The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1914-07-31
President Wilson on
Business Conditions

Address Delivered by the President
Before the Virginia Editorial As
sociation. the White House, June
25. 1914.
Mr.. Cook, Mr.. Carlin:
I think It is appropriate, ladies
and gentlemen, In receiving you to
say just q word or two in assistance
of your judgment about the existing
conditions. You are largely respon-
You furnish the public with informa-
tion, and in your editorials you fur
nish 1t with the Interpretation of
that Information. We are in the
presence of business situation
which is variously interpreted. Here
In Washington, through the bureau
of commerce and other instrument
talities that are at our disposal and
through correspondence which
comes in to US from all parts of the
nation, we are perhaps in a position
to judge of the actual condition of
business better than those can judge
who are at any other single point in
the country; and l want to say to
you that as a matter of fact the signs
of a very strong business revival are
becoming more and more evident
from day to day.
I want to suggest this to you /:
Business has been in a feverish and
apprehensive condition in this coun-
try for more than ten years. I will
not stop to point out the time at
which it began to be apprehensive,
but during more than ten years busi-
ness has been the object of sharp
criticism in the United States. crit
icism growing in volume and grow
ing in particularly; and as a nat.
criticism has increased business has
grown more and more anxious. Busi-
ness men have acted as some men
do who fear they will have to under
go an operation, and who are not
sure that when they get on the table
the operation will not be capital
operation. AS a matter of fact, as
the diagnosis has progressed it has
become more and more evident that
no capital operation was necessary;
that at the most a minor operation
was necessary to remove admitted
distempers and evils The treatment
surgical, affecting habits Of life and
action which have been hurtful. For
on all hands 1t is admitted that there
are processes of business or have
been processes of business in this
country which ought to be corrected; /;
but the correction has been postpon-
ed, and In proportion to the post
ponement the fever has increased
the fever of apprehension.
There is nothing more fatal to
business than to be Eent guessing 6
from month to month and from year
to year whether something serious is
going to happen to 1t or not and
what in particular is going to happen
fr - if nr,fh fro se
BILE to forecast the prospects of any
lire of business unless you, know
what the year is going to bring forth.
Nofhine is hor& ppfs(f, nothing has
BEEN declared by business meh to be
more harmful, than to keep them
guessing.
The guessing went on, the air was
full of Interrogation points, for ten
years and more. Then came an ad-
ministration which for the first time
had definite program Of construc-
tive correction; not of destructive
correction, but of a constructive cor
rection of admitted evil-a very clear
program disclosed, so far as possible
In a general program, in it's particu-
lars as well as in its general features.
And the administration proceeded to
carry out this program.
First, there was the tariff, and
business shivered. I'VE don't like
to go in; the water looks cold" but
when the tariff hao been passed it
was found that the readjustment
was possible without any serious dis
turbance whatever. So that men
said with a sense of relief. "Well, we
are glad to get that behind us, and
1t wasn't bad after all"
Then came the currency reform.
xr,sk
with what criticism. with what sys-
tematic holding back, a large body
of bankers in this country met the
proposals Of that reform, and you
know how, Immediately after its pas
sage. they recognized its benefits and
its beneficence. and how ever since
the passage of that reform bankers
throughout the United States have
been congratulating themselves that
1T was possible to carry out this great
reform upon sensible and solid lines.
= Then we advanced to the trust
program and again the same dread,
the same hesitation, the same
urgency that the thing should be
postponed. It will not be postponed,
and it will not be postponed because
we are the friends Of business. We
know what we are doing; we pur-
poses to do It under the advice. for
we have been fortunate enough to
obtain the advice, of men who under
stand the business Of the country;
and we know that the effect is going
to be exactly what the effect Of the
currency reform was. a sense Of re-
lief and of security.
Because when the program Is
finished, 1t Is finished; the interroga-
ton points are rubbed on the slate;
business is given its constitution Of
freedom and is bidden 90 forward
under that constitution. And just
so soon as 1t gets that leave and