New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-05-18
Need Not Fear
Business Slump,
Says Vanderlip
Public Must, However, Pre-.
pare for Sweeping Read
justment, He Declares

Fear OF a diminution in the volume
OF business or of an increase in unem-
ployment. during the war is character
lied as an absurdity in a statement
issued yesterday b. Frank A. Vanderlip,
a member of the advisory commission
Of the Council of National Defence and
president of the National City Bank.
Mr. Vanderlip predicts that business
will be better than ever, but of differ
ent nature, and that. therefore, many
establishments Will have to be made.
The sooner the public gets over the
idea that we can have business as
usual" however, he declared, the better
it will be. He urges the immediate
abolition of all unnecessary labor and
expenditures and warns business men
against the foolish fears that economy
will bring en- a general paralysis Of in
Gustry or trade"
How" ne asks, Us labor to be had
TO make uniforms unless il is released
from making other clothes? How are
looms to be had for blankets unless re-
leased from something else! How is
steel TO be had for ships, Tin cans and
agricultural implements unless other
consumption is curtailed? How are
women 20 be had for offices unless re-
leased elsewhere? And. finally. how are
we 10 put $1,000, 100000 or $4,000
600 900 of purchasing power at the DIS
posal of the government unless we cur
tail our individual expenditures?
THE country should Immediately
awake 10 the fact that it has great
task in hand, and that il cannot carry
on a war like this with one hand and
continue TO do all the business 1t did
before with the other.
Most of the argument against
economy assumes that the people who
economic will hoard their money. That,
Of course, would be foolish; but If they
lend their savings to the government
they will find their way directly back
into circulation in providing for the
governments needs.
"These bond issues VIII make ncces-
cary more taxation in the future than
IN the past, but the person who prac-
,iscs self denial now i'm order 10 bu,
bond not only aids the government
Int prorides an Offset TO future taxa
ton on this account. The individual
VINO takes his share of the bonds VIII
nav his taxes into his own pocket.
Every community should be close
" organized for subscription to these
loans. Once the habit of saving to
buy a bond is established 1t will not
he abandoned when the war is over,
hut a million new springs OF wealth
will be developed to help on the de-
velopment of industry and the progress
of society in the future. Parents
should buy for their children and en-
ployers should join hands with their
employees in the name of common
patriotism and TO bring an end to the
worlds last great war.
ain setting out to raise the frst IN
stalment of the $4,000, 100000 bond IS
sue it is very important for the people
of this country to understand Just now
large the task is and how they must
20 about il. In the first place, our
situation is quite different from that
of England, in that England had .
great amount of capital employed
abroad which it was able to convert
and bring home. We have few holdings
of foreign securities and there is no
other markets in which securities can
he sold