What Will Devaluation Mean To You?
(WorldNews Politics)

[This 1934 monograph is the first publication of the American Institute for Economic Research. It was a response to FDR`s bank closing, gold confiscation, and devaluation] Devaluation, or clipping the coinage, as the process was called in the days of the Robber Kings, is a subtle form of taxation. Like most other taxes, those imposed by this insidious method will be borne by the Forgotten Man. That modest citizen referred to in Sumner`s graphic phrase may be called the average man. He works for a living; is industrious and thrifty, saving for the proverbial `rainy day.` Life insurance is his bulwark against the major uncertainty of existence. He builds slowly but surely, not expecting great...