Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1916-07-07
TEMPORARY PROSPERITY. -

NO intelligent man is deceived by
the temporary prosperity due to alb
normal conditions" said Mr.. Hughes
in his telegram accepting the nomina
ton OF the runnp progressive commit
tee
If the prosperity Of the United
States is temporary it is the biggest
thing of the kind that the world has
ever seen. If it is due in part to war
in Europe, there is reason to believe
that the conditions which war has pro-
duced will be prolonged for many
day.
How does Mr. Hughes know that
present prosperity is only temporary,
and how could the American people
have experien ced such industrial and
commercial activity if it had not been
for the wise legislation of the Sixty
third congress which liberated Amer
lean finance, industry and trade from
the thraIldom of monopoly and privi-
lege? asks the New York World.
The total national bank deposits on
March last amounted to $10,790, 00O,-
600, an increase in one year of $685.
100000. On May l last national bank
depoSitorS numbered ID, 2S8 ,059, an in
crease of 6,597, 591 in six years. Saw
ings bank deposits increased from $4,-
451, 555 ,68S in 1913 to 4,936 ,591 SAG in
1915.
Our exports for II months in the
fiscal year 1916 amounted to $3,S73,-
900 900, an increase over the preced-
ing year of 81 ,374 100000, and 81 ,00O,-
100000 more than any preceding year.
OF the exports here noted, not more
than $500, 900, 900 was represented by
munitions of war
In all parts of the country, trans
pOrtatiOn lines, rail and water, are
taxed beyond their capacity. Freight
embargoes have been reSorted TO in
many instances. Ship building is in
progress on a scale unknown since
the Civil war. Net earnings of rail-
roads for nine months ending April
last show an increase of SPAS, 800, 900
over the corresponding period of the
previous year.
The national wealth, which was es-
timated in 1913 at $107, 104 ,211, 917.
was computed in 1915 at $1S7, 739 OIL
09O. With more gold than any other
nation. New York City alone has near
ly s500,000,000 of the metal in its own
vaults. Bank clearings for June were
100000, 900 greater than last year.
July 1 the national treasury reported
a surplus of SIS, 900 900 as against a
deficit one year ago of $50 900, 900
So far as labor is concerned, we
have the word of Samuel Gompers
that never before in the history Of the
world were so many people employed
at such high wages and under such
excellent conditions as is the case in
the United States today. No capable
man need be idle Throughout the
west farm hands are offered So a day
ND cIr
have rarely experienced such pros
perity.
That these conditions are due in
part to war in Europe no one will
deny, but in a much larger way they
are of domestic growth Our inter-
state commerce is many times greater
than our foreign commerce. For the
first time in many years all our indus
trial and commercial enterprises are
based upon q banking and currency
system which cannot be manipulated /
by private coterie operating today !
as inflationists and tomorrow as con-
tractionists and panic-breeders.
For the first time in years, further |
more, industry and commerce find |
themselves largely liberated from the /
blight of monopolistic taxation levied !
to help some people at the expense of !
all the people; and instead of greedily /
to corner home markets, /
there is an enlightened and cour- /
ageous effort by enterprising men to |
open up new spheres of trade in all |
parts of the earth
We do not say these conditions are |
permanent We do say that they
make for stability, and that in peace /
as well as in war IL is upon just laws, |
and not, as Mr.. Hughes would have us |
laws. enacted at the IN
stance OF interests selected for favor /
and for monopoly. that abiding pros
perfty must depend.
II Mr.. Hughes knows that this amaz-
ing prosperity is only temporary, how
ls he going To nrnva ~