THE EMPIRE REVIEW.
The writer of the Monthly Notes in the Empire Review gives a rollicking account of what he calls "The Truth About the Baldwin Debacle." He assumes that Mr. Baldwin had no idea of conducting anything but a Free Trade Adminis- tration when he invited Mr. McKenna to be his Chancelloi
of the Exchequer. The trouble began when a safe seat could not be found for Mr. McKenna, when Mr. Lloyd George's "stock in America was rocketing ominously aloft," and when Sir Philip Lloyd Greame, Mr. Amery and Mr. Neville Chamber- lain began to whisper Protectionist enchantments into Mr. Baldwin's ear. Mr. Baldwin was asked to believe that if he did not decide quickly in favour of Protection, Mr. Lloyd George, who had been much impressed by what • he had seen in America, would undoubtedly steal the thunder. The narrative is inspired by a " Coalition " spirit, and the writer duly resents the treatment given to Lord Birkenhead and Mr. Austin Chamberlain. Among the other articles we must mention "Harnessing the Atom," by Sir Oliver Lodge, and Mr. J. F. Darling's reply to the Economic Conference in respect of Empire currency. Mr. Darling says :—
" It is of the first importance that the Government should bestow early attention on the currency situation. The present currency position is both confusing and dangerous. Inflation could be entered upon in the easiest possible way by simply increasing the floating debt held by the banks. Fraught with even greater danger would be the pursuance of the deflationary policy of the Cunliffe Currency Committee, which has now received the endorse- ment of the Economic Conference. This policy would not only bring down a part of our credit structure, but would render unsafe the base on which the remainder stands. No positive constructive policy, such as this country and the Empire require, can be carried out under the depressing and distressing influences of a calculated policy of restriction in currency and credit. There remains, how- ever, the policy of stabilization which contains, as I have endeav- oured to show, great possibilities, and is also the policy of safety."
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