The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-06-29
IN HOTEL .LOBBIES
MOlern Rrnhlcnls

uouern f'rODlfmS
1.-The basic principles OF political econ
omy are taught in all the colleges, but
owing TO the complex conditions that
have come with our larger supply and de-
mand, our feverish commercial methods
and our modern social life reaching far
higher planes, 1t is difficult to apply the
teachings of the old standard economists,
said a citizen.
IN reviewing some of my earlier read
ing, Adam Smith, John Stuart Mill and
Walter Bagehot seem as sound In prin-
ciple as ever, but all ovel the world and
especially in the United States, problems
confront the statesman and the tinancier
that were scarcely dreamed of 80 years
ago.
Twenty years ago we had men In Con-
gress who could grapple with and eXpound
questions relating to our economic life
and the general well being of the people.
We have in Congress today able men
men who have given much thought to
modern problems-but the leaders fail TO
agree on just how far the tariff and the
trusts are responsible for the high cost
of living and Just how far legislation will
prevent certain disquieting tendencies that
have been more or less in evidence during
the past few years. In the business world
one man will say there are too many au-
tomobiles bought on the installment plan;
another will say there are too many men
of limited incomes trying to support fam
lilies in luxurious style in order to keep
up with rich neighbors. Another will
say, Back to the farm Constructive
craftsmanship in the halls of legislation
will eventually help to straighten out our
modern perplexities, but after all the in
dvidual must to a great extent, work out
his economic salvation by going back TO
the first principles of domestic economy
don't spend dollar until you have
earned it, and never attempt to splurge
until you have a big bank account.
Regarding Business Investments
LAS every one knows, the future great
ness of Birmingham depends to a certain
extent upon diversified industries" said
an active member of the Chamber of
Commerce. I'VE have now a large num-
Der of manufacturing plnats and all OF
them are prospecting; but we need more
lndustries-more manufacturers who Will
convert pig iron into the finished product
and produce those articles which are used
here at nome and throughout the south. l
know of several small but important in
dustries that would be established in the
Birmingham district right now If part
of the capital needed could be secured
here.
1T is a curious fact that Birmingham
men of moderate means with a little sur
plus money, and some men of large
means, too, are always ready to invest
In speculative propostions-often out-of
town propositions; but when a business
like, upbuilding prospect that would mean
an increase in our payrolls, is presented
they turn it down. If the hundreds Of
thousands of dollars that have been sent
away from Birmingham in the shape of
payments on western mining stocks had
been invested in solid manufacturing en-
terprises here, the individuals so Investing
would be better off, and Birmingham
would be better off.
Pam not a croaker. but on the contrary
am an optimist Birmingham has made
wonderful strides, and it VIII continue
to push ahead. But If nore of our
people would help to establish small man
ufacturlng plants this city would come
into its own at much more rapid
rate" --. ..t. .,-.-. D..