The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1917-05-19
BUSINESS AS
RESULT OF THE WAR,
VANDERBILT PREDICTS
Prominent New York Banker Says
Adjustments Will be Necessary.
but There Will be No Diminu.
ton in Volume Of Trade.

Council Of National Defense's advitory
commission. In a prepared statement
Mr.. Nandcrllp said the war Will call
for establishments, but not for diminu-
tion in volume OF business. that times
will be better than ever before and
tina, the people should be getting
ready for speed production that
Will utilize every energy.
The sooner the pubs, gets over
tho idea that we want business az
usual or can have business as usual
during this great war the better for
am he said. we want to stop all
unnecessary work and Unnecessary
expenditures short OFF and concentrate
on the immense volume Of work
which have TO be done. Business men
should get rid of any foolish fears
that economy will bring on n general
paralysis of industry CT trade.
There IL no danger Of not having
work for everybody: the trouble Is
that there IL more work In sight thnn
can possible be done and the question
IN whether we shall u on luxurics or
necessities. II is absurd under these
conditions To talk OF the danger OF
unemployment. and TO urge hat the
people shall go on buying what they
do not actually need In order TO keep
labor from unemployment or to main
tain business AZ usual,
How IL labor to be had to mako
uniforms unless Il IN released from
making other clothes: how are looms
TO be had Tor blankets unless released
from something else. how IL steel to
be had for ships. tin cans and agri-
cultural implements unless other on
sumption IL c%urtailed; how are women
to be had for offices unless released
elsewhere? And finally, how are we TO
put 81 goo, 600 600 or IS, 600 900 900 Of
purchasing power at the disposal Of
the government unless we curtail our
individual expenditures?
The country should Immediately
awake To the fact that IL has a great
task In hand. and tina, II cannot carry
Oh a war like this with ono hand and
continue to do all the business it did
before with the other.
Most OF the argument against
economy assumes that the people who
ecOnumize win hoard their money.
That, Of course. will be foolish, but IL
the lend tlclr savings 60 the govern
mcut II VIII ana It's way directly back
into circulation In providing FOR the
government needs. These bond is
sues will ncccssitate more taxation in
the future than IN the past, but the
aguagf, tVAD. yrunfsaa4. ..Ig .I..l.r ,..v.a
IN order To- buy a bond not only aids
the government but provides an on
set to future taxation on this account.
The individual who takes his share Of
the bonds will pay his taxes into his
own pocket.
Every community should he close
~ organized for subscriptions to this
loan. Once the habit Of saVing to buy
q bond IN established II viii not be
abandoned when the var Ii over. but
. million new springs OF wealth viii
he developed to help on the develop
INIT Of industry and the progress OF
| society In the future. Parents should
buy FOR their children and employers
should join hands with their employees
In tho name OF . common patriotism
ana to bring an end to the worlds
last great a
In setting out to raise the frs, In
stnllmont Of the $1,000, 600 600 bond
issue, II TX very important for the
people Of this country to understand
| just how large the task ~ and how
they must go about H. In the fret
place u situation IL quite different
from that OF England In that England
had u great mount of capital en-
pluycd abroad which IL was able /,
convert and bring home. We hav,
few holdings Of foreign securities and
there IL no other market In which
securities can be- sold This is q rich
country but .ls wealth IL IN real cs-
tate. factories railways and the ma.
chincry ot production, This property
cannot be paid into the government
treasury. nuI can money he raised it
any general sense by selling propert,
to each other, We see the erect 81
this IN declining security markets
Such Efforts ~depreciatc capital values
disturb confidence, make people Zee
poor and In that way actually maxi
the task harder
This loan caunR possibly he taKci
up by the mv", conversion OF banl
funds nov idle The people must an
ticipate their earnings ana piedg'
them In advance. The treasury al
lows payments upon lnstailmcuts an,
II these terms do not suit the sub
s%criber's convenience he should con
suit "a banker ~ his acquaintance
THE bankers must make up theI
laniuds To- lend freely, ana at a moder
ate interest rate, to promote this loan
this IL a great national cmergeuc
and ordinary rules should not govern
IN the first place, loans made wit
these bonds a. collateral. with mar
ginll payment. viii be- safe beyon
question and. boo the second place, IN
federal reserve hanks are at hand /
back up the local banks. II ~ tim
nov 10 lay aside alI resolutions an
%prciudiccs against re-discounting.
ION the other hand. no would-t
~uubscriber has the right white pre-
tending To render a public service I
himself. to throw an OF the burden q
a bank. Hc should not make q sui
scriptluu without "a bonahde intentio
90 ,.,f,r uf, .u IL within IA reauouub