Warning that the next Congress is likely to pay the soldiers' bonus by issue of $2,500,000,000 in flat money, five Harvard professors have joined 75 other economists in calling for the organization of effective public opposition.

The Harvard faculty members who signed the statement are Charles J. Bullock, George F. Baker Professor of Economics; J. Franklin Ebersole, professor of Finance; Joseph A. Schumpeter, professor of Economics; Oliver M. W. Sprague '94, Edmund Cogswell Converse Professor of Banking and Finance; and Frank W. Taussig '79, Henry Lee Professor of Economics.

"If the soldiers' bonus bill should be passed," reads the statement, "payments might be made in any one of various ways, but the most dangerous means which might be employed would be the issue of inconvertible paper money in the form of greenbacks, such as the inconvertible and unsecured United States notes of Civil War days.

"The issue of flat money is the most dangerous device which a country can use to finance any enterprise, regardless of the nature of the purpose."