorable opinions and comments have already been dealt with in Appendix II. In this section I shall refer to the favorable opinions.

Of the many other prominent persons—some 200 in number—who have expressed their approval I would mention especially, Arthur T. Hadley, President of Yale University; Royal Meeker, Commissioner of Labor Statistics, Department of Labor; the late Senator Newlands; Senator Robert L. Owen; ex-Senator John F. Shafroth; Clarence H. Kelsey, banker; Henry Lee Higginson, banker; John Perrin, United States Federal Reserve Agent, San Francisco; George Foster Peabody, Director Federal Reserve Bank, New