The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1914-12-24

to base their predictions. The new
federal banking system makes the
money reserves mobile as never be-
fore, and extension Of credit Is now
possible, without the veto power re-
manning in the hands OF a small
group Of big men. Still another rea-
son for belief In business hetterment
IL the recognition, now becoming
widespread, of the general interde-
pendence Of big business and the gen.
eral public. On the one side, the
people are realizing that they are and
have been In reality the silent part
ner In big business, and nov that
there has come the promise Of some
regulation that will 10 large part pre-
vent mon0pOlistic GENERALIZATION, the
people are interested IN getting their
share OF returns tnat can come only
with operation AT profit. 90 the
other hand, the managers Of the large
corporations, the trustees OF the In
vesting pubilc are, beginning to see
that u certain financial security goes
with public confidence, and that the
attitude to the public so tresely ex
pressed 30 years ago by pioneer in
railroad financing does not paw diVi.
bends today.
OF course optimism is apt to go to
extremes. Already we are hearing
such expressions as trade boom " Or
opportunity unparalleled In his.
tory" an avalanche OF prosperity,
and even hard-headed business men
are quoted as thus characterlzing the
present situation. All this kind OF
talk indicates that period of over
stimulation may threaten US, con-
ditioR that IS somewhat symptomatic
Of the American temperament. The
4 months record, however, can Ee
summarized thus: While European
countries have been mobolizing their
armies and calling to the field of bat
tie their reserves OF soldiers, America
has mobolized its redit and begun to
seEd forward to the market place Its
vast reserves nf food.stuffs and min
eral produces.
Secretary RedtieId recognizes three
periods of business condition .s nat
urally following the declaration OF
war on Aug. l, Iast-those OF shock,
Stimulation and REIMBURSEMENT. These
three must be expected to affect in
the same order all branches OF Amer
lean business, though the transition
from one period to the next may not
be simultaneous in ali branches.
Thus for several weeks after var was
declared, the expectation Of wheat
felt the shock and thousands of car,
loads accumulated at eastern ports.
With cotton the period of shock has
been longer, but stimulation of ex'
port has now begun. With coppeI
the resumption of sales to Europe
seems slow in coming, but couie II
must, for In the modern world
whether Al war or ut peace, tue rec
metal Is a necessary Ut life.
Al we look toward the south We
find that our conn cree with Soutl
, America for the last years has bee
ons.sided To the extent OF an untavor
able annual trade balance Avera4 inG
| more than $50, 600, 900. The fact lba
} the balance Of trade is against tn
United States In TWO OF the three "A
B CT countries should be taken only
/ Ne an invitation to export more, anC
that $50, OOO,OOO suggests the chance
! for further development Of trade re
) lationS. We need meat and hide
/ from Argentina, tin ore from h, ilV
D la, rubber and coffee from Brazil an,
. Venezuela, nitrate form Chile, plati
: mum from COlobmia, cacao from
. Eucadnr, WOOL from Peru aud Uru
: quay. What can we export in sx
. change?
To increase Industrial prosperit
0 this county needs to export finished
I rather than crude products, and I,
h import raw materials rather thai
: manufactures Betterment Of indus
trial conditions can come bes
through expansion Of manufac uring
The increases OF the element OF labu
In the product expurted will meal
that Ws are not bartering away on
l heritage OF natural resources, bu
:. rather that We are using these re
= sources ~ basis simply for the ex
!. psndiSurs Of labor, which renews II
= self,