government expenditures would multiply the money supply, raise prices, and bring on inflation. Mr. Scherman, who makes no bones about distrusting our 'entrenched bad government,' thinks that the only protection for the common man against these dire consequences is to repeal the Gold Prohibition Act. However, Mr. Scherman has found only one of the numerous Ethiopian tribesmen in our gold pile. The New Dealer's inflation which he fears would at least come by wilful choice; but the tremendous excess reserves now in the banking system could just as easily finance a major boom which both Treasury and Reserve Board would find hard to combat."

OUR FRIENDS REPLY

From the hundreds of letters received, impossible to acknowledge personally, five pages of brief quotes were printed in this Bulletin. Only a small part are here reproduced.

University Presidents Hutchins, Brewer, Kent, Dykstra have commented previously. Others continue to. "If you cut off the bulletins, I shall cut you off in my will!" Isaiah Bowman, Johns Hopkins Univ., Md., Dec. 13, 1939. "Keep my name on your list," James P. Baxter, 3rd, Williams Col., Mass., Jan. 4, 1940. "Read with interest," Alan Valentine, U. of Rochester, Jan. 22, 1940. "Will be useful in my senior seminar in propaganda. Thank you for the fresh, vigorous way in which you state the case. I wish we could get your colorful language more frequently in academic circles," Wm. Alfred Eddy, Hobart Col., N. Y., Mar. 1, 1940.

College people write in appreciation. "Very fine piece of work in trying to make our people conscious of propaganda today," J. Duane Squires, Colby Jr. Col., N. H., Dec. 29, 1939. "I feel the need of it as a balance against much that I hear in a contrary sense, and I hope it lasts as long as the war does," Harold J. Tobin, Dartmouth Col., Dec. 23, 1939. "My understanding of current events would be incomplete without them," J. Garton Needham, Simmons College, Mass., Jan. 8, 1940. "Stimulating, provocative and put together in a very pithy manner," Esther Isabel Seaver, Wheaton College, Mass., Jan. 18, 1940. "Valuable contribution to our knowledge of the international situation and methods employed," A. B. Faust, Cornell U., Dec. 30, 1939. "#22 is a 'hum-dinger'," Philip W. L. Cox, N. Y. Univ., Jan. 3, 1940. "Your bulletins are of tremendous importance," Goodwin Watson, Teachers Col., N. Y., Jan. 30, 1940. "You are performing

-301-

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