Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1917-05-16
PACKER ARMOUR SAYS NATION Is
FACING LONG PERIOD OF
BUSINESS GROWTH
DANGERS IN FALSE
ECONOMY POINTED OUT
Says Ams.iosn People Have Adopted
Policy Of Business az Usual" In
Face Of Entrance Into Great War
Abnormal Demand For Everything
Workers Can Grow or Manufacture.

| Is on the first wave of tide of bust
ness activity and industrial prosperity
never before experienced. No matter
what the duration Of the war, there is
not going to be even a temporary de.
preston. The United States will suffer
less than any other nation in the worlG
war. These were some of the points
made by J. Ogden Armour yesterday
to discuss the economic condition ano
future of the nation.
1.-THE prompt adoption by the Amerl-
can people of the business as usual
idea is going to enable this nation to
prosecute war without experiencing a
temporary depression such as England
and France have recently recovered
FROM" said Mr.. Armour. Modern war
requires the expenditure of huge sums
of money and means maximum en-
ployment and high wages for all work.
ers. Other conditions, peculiar to this
war, make it certain that this nation
will enjoy period Of business and int
dustrial activity the like of which has
never been seen and which is assured
whether the war lasts several months
or several years"
But suppose people become over
cautious as the result of the preaching
Of war economy-then what ." ne was
asked.
No Reason for Alarm.
There is some reason to believe" he
answered, that economy rules will BE
misapplied for awhile. but conditions
are such that the public will soon see,
il they have not already. that there Is
no occasion whatever for them to be-
come alarmed They will have more
money to spend than ever before and
they will not find the things they want
disappearing from the market.
Continuation of the great prosper
ity that has ruled in this country for
two years is assured. There is an alb
normal demand for everything the
workers of this nation can grow or
manufacture. There is work at high
wages for every man and woman who
wants work; the earning power of the
people is restricted only by physical
limitations; the buying power of the
public is greater than ever before.
tinued prosperity and of an ever widen
ing scope TO our business and indus
trial life"
How about the billions of dollars we
are lending to our alIies?" he was
asked. Wouldn't it be better to keep
that money at homer"
Releases Billions Here.
Il am glad you mentioned that" re-
piled Mr.. Armour. "As matter of
fact, it Is a misnomer to call it a loan
to our allies. We are primarily ex-
tending them credit. Instead of send
Ing billions of dollars out of the -coun-
try. the transaction means that billions
of dollars will actually be freed for cir
cuiation in this country. Practically
all of the billions we lend our allies will
be spent in this country for the prod
ucts OF our soil and our factories and
for payment of our workers
We are the storehouse and the fac
tory of the world now, and the more
money the world can get hold of the
more will be sent here, and the more
that comes here, the more work and
the more business will result And in
this connection. remember the govern
ment of the United States is now a
buyer for war purposes and the dollars
OF Uncle Sam already have begun to
pour forth to stores. factories. and
farms to pay for the expense of mobil-
izing. drilling, equipping, and feeding
the army and navy.
Under the civilian boards gathered
together by the president to direct the
great work of preparation, this nation
Is going ahead. fortified against DELAY
and mistakes thru the intelligent an
plieation of>the lessons learned in Eng
land and France. This applies to in
dustry as well as war. There Is much
evidence that we are profiting from the
experience of Europe and that our
president and his advisers are going
10 prevent any Industrial hitch such AZ
preceded the prosperous business con-
ditions now prevailing in the British
isles and in France.
Time Most Auspicious.
r consider the. present the most
suspicious from the standpoint OF ma
tlonal prosperity in my memory. There
is not one good reason why the bust
ness or this country should not proceed
IN It's normal course and on ever in
creasing lines. There is not one reason
why people should fear, for the future
or should permit themselves to be
swayed from the certainty that they
are on sound financial basis. The Der
capita wealth of Americans today is
greater than ever before-greater than
that OF the people Of any nation at any
time in the past or in the present Our
national wealth Is past the widest
dreams of a few years back. Labor ia
satisfactorily employed and at record
wages. Every day that the war lasts
will find q greater demand for the la
Dor and the brains Of the wage and
salary earners of the United State.
Certainty Of work and certainty OF
wages are the prime factors Of pros
periW They make prosperity certain.
Whether the war ends tc.ncrrow Or
whether 1t lasts indefinitely this much
is certain: The United States, having
possession OF approximately 10 per cent