New-York tribune., 1918-12-19
Great Era for
II. S. Coming,
Says Vanderlip
Tells Credit Men Banks
Are Set to Aid "Big Try
for Wider World Trade
No Cause for Pessimisn
Answers Dean Who Predicts
Disaster and Urges Capt.
tai and Labor Balance


Frank A. Nanderlip, presto ident of the
National City Bank, speaking last night
before the New York Credit Mems As
ISOLATION in the grand ballroom at the
Hotel Astor. drew picture of America
after the great settlement, prosperous,
vigorous. serviceable friend of the
whole world With intelligence, he said,
the nation could pass through its transi
plovment of labor. and prophesied for
a time there would be general rise
instead of fall IN prices.
Because of its cheerful tone, Mr.
yandcrlip's impromptu speech stood in
sharp contrast to the address Of Jo-
seph French Johnson, dean of the
Schoo, Of Commerce, Accounts and
spoke before the banker. Without
business men and politics, Mr.. john
son foreSaw terrible social conditions
in this country during reconstruction.
81 would not said the dean. "side
with those peSsimists who claim that
the country cannot get back to peace
basis until there has been general
liquidation and an utter collapse of
prices. But l must admit that some
kind of disaster and distress are in
store for this country if its business,
its financial and its political leaders do
not use their brains and their nerve
and their energy and their initiative
in order that there may be umnter-
rupted employment Of American labor,
and hence q steady demand for the
products Of American factories.
Answered by vanderlip
IF we rush stupidity and blindly on.
trusting in Providence or in the luck
of America. and squander our money
and give little thought to future prob
lens, see in the not far distant future
crisis and panic, idle labor, bread lines
and riot"
Mr.. Vanderip's talk consisted of q
rebutta of Dean Johnsons conten-
tions. The professor said the world
was much poorer as a result of four
wears of fighting. The banker replied:
~ believe that we have come out of
the war richer, really richer in ma
terial way, tremendously richer in the
world that we have come out into;
richer in spirit, richer in the under
standing of the unity of this nation;
richer in the experiences that we have
all pa sed through, and particularly in
the experiences that the men who have
gone into military service have passed
throuch."
Dean Johnson expressed belief that it
would be good idea to burn up all
the Liberty bonds Of the country,
re- Of
dollars, in q bonfire, saying "the Lib
erty bond Is not al asset; i is liza
bihty. II is rather sad tn rg to think
Of the American people, of all kinds,
contributing OUT of their earnings, Of
ali kinds, to support prosperous men
Ike you and N, when we do not need
those contributions. ! am going to
make some fellows have bonfire"
Not Going to Burn His Bonds
The reply of NJ Vanderlip was re-
cel7ed with far more enthusiasm than
the proposal for the immolation of the
bonds. Said Mr.. Vanderlip, referring
to tic bonfire: az am not going to
contribute anything to that and | do
70, coDcede that it would be doing
society any great favor if l did. Now
fths quarrel that society is going to
have with the owners Of these bonds
ETY. has got to pay the debt of this
natlcr. Society's inquiry will be, What
Will the people do when they receive
the money? ~
I'VE have all got to save now per-
torcc-because the tax collector makes
US. That is not going to hurt US, pro-
vided what is saved ia used in the
interest Of pociety. II 1t is reinvestcd
# it helps further production, then it
is working for society, just as society
ought to have it work for it I be-
iieve that society is going to be better
oil for this enforced saving, because
'nesc bonds, when they are paid off
VIII undoubtedly seek reinvestment
capital that people have heeu forced to
save will go into industry, into pro
cuction.
Must Strike Proper Balance
Both speakers attempted TO give a
GEAR presentation Of the serious prob
Iems that are soon to spring up. MT.
sande. lip did not try to understate
'lhem. but was more optimistic Of tho
ehance Of happy solution Of them
Vnan was Dean johnson.
OF The future, Mr. Vander!ip indicated
was in striking proper balance in the
N'atlons between capital and labor. Nc
structure Of property, he said, can
stand which is not built on the salts
1Hctlon Of labor with conditions Much
ci the labor dificu ties he added flows
arom the ignorance Of employers.
II there were to be q joint debate
between a union labor leader and a
representative OF the bankers, or Of
any part Of what we may call the
capltalistic class" Mr. Vanderiip de
c!aret. i would wager that this unior
iaoos Leader wond have deeper
snowledge of sociology, more thor
o1sn acquaintance with those princi-
ples winch we have got to consider ir
.ne adjustment OF affairs between capi-
tal and labor than his opponent woult
nave. nave No small part OF the trouble be
iI,ween capital and labor. In my opinion
a,es II the ignorance Of employers
,au ~ mat ls not altogether to be mar
ro reneo at Men engaged in active busi
10y enterprises have their minds tre
eaenoously absorbed with the day
ds Nv Their days work s menta
.sy work which exc udes them from
~, leisure ordinarily necessary K
t a'ink on problems that do not appea,
" ns Immediately necessary for then
70 attempt to solve
Has More Time TO Think
Inc leo, ring man has more time t.
th;Ni. on such problems, and he i
''Alng sounder and deeper, as a rule
nny nahy cf them, taan is the busines
~ symm'hunity. So believe that we hav
90 Stt to rccOpniz@ that this ;s th