DOMINANT ISSUE

Evening Post, Volume CXVI, Issue 71, 21 September 1933, Page 11

DOMINANT ISSUE

INFLATION IN AMERICA

PRICE-FIXING NO USE

WITHOUT SAFEGUARDS

HIGH TARIFF PSYCHOLOGY

"United Press Association— By, Electric Tele'

graph—Copyright. (Received September 21, 11 a.m.) CHICAGO, September 20.

The Secretary of Agriculture, Mr. Henry Wallace, on Wednesday told the United States Grain Dealers' [Association that he still favoured controlled inflation. At the same [time he criticised America's high tariff psychology, and warned his hearers that attempts to fix prices "without control of production were doomed to failure," adding "most price-fixers are also inflationists and, if the purchasing power of farm products does not improve within three months the price-fixers and inflationists will have great power in Congress in the coming winter, and there will be passed legislation which will make the Agricultural Adjustment Act seem extraordinarily conservative." ' '

He concluded: "We are merely tiding over a difficult situation and, instead of retiring completely, from the world market, our people, will soon come to their senses sufficiently to be willing to make rational adjustments in the tariff and eventually even in the policy of lending money abroad."