The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-12-29
BDNGREss, CROPS
To WRITE HISTORY
nOxEY KINGS WILL HAVE VERY
LITTLE TO SAY DURING THE
COMING YEAR
L REACTION IS COMING
4 cowrETrrryE TARIFF. SUCH AS
u MIR. WILSON DESCRIBES, is
THE ONE NECESSARY FOR
COUNTRY.
FRACTION IS COMING
BY q. C. FORBES.

q. way will rise ana rise 10 greater
4 heights that gue contrary opinion can
Il do no harm
Instead OF an uninterrupted and I'M
pAraiieied boom / look Tor mateF'si'
1 but NOT dangerous recession ia gen
4 arai business during the hrsI nail Oh
y 1918, with an inspiring recovery later
sthculd crop prospects be aaHorsole'
& TIE year 1914 barring war or otner
ma tor calamity, sheGld bring pros"
p@rity ON IA scale never yet enjoyed
by the United States. or any Euro
pean nation.
Why predict reaction during the
next six months
II Because OF:
1. The Inevitable unsetticmeut incl
~ aentai 10 a change IN the federal adj
nainistrauun
tn uncertainty, bound 70 become
tnure acute, over impending tariff re-
1uctions.
Al "a orldwiae competition for capital
1Hener than any in financial history.
9Th a consequent rise in interest,"
rates.
nfrstettye series uf wars in the Orient.
the near east. and IN North ATM
--sn aftermath that Will infiiet a
frAin upon resources not even diiniy
ENnderstood hy those Unfamiliar Win
tkn working Of economies.
=, Probable anti combination oeci-
afons By the Supreme court along lines
THAT will not swell immediate earning
DOner, but will Ill monopoiistic cor
EeFations with uneasy appFehensions-
&, Insistent agitation for drasticaliy
bfsforming" Wal Streets delicate ma
xhinery including the stock exchange
u Wrangiing and uncertainty over
6ufrency legislation
4. The danger, not remote, OF re"
nrssdeacence OF LABOR troubles around
- nrst of May. whssr important
Hereements expires.
Mus& Proceed Cautiously.
III the foregoing combination doee
rpf act as a brake upon business,
rhAll be 3oyfuily mistaken--no. not ex-
nstly ioyfuily. for the best interests OF
- country demand that no rampant,
1A6kleaa. infiationary boom lie foster
~ for that woula lead to wild ex-
xannNs 20 overstraining OF credit, to
90 decentralization OF the labor mar.
ST0t 10 unhealthy speculation and col
800
There is need for proceeding eau
$leuxly, but there is no occaaion 1oI
1NGrVo9sness. Firms with plenty OF
Gap1taI can afford to proceed more
@p6uraeeousiy than those dependent
iron borrowing, for there 10 no visit
- relief from dear capital, either at
kUme or abroad.
II the United States does not
#4aserEc from 1919 stronger and more
x&onufnieIy prosperous than ever be-
#fore--Rtyen reasonable crops~---ths
& anme will tie ut the door of the
Soliticians The temptation to pound
SapffAl aud thus excite popular APP
11Ause la stu Irresistible in many
1uartc.s. although the public is al
It'll slowly awakening 10 the fact thai
IL own welfare Is interviewer with
me welfare OF business,
" Let tariff reforms he made fear
HAesiy--the country IL entitled to that
LIT the industries that have become
Snta ats be no longer treated as rurs-
t1n9s, too helpless to be weaned. Let
E1aancfacturers who complain that
AhNy cannot live unless their nosef
80 allowed TO burrow In the tarin
4fpugh, fiiled AT the expenee OF the
DNblic, be plainly informed that they
will have to forage a little more
onergetically for themselves. other
Nyase let their capital be- turned ds
nnCfe self-sustaining enterprises.
Need Competitive Tariff.
III short, let there be an equitable
enaA jnstment of duties 30 that. UNI
NOrt OF showing against his foreign
e0mpetitor, the taxpayers shall not be
sailed upon to make good an undue
uA<rifice. The president-elect wants
competitive tariff" That aptiy
describes what would be best for the
noUpie as a whole. capitalists as well
~ the so-called working classes. en-
Meyers and employees alike.
The steel industry IL not unlike
- ~ the n or
and wooden manufacturers are liza
~ - suffer almost as much as they
ooerve. Cotton mills engaged In
making the finer grade of goods may
nye TO hestir themselves to meet
IoNfopean rivals. The outlook fer the
Ne beet sugar industry is cloudy.
~ speak generally, trade Will %
Inpre alarmed than injured tartffwlse.
1ANporariiy the effect Will not be
&pnductive to record breaking bust
6eSs. but cree the new tariff has
pnnne from the melting pot, once Ger
1n4nty has taken the place OF uncer-
taiuty, there viii be "a universal ac-
&Aptance Of the situation, and q de-
1oxminaion to make the best Of
Ekings, with, there can be little doubt
aD6its Of inealculable benefit TO tae
HAtt0n
before this stage has been reached.
may be necessary to stiffen upper
~ But let me repeat that those
3ho base their operations on a solid
D~Adation. and do not enter SO
1exffy into debt. a.. to render their
1etion vuineraE ban face the fu-
~ with high is&A
M Market Pulls~ in san
M The stock market has already
lied In sail. 1t has discerned
|naA6a on the horizon. BY the time
~ clouds can be seep by everyone
orators possessing foresight. dar-
and the necessary means, will be
1Ay 10 buy the securities tn, swr
of ~ those having miscalonlated
y outlook 1t lie more than tolsi.
f1snt there will be an abundance
Sa~noAfI4 money available for Wal
800 SpNcuiation simultaneously
sA sczrcity for other purposes
politIcal distur bance may eaus,
&gM 70 refuse TO lock up theil
III until they can see dayifgh
w5Il be we'll 20 keep always II
1 that 1919 brought $s.Soo.o0o,
6nx1ou14ural wealth from th,
DIT hustnese has shown anna =
UoVAeo u rocppevstion. thar oul
A stn1e hAs easily creased tn,
h111t0a mark per annun. tina
1yo eelA . huge bill OF meY
n fo Europe, for which oni.
61ent has beGn made. tina
143son y Readily tncreAsang
NnAnnyf opening Of fNa