The Washington herald., 1914-12-02
More Reasons for Optimism.

Possibly because of the results of the elections
but more, we are glad to think, because of delber.
ate program made long ago. the obvious desire of
the present national administration is to sooth and
help business matters rather than to disturb them
The politicians obviously want prosperity IN 1916
when it will be campaign time. But it is fair to Mr.
Wilson to say that when he took Office he announced
his intention to be-frSt to clear the decks for
business and then give business a chance. Let him
get two or three great remedial measures through
Congress, keeping Congress in session continuously
If necessary for this purpose, and then he would
ask Congress to legislate more upon business
matters than could possibly be avoided.
There is no doubt that the President means to
carry out his program, and the radicals in Congress-
who may try TO force his hand at the session this
winter, will undoubtedly find that they are up against
a pretty cold proposition. From now on the Dem
ocratic policy is to be conservative. Indeed we
believe it will be found that the present Democratic
administration will go Ito extreme lengths in
order to help directly and specifically the business in
terests of the country than any whose history has
ever been spread upon the national records.
This brings right into the foreground the tremen-
dous and unbounded influence for good times of the
new Federal reserve bank Every knows that
this great organization is something of an expert
ment, and nearly every one of the bankers who has
thought about at all has been able to suggest
little way of tnkering with it Nevertheless, taken
by and large there is manner of doubt that the
new reserve banking system means a greater or less
initiation of the countrys circulating medium, and
probably means this in the near future. This must
exert a tendency toward easier money rates, and
whatever its ultimate outcome may be, it ought to
hasten the steps of prosperity We believe that al
ready great bankers and business men are making
plans with this in view. We believe that the great
majority of them, when they meet each other in
banking parors and other private places of the Sort
are saying to each other at this very moment, 1--WE
are going to have three four years now of good
business"
There is no reason whatever why the ordinary
business man, the man who is not invited into the
daily councils of the great bankers, should guide
his steps along the path that they treadng
A word to the wise is sufficient
1t always used to be maxim that in the last anay
sis all the wealth of the country came out of the
ground. Maybe this not exactly true, but there
was measure ot truth in the saying that everybody
will recognize. Since when have Western farm
ers had much farm produce to sell at such
enormous price as in the present year? And does
not everybody know that it is the year after profit
able harvest gathered, that the wealth from the
harvest is disseminated the country? Our cotton
planters in the dumps because the European war
has destroyed a market for a large share of the
years cotton crop But it is fair say also that the
more than I6oooooo-bale crop of the present year
would have certainly sufficed to pull down cotton
several cents a pound in value even if there had
been no war at all 1t seems to thinking people that
the proper way to look at the matter is that next
year there will be reduced planting of cotton, and
hence great deal of cotton to sell, largely in the
shape of this years surplus at high price. We
very much mistake if in 1915 the South will not
have merrier tale to tell than it has today
Maybe we have to the ground too closely,
out we think we can see already something of that
slight stirring in the business world which usually
orecedes an important movement. The price of cop
Der, which month ago was down to II1l cents
pound, is quoted at I234 cents in New York Even
lotion is above its low price, and with the prospect
If record-brealIing crop fully revealed and prob
ably discounted Money rates have fallen so low
hat no one is precuded from borrowing for any
business use. Stocks quoted at higher figures
han they when dealings the stock exchange
eft off, having sold considerably lower levels in
he meantime. There are in other words, multitu-
iinous indications that the bottom has been reached
hat things are getting down basis, that the final
lear up has taken place We wonder if the great
mass of people will recognize all of this when the
bargains that now present themselves no longer
offered.