The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-12-11

ica's industry, said George Otis Smith,
director Of the United States Geological
Survey, in an address that re deliv-
cred before the recent session OF the
American Mining congress at Phoenix,
Arix.. and he continued. in part:
What contrast could be greater: on
the one shore of the Atlantic all actiS-
ity seemingly destructive in purpose
on the other shore, every energy ol-
rected along constructive lines; apso-
lutte waste Of life and property as OPP
posed to production of wealth ana
betterment OF life.
Even though it is at distance tnat
we view the terrible disaster tna'
threatens the whole continent OF Eu-
rope optimism seems a lost art yet
sooner Or later this epoch of catas-
trophe must be followed by a period OF
repair. and the longer this PERIOD is
delayed the greater will be the neeos
involved in the reconstruction ana re-
placement. Where war has torn down
at terrific speed. peace must build up
slowly.
The interruption of international
trade stopped our exports of cotton ana
copper and our imports of dye-stulis
and potash, whereby several important
industries were well nigh paralyzed.
Yet startling as has been this disturb
ance of the whole balance Of industry
certain fundamental facts and laws re-
main for US to build upon and indeed
the lower course of foundation stones
for optimism has already been laid.
Evidence of business betterment IL
before us on every hand, and the rea-
sons for optimism are many. Lyle
United States farmer has harvested q
five billion dollar crop and there Is d
high-price market for all our surplus
food stuffs; already our grain is pour
ing across the Atlantic. The millions
of men who are fighting ire not WORK
ing, and yet these hordes of soldiers
must be clothed and equipped as Wen
as, fed. Foreign orders have started
factory operation which at once TENDS
to relieve the stagnation in the steam
coal trade, the steel situation has turn
ed from serious depression to rapid I'M
and the whole mineral IN
dustry may socn expect to share in this
general business improvement
Today the financial horizon is SO
nearly cloudless that the prophets of
bad weather have little upon which to
base their predictions The new red
eral banking system makes the money
reserves mobile as never before, ana
extension of credit is now possible
without the veto power remaining IN
the hands of small group of big men.
Still another reason for belief in busl-
ness betterment is the recognition, now
becoming widespread, of the general
OF big business and the
general public. On the one side' the
people are realizing that they are and
have been in reality the silent partner
in big business. and now that there
has come the promise of some regula-
ton that will in large part prevent mo-
nopolistic Capitalization, the people are
in getting their share Of re-
turns that can come only with Oper-
alton at profit. On the other hand.
the managers of the large corporations,
the trustees of the investing public. are
beginning to see that a certain financial
security goes with public confidence,
and that the attitude to the public so
tersely expressed 80 years ago by a
pay dividends today
OF course optimism is apt to go to
extremes. Already we are hearing such
as trade BOOM" or OPP
portunity unparalleled in history and
avalanche of prosperity and even
business men are quoted as
thus characterizing the present situa-
ton. All this kind of talk indicates
that a period of overstimulation may
threaten us, a condition that is some
what symtomatic of the American tenn
permanent The four months record.
however. can be summarized thus:
While European countries have been
mobilizing their armies and calling to
the field tf battle their reserves of SOL
diers, America has modified its credit
and begun to send forward to the
market place its vast reserves of food
stuffs and mineral products.
To increase industrial prosperity this
needs to export finished rather
than crude products and to import raw
rather than manufactures.
Betterment of industrial conditions can
come best through expansion of manu-
The increase of the element
of labor in the product exported will
mean that We are not bartering away
our heritage of natural resources but
rather that we are using these re-
sources as a basis simply for the ex-
penditure of labor. which renews itself.
Coming down to bottom facts, the
United States will profit by the Euro
pean war only as the nation makes
larger and wiser use of its mineral
resources. Foreign markets in the main
can be won and held only as the guam
tity or quality Of the MADE in Amer
ica' product rivals that of the goods