Daily capital journal. (Salem, Oregon) 1903-1919, 1915-12-16

| iNNl'NhNht nNh anu oOliOus
| problems. As yet its temper has moi
been fully manifested, and it is toe
early to decide whether it will prove Q
conservative body or AN excitable one
Should it show a disposition to con
servative action, as seems most prob
able, the present business revival may
continue unchecked, while SHOULD il
display disturbing tendencies the re
verse would promptly happen.
Preparedness ana revenue are evi
IDENTIFY to be the controlling issues
Both of these are sequences of the war
and nearly all other problems are large
ly connected with or affected by thi,
European crisis. President Wilson 4
message met with general approval
though not arOusing any special en-
| thusiasm except when he toucAed the
cause of patriotism. His discussion OF
J preparedness seems to have been lis
tened to with intense interest, and the
problem which he thus ranked first
will undoubtedly be a subject of pro
longed and strenuous debate. Moder
ate preparedness at reasonable cost
would probably command the support
OF sound public opinion, and there is
no occasion whatever for hysterical ap.
peals to a sense of danger which al
the worst is remote; while the degree
of preparedness is best left to the iudg.
ment of experts, who are not influenc-
ed by the thirst for notOriety or fat
contracts Of course preparedness
means increased public expenses, and
whether these will be met by bond is.
sues or increased taxes is not yet di.
vulged. The pay-as-you-go method, or
taxes, is the wisest and will act as q
wholesome restraint. had the presi-
dents message contained some sug.
gestions in the direction of economy in
public expenditures to partially offset
the new demands it would have met
with nublic approval.
Tariff and shipping are-scheduled to
come in for serious attention, and there
are no chances of serious disturbance
in these problems. Intrinsically there
is really nothing in domestic political
affairs that need cause anxiety il the
peope and its representatives only man.
age to keen cool. Grave questions of
an international character are in pro-
cess of solution and at any time others
may arise, so that calmness and Justice
become the first duty of all who are in
legislative or government contro. For
tunately President Wilson is exception
ally strong in judicial qualities, and as
for his neutrality that has aready PROV
ed strong enough to involve him ia
neated discussion from both sides; than
which no better evidence can be found
of its reality. Our relations with all
the belligerents continue to be of Il
most delicate nature; and it is to be
sincerely desired that congress will
neither embarrass President Wilson nor
Secretary Lansing in their diplomatic
course, which has thus far been con.
spieuously firm, patient, sound and
neutral.
Great interest is now being mani
Tested in our foreign trade. The no
table convention of prominent Ameri.
can manufacturers and merchants in.
terested in export trade held in this
city this week is to be followed by sim.
liar conventions in other cities of tae
United States. This is most welcome
and necessary movement and should be
encouraged bv all brOad.minded and in.
telligent business men. When this war
is over and conditions begin to settle
down once more to the normal, the
necessity of a foreign outlet for our
surplus manufactures will become
more and more imperative. Respecting
outlets for our raw materials we need
feel no concern, since there will be q
good foreign demand for all thata we
can spare. But for our manufactured
surplus the question will be totally diff
ferent, and before. very long the
United States with its tremendous in
dustrial development will feel the ur.
gency Of expansion as never before.
Unless it is satisfied, depression and
industrial disturbance will inevitably
follow. Happily the door Of opportun.
ity has been opened wider than ever
to American enterprise by the unfor-
tunate but temporary crippling of for.
eign manufacturers. Our leading finan.
ciers, merchants and manufacturers are
already working upon intelligent and
farsighted lines, the results of which
will be new fields of employment for
both American capital and American
labor. BY all means let the good work
20 on.
Our domestic steel industry con.
tlnues on the rush. Many establish.
ments have orders on hand that will
absorb their full outpoot until July,
1916. Production in many lines is sur.
passing all records and q number of
large concerns have already announced
plans for enlargement Of plant. Prices
continue advancing and promise to go
still higher, though it should be borne
IN mind. that this tndency win check
orders, the railroads having already
deferred many Of their large purchases
on this account, while numerous build.
ing enterprises have been indefinitely
postponed because Of the increased cost
of builoing materials A runaway mar.
ket in steel products has seemed i'm.
mnent. II is to be hoped that IL will
be checked, inasmuch as il would be
injurious to many important industries,
not less tnan the steel trade itself,
which might thus invite severe re.
action.
The stock market continues more or
less unsettled by arrangements grow.
ing out of the war. Home conditions
remain exceedingly satisfactory and
trade revival continues unchecked.
Western business is in excellent eondl.
ton because Of a good harvest and
cheap money, while in most sections
buiness is back to normal, being in
some instances even better than nor.
NAL The cases Of unusual activity are
confined chiefly TO the iron and steel
regions as well as TO cities where the