The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-01-07

the new situation before starting on
its great rebuilding campaign.
Thus cotton and iron and coal and
coke. four of the great Industries OF
the south. are likely to be equally as
prosperous and possibly even more
prosperous under peace conditions
than In this period of war-created ac-
tivity And when we turn from these
interests to others which have been
stagnant. we shall find that peace will
bring Astounding prosperity to many
Industries which have been stagnant
! under war.
The lumber industry. which has
seriously suffered. will jump into al
most immediate activity after peace
treaty is signed. The phosphate ex-
port business, which has been dead
for more than two years, Will leap
forward when Europe can once again
enrich it's soil with the phosphate rock
of the South. The naval-stores indus
try. great in its wide ramihcations
and its influence on business through
out large part Of the South. which.
like phosphate and lumber, has been
depressed by war, would soon meet
Astounding prosperity under peace.
Other interests long stagnant by the
depression in lumber and naval stores
and phosphate will face TO revivifying
influence Of their activity and will
keep step in the march to new and
broader prosperity than these inter
ests ever enjoyed in the past.
Thus we shall have, so far as we
can see, a continuation of the pres
ent prosperity created by war and the
prosperity in other industries which
would be created by peace, combined
into great well-rounded development
broader in its scope. wider in its reach
and more general in its effect on the
South and on the nation than any
prosperity known to this section In
the past
Moreover We shall have the benef-
cial influence of the Federal reserve
banking system. The day after that
bill was passed the editor of the Man
ufacturers Record stated in an inter
view that American business interests
had entered upon new era; that a
change in our financial system, world
VIDE in its Importance. had come
about and that the panies of the past
would probably not again be repeated
in their severity. All of the financial
strength of the nation had been mob
iized in such way as to benefit all
sections and all Industries without the
kind Of mobilization in the past which
largely conferred IN I lie nations
finances and business interests In New
York. That prediction is being full
flled and more and more as we get
away from war conditions we shall
see the widening influence of our new
financial system in creating prosper
ity everywhere and in stimula ting the
activities OF the small town whose
banks are no longer compelled to look
wholly to New York as In former
years. We shah also have the infu-
once of the land bank system. which
Will do for the farming Interests what
the Federal reserve system is doing
FOR the financial and general business
interests OF the country
It will become necessary for us to
safeguard our business interests from
the danger of Europe's tremendous
fight against our growing industrial
activity. Europe Will form new eco
monte alliances and adopt many new
and vital measures by which govern
ments will cooperate with business
interests to capture the worlds trade
and in this to capture our trade. We
shall probably have a vigorous cam
naign in many lines looking to the
dumping through individual and gov
eminent cooperation of surplus goods
produced by cheap labor and sold in
This county al a lower price in order
TO break down growing industries here
and at the same time to get ready
cash which will he in demand in Eu-
rope as never before.
Were it not that there are many
signs that the dominant party is be-
ginning to recognize this situation
there would be cause for serious alarm
Fortunately many of its leaders are