The Churchill county standard. (Fallon, Nev.) 1908-1920, 1914-12-09
INTERESTING COUNTY FACTS
Extracts From Address of Geo. Otis
smith, Director of the u. s. G..
3, Delivered Recently.

tfasl could be greater on the one
shore of the Atlantic all activity
seemingly destructive in purpose:
on the other shore, every energy di-
fected along constructive lines: ab-
solute waste of life and property
as opposed to production of wealth
and betterment of life.
Even though it is at a distance
lhat we view the terrible disaster
that threatens the whole continent
OF Europe, optimism seems a lost
art. Yet sooner or later this epoch
OF catastrophe must be followed by
a period OF repair. and the longer
this period is delayed the greater
VIII be the needs involved in the re-
construction and replacement.
Where war has torn down at ter
rihc speed, peace must build up
slowly
The interruption of international
trade stopped our exports of cotton
and copper and our imports of dye
stuffs and potash. whereby several
important industries were well-nigh
paralyzed. 1et startling as has
been this disturbance of the whole
balance of industry, certain funda-
mental facts and laws remain for us
to build upon and indeed the lower
course of foundation stones for op-
timism has already been laid.
Evidence of business better
ment Is before us on every hand,
and the reasons for optimism are
many. The United States farmer
has harvested a five billion dollar
crop and there is a high priced mar
ket for all of our food stuffs; al
ready our grain is pouring across
the Atlantic. The millions of men
who are fighting are not working,
and yet these hordes of soldiers
must be clothed and equipped and
fed. Foreign orders have started
factory operation which at once
tends to relieve the s;agnation in
the steam coal trade, the steel sit
uation has turned from serious de-
preston TO rapid Improvement, and
the whole mineral industry may
soon 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 federal banking system
makes the money reserves mobile as
never before. and extension of credit
IS now possible, without the veto
power remaining in the hands of
small group of big men. Still an
other reason for belief in business
betterment is the recognition. now
becoming widespread, of the gener-
al interdependence 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 regulation that
viii in large part prevent monopo-
listic Capitalization, the people are
interested in getting their share of
the returns that come only with op-
Grafton at a profit. On the other
hand the managers of the large cor
porations. the trustees of the in
yesting public, are beginning TO see
that n certain financial security gees
with public confidence. and that the
attitude to the public so tersely ex-
pressed 80 years ago by a pioneer
in railroad financing does not pay
dividends today.
OF course, optimism is apt to go
TO extremes. Already we are hear
ing such expressions as trade boomi
or opportunity unparalleled in his
tory" and avalanche of prosperi-
ty," and even hardheaded business
men are quoted as thus characteriz-
ing the situation. All of this kind
OF talk indicates that period of ev-
er stimulation may threaten us,
condition that is somewhat symp-
tomato of the American tempera-
ment. The four months record,
however, can be summarized thus:
While European countries have
been mobilizing their armies and
calling to the field of battle their re-
serves of soldiers. America has mo-
bilized its credit and begun to send
forward to the market places its
vast reserves of foodstuffs and min
eral products.
Secretary Redfeld recognizes
three periods of business condition
as naturally following the declara-
tion of war on August 1st-those of
shock, stimulation and readjust-
ment These three must be ex-
peoted to affect in the same order all
branches of American business,
though the transition from one per-
iod to the next may not be stimuli
taneous in all branches. Thus for
several weeks after war was de-
clared, the expectation of wheat
felt the shock and thousands of
carloads accumulated at eastern
ports. With cotton the period of
shock has been longer, but stimula-
tion of export has now begun.
With copper the resumption OF
sales to Europe seems slow in COM
| ing, but come 1t must for In the
modern world, whether at war or
peace, the red metal is a necessary
of life.
AS we look toward the south we
find that our commerce with Soutn
America for the last four years has
been one sided TO the extent OF an
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