Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-06-01
PROSPERITY AFTER WAR
PREDICTED BY M'ADOO
Does Not Believe Cessation OF War
Orders Will Cause Depression
In Business.
FARMERS ARE PROSPEROUS
Secretary Of Treasury, Speaking in
Raleigh, n. c., Calls Attention to
Enormous Resources OF Banks of
United States.

RALEIGH. y. c.. May al.-The
present prosperity OF the United States
will continue after the end OF the
European war, Secretary AIcAdoo de-
clared in an address Tonight before
the Chamber of Commerce hero. GsHe
charged that persons who feared that
4 cessation of war orders would cause
business depression either re in
fluenced by partisan propaganda or
are ignorant Of the prospects for
peace orders"
The secretary expressed the opinion
that the proposed administration anti
dumping" tariff Legislation is not essen
tial. but only precautionary. He urged
enactment of the ship bill to make
possible an extension of the trade with
Central and South America. and as
serted that the Republican blockade
Of similar measure in 1914 would
prove "one Of the monumental and in
cxplicable blunders Of the time"
Never in American history have
conditions been so favorable to Ameri-
can business and American Industry"
said Mr. McAdoo. we have not alone
the full dinner pail. but the overflow
ing dinner pail.
agriculture. the basis OF all pros
perity, is experiencing n most whole
some growth. The farmers Of the
United States never have enjoyed such
splendid rewards for their toll. and
! never before have the economic con-
dittons and the laws already enacted
by n Democratic administration so Just
ly favored them. Tho rural credits
hill. which soon Will be passed, will
provide the longtime credits, at low
rates OF interest, so essential to the
remuncrative and productiv develop
ment of the farming industry"
, CONDITION OF BANKS
PROOF OF PROSPERITY
Mr.. McAdoo declared that nothing
is more Indicative Of the amazing
growth of the country than the conti-
tion of the banks" and added that the
aggregate resources OF the national
banks of the United States now exceed
| by approximately $4,000. 900. 600 the
combined resources OF the Bank Of
England. the Bank Of Franco. the Bank
OF Russia the Reichsbank OF Germany,
the Bank Of the Netherlands. the Swiss
National Bank and the BanIs Of japan
The total deposits of the national banks
| In March. 1916. amounted to SlO,T9O,-
| 0Oo,0oc. an increase in three months Of
! S41l 100000. and an increase over
! March. 1915 Gone year,, OF S2I9SO00. :
0oc"
MIR McAdon continued:
There are those v-'.o say that the
loss OF war orders after peace comes
In Europe will seriously affect the in
dustrieS. This is absurd The percent :
age of war orders as contrastcd with
the entire domestic and foreign COM
! merce of the United States is Insignia
cant. When war orders cease---and God
grant that the necessity for them may
soon ccasc--we shall receive orders.
even from Europe. for the restorative
purposes OF peace. for the reconstruc-
| tion Of ruined Industries and cities, and
for the relief of the stricken markets
Of Germany and Austria.
POINTS TO GREAT MARKETS
Of L.iTIN-AMERIcA
"In addition to that. II we are in
the least Intelligent and enterprising.
the great markets of South and Central
America, which have been clamorously
seeking us for the past two years. will
more than Offset any possible loss OF
war trade"
| Secretary McAdoo defended the I'm
derwood- Simmons tariff law, declaring
that II transferred a part OF the bur-
| dens OF taxation from the backs OF tho
! masses OF the people to the ample
shoulders Of wealth. which never had.
under the Republican system, horne its
| Just proportion OF the burdens OF gov
erTmcnt.
| The Democratic system Is the Just
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