The Richmond Virginian. (Richmond, Va.) 1910-1920, 1918-11-19

necessities OF life and for the raw
materials needed in industry may now
be exercised in a conservative and
healthy way to establish n reasonable
equilibrium and 10 prevent destructive
and sudden movements, which some
times in the past have precipitated
p2nies. There is no reason why this
country need fear such commercial
revolutions or financial crises as those
through which we have passed in the
earlier years Of our history.
The agricultural, mining and indus
trial activities of this country are en-
Joying generally phenomenal pros
perity. and from financial stand
point our banks are today stronger
and better able to cope with any situa-
ttIon which may arise than they have
eyer been in the past.
We have raised In the past eighteen
months nearly eighteen billion dollars
from the sale OF Liberty bonds, and
yet the deposits of our national banks
to-day are several billion dollars more
than they were before we attempted
to place the first Liberty loan. AS an
ievidence of the improved management
and strengthened position of the ma
ltional banks of the country ii Is deeply
Gratifying to point to the fact that
iduring this calendar year of 1919. in
which the strain upon our banking
resources has been greater than at
tany time during our past history
there has been only one national bank
suspension in our entire country.
There has been no such record as this
for nearly forty years past. This i'm
munity from failure is the more
gratifying when we consider the ex-
/ traordinary stress of these difficult
times through which We have been
passing with the whole world afame.
We are no longer a debtor nation.
Our government is now lending to the
allied nations nearly $4,000. 900, 900,
while our loans and investments in
Central and South American countrie.
also amount to hundreds of millions
of dollars, which also go to swell our
credit balance with the world.
! The industrial capacity of this coun-
try as a producing nation has in
creased enormously since the outbreak
of the war. But the entire energy of
the country. not absolutely required
for the production of food and cloth
ing, has been mainly engaged in the
making of munitions and implements
OF war and terrific engines OF destruc-
ton. Hereafter, these energies viii
be dedicated to the work Of upbuilding
and regeneration.
In the coming world adjustments
the fruits of the earth, of industry
and of commerce must be divided be-
tween capital and labor on the basis
.of equity and justice, and this will
Increase unspeakably the comfort and
health and welfare of our people and
.of all peoples. This task is a stupen-
ldous one. but one which the American
people are fully capable of solving;
and l do not doubt that the manhood
and courage and resourcefulness
which have characterized our people
in war will enable them to settle the
tremendous problems of peace with
out real danger or Interference from
the hofsfevtf,i or the anarchist.
Three million young, strong, trained
men, with new and comprehensive
understanding of world obligations
Will be back among us. applying their
creative force to the endless power of
production Of our land. and mines,