West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1914-12-10
WHY OPTIMISM
Extracts from Address by Geo. Otis
Smith, Director United States Geo.
logical Survey. american Mining
Congress, December 8, Phoenix, Ari-
zone.

De greater, on the one shore OF the
Atlantic all activity seemingly de-
structive in purpose; on the other
shore every energy directed along
constructive lines; absolute waste of
life and property as opposed TO pro-
duction of wealth and betterment OF
life.
Even though 1t is at a distance that
We view the terrible disaster that
threatens the whole continent of Eu-
rope. optimism seems a lost art. Let
sooner or later this epoch OF catastro-
phe must be followed by a period OF
repair. and the longer this period is
delayed the greater will be the needs
involved In the reconstruction and 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
and copper and our imports OF dye
stuffs and potash. whereby several i'm
portant Industries were well-nigh
paralyzed. Yet startling as has been
this disturbance OF the whole balance
OF industry, certain fundamental facts
and laws remain for US to build upon
and indeed the lower course OF foun-
dation stones for optimism has already
been laid.
Evidence of business betterment is
before us on every hand, and the rea-
sons for optimism are many. The Uni
ted States farmer has harvested a five
billion dollar crop and there is high
price market for all surplus food
stuffs; already 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 as well as
fed. Foreign orders have started fac
tory operation which at once tends to
relieve the stagnation of the steam
coal trade, the steel situation has
turned from serious depression to rap
id Improvement, and the whole min
eral 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 fed
eral banking system makes the money
reserves mobile as never before. and
1NtnnQ1nn 10. -
without the veto power remaining in
the hands OF a small group OF big
| men. Still another reason for belief
in business betterment is the recogni
ton. now becoming widespread, of the
general interdependence OF big bust
ness 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 will in large
part prevent monopolistic centraliza-
ton, the people are interested in get
ting their share of returns that can
come only with operation at a profit
On the other hand, the managers of
the large corporations, the trustees of
the investing public, are beginning to
see that certain financial security
goes with public confidence. and that
the attitude to the public so tersely
expressed years ago by pioneer I'm
railroad financing does not pay divi-
1cnds today
or course optimism is apt to go to
extremes. Already we are hearing
such expressions as trade booms" or
opportunity unparalleled I'm history"
and avalanche of prosperity" and
even hard-headed business men are
quoted as thus characterizing the
present situation. All this kind of talk
indicates that period of over-stimu-
lation may threaten us, condition
that is somewhat symptomatic of the
American temperament. The four
months record, however, can be sum-
married. thus: While European coun-
tries have been mobilizing their arm
les and calling to the field of battle
their reserves OF soldiers, America has
modified its credit and begun to send
forward to the market place its vast