WHISTLE
Copyright, 1931, Marshall Field & Company
Issued Every Two Weeks By and For
the Employees of Fieldcrest Mills, Divi
sion of Marshall Field & Company, Inc,,
Spray, North Carolina
OTIS MARLOWE Editor
No. 16 Monday, March 5, 1951 Vol IX
Textiles For
Defense
In these days, when so much confus
ion is evident in both official and unof
ficial circles, it is encouraging to note
that a major industry has voluntarily
initiated a program designed to make
the most of its vast resources. Such a
move by the far-flung American cotton
textile industry promises to be of tre
mendous help to the country’s defense
activities.
Few persons realize the complexity
of this industry. More than 500,000
workers in 1,200-odd separate mills pro
duce a bewildering variety of goods.
No industry is more basic or import
ant to the security of the nation than
textiles. Its consumption of cotton pro
vides livelihoods for millions of farm
ers, processors and handlers. Its finish
ed products go into countless items.
Yet, its very size and diversity pres
ent a peculiar problem in times of emer
gency. Immediately following Pearl
Harbor, confusion resulted from over-
hasty plans attempting to coordinate
the production of hundreds of mills. It
was months before red tape was elimin
ated and government planners were
able to utilize more fully the knowledge
and advice of experienced textile.
The cotton textile industry is taking
steps to forestall similar difficulties in
the current emergency, no matter how
severe are the demands made upon it.
All the various segments of the industry
have been organized so that they can of
fer their services to military and civilian
planners.
Systematic planning will permit the
industry to realize its full potentialties.
Textile leaders point out that physi
cally the industry is in its best shape
in history. More than a billion dollars
has been spent for modernization since
World War II. Its plant facilities, plus
such intangibles as “know-how” gained
in the war, equip it to handle almost
any demands for military and civilian
production.
With its voluntary program well un
der way, the cotton textile industry has
in effect said to the government, “We
stand ready for any task. Let us know
what you want. Give us the raw mater
ials and we have the loyal workers,
managerial ability, and plant equipment
to produce as needed.”
Inflation Is
Enemy No. 1
Of.Thrift And Security
JlO'
30/
50/
$1.00
Inflation (meaning higher prices) is a very complicated economic
process based on a very simple economic principle.
For the purposes of this article we need deal only with the simple
principle: namely that any increase in the supply of money seeking
goods and services without a corresponding increase in the supply of
goods and services seeking money, always results in higher prices.
If the gap between the money and the goods and services is
permanent, the inflation is permanent.
If the gap between the money and the goods and services is
temporary, the inflation is temporary.
Inflation is an inconvenience, but not a hardship, to those in the
labor market who can promptly command higher wages and salaries
to offset the higher prices.
Inflation is a temporary hardship to those in the labor market who
cannot promptly command higher wages and salaries to offset the
higher prices.
Inflation is always a hardship to those not in the labor market and
living on fixed incomes from bonds, savings, life insurance, and pen
sions.
When government controls the money supply no one can tell what
their savings will buy. The only effective control which the citizen
may exercise over the money supply is a Constitutionally-protected
gold standard.
This is the last in a series of 10 articles dealing with money and its uses in our economic system.
The articles are based on the book “Money,” written by Fred G. Clark and Richard Stanton Riman-
oczy and published by D. Van Nostrand Company. The American Economic Foundation (295 Madison
Avenue, New York City) has granted permission to publish the series.
FIELDCREST MILL WHISTLE