This article focuses on fixed assets replacement as of October 1951. The inflationary influences that are rampant just now have caused the relationship between current depreciation charges and replacement costs of fixed assets to become a subject of particular concern to accountants and to management of the business enterprise. Corporate officers in industry are vitally interested in this matter because the subject of profits is discussed so much and from so many points of view. Accountants are concerned because new responsibilities have been suggested for accounting methodology. The many articles on the subject appearing in current accounting literature indicate that accountants are aware of the challenge they face. This open discussion of conflicting ideas is likely to bring satisfactory results, a study of history reveals that much of accounting's growth in the past has come in this manner. Accounting has developed slowly as men of successive generations have sought under changing legal and economic conditions to meet the needs of business of their day. It is not unreasonable, therefore, to believe that a helpful perspective on today's problem may be gained by a brief survey of the problem of fixed asset replacement as it existed fifty years ago and of the responses made to the problem by men of that day. A realization of the ideas that existed fifty years ago in regard to fixed asset replacement could perhaps help accountants to resolve this issue which is before them today.