The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1917-11-03
AMERICA MUST.
NOT ATTEMPT To-
CARRY BURDEN OF.
WAR AS AN EXTRA.
Federal Reserve Banker
Warns Tt Will Take All
Economic Resources
WAR LOANS MUST BE
BOUGHT BY SAVINGS |
Labor of Four Men Needed |
To Retain One Soldier |
At The Front
WAR LOANS MUST BE
BOUGHT BY SAVINGS
(Bv Associated Press.l

Philadelphia, Pa, Nov. 3!-With a
warning that imitation already had
begun, A. c. Miller, member Of the
federal reserve board, told the ma
tional conference on financing the
war here today that American bust
ness must not undertake to carry
the war as an extra" but must ex-
ercise the vision necessary to see
the great changes in economic or
ganization essential to victory.
Mr.. Miller pointed to the increase
in federal reserve bank investments
as evidence of the existence of in
fiation. partly responsible for the rise
in commodity prices since the United
States went to war and declared
that, IL this increase continued e
was not unreasonable to expect that
before long the reserve system would
be made into a great engine Of bank
ing imitation. He explained the proc
ess by which enormous imitation had
been caused in Germany and France
through government borrowing from
the banks and added:
Whether a similar result is to be
expected here in connection with
our greater government borrowings,
and IL so how soon, will largely de-
pend upon whether all the people
who have income enough to save
will save. or whether they can be or
will be made to save enough out of
their incomes to absorb such loans
Of the government as may be put out
in excess Of the current savings
funds of the nation"
The Annual savings.
Estimating the annual actual saw
lngs Of the American people at fif-
teen billion dollars, Mr.. Miller sug-
gested that twelve billion would be
left to absorb loans after deducting
three billion to meet war taxes.
appropriations for the coming year
aggregate some twenty billion, he said,
five billions must be added to the ma
tion's savings IL the wars expenses
are to be met.
Mr.. Miller stated il would require
all economic resources of the coun-
try to win the war.
Four Men For Each Soldier.
II have it on competent authority"
he said, that IL takes the labor of
four men to maintain one soldier at
the front end that the munitions,
provisions and other maintenance
of the armies and civilian popula-
tions our allies in Europe must have
from us will require the output OF
more than ten million laborers work
IMP in this country. .... a
If we accept as approximately ac-
curate the estimates of our present
available labor supply as amounting
to thirty million workers the mag
nitude OF the economic prob
lens with which we are confronted
is suggested by the requirement that
one-haIf or more OF our existing la
Dor supply must during the war be
devoted to the producing of mater
ials and supplies to be consumed BY
our own and the armies of our allies
and the civilian populations of the
nations in Europe, which are depend
ent on US for part OF their necessary
keep"
No Business As Usual.
Il cannot believe" Mr.. Miller con-
tinued, that those who are sponsor
ing the doctrine of business as usuAP
can appreciate the economic signific-
ance Of the doctrine. The man who
knowingly breaches this doctrine Is
proposing that private advantage
should be set against or ahead OF
public necessity. At this crisis In the
life every business, no
matter what its nature, is affected
with public interest and the pub
lie owes 1t to itself TO determine
within what limits that business
shall be circumscribed in the inter-
est Of the war; or to what extent &c
shall be helped and fostered I'm the
same interest The American busi-
ness system is on trial in this war"