Ladysmith news-budget. [volume] (Ladysmith, Rusk County, Wis.) 1907-1927, 1918-08-23

national, state or municipal affairs.
1t has been lamentably weak on con-
structive business policy. The people
know that. They have watched De
mocracy perform in New York City, in
Washington and in scores of other
places where it has gained temporary
power only to be Ousted because of it's
own excuses and incompetence
Even in the excitement of war the
public has not forgotten that four
years ago there was widespread unem-
ployment in the United States; that
industry was slowing down; that we
were in the thrOes of buy-a-bale
movement to save the Southern cotton
planter from ruin that the Underwood
tariff law was manifestly failing to do
what the Democrats had said it would !;
that Secretary McAdoo was juggling
The treasury figures to minimize the
Importance of the rapidly-increasing
treasury by selling Panama Canal
bonds.
The nation four years ago and in
time of peace was paying current ex-
penses with borrowed money. The adj
ministration was headed straight for
embarrassment and financial confusion
when the world war was precipitated
in Europe. Soon war orders from the
allies began pouring in and prices
scared Exports doubled and re-
doubled. Wages were advanced, the
farmers got higher prices for their
produce, the manufacturers were del
uged with allied gold and prosperity
was extended to everybody. 1t was
all war prosperity
Then the war came to us. The bars
were thrown down and every restraint
on spending was removed. We began
borrowing by the billions and taxing
ourselves by the hundreds of millions.
The people, in a spirit of loyalty ac-
cepted a % per cent. increase in their
freight bills, approximately 80 per
taxes and surtaXes without even in
curing why or wherefore, believing it
was necessary to have the money to
win the war. They have stopped at
nothing and questioned nobody, but
there will be an end to that when the
war is won and we have to get back to
an everyday schedule.
It will not be possible then for Sec
rotary McAdOo to sell Panama Canal
bonds ito reimburse the treasury" for
the Democratic revenue laws do
not produce; he cannot expect every
year to have Congress appropriate
$500, 100000 of borrowed money to
make up for the failure of his farm
loan bank plan; he will not always
have at his disposal the $3,500,00O 1000
Congress handed to him in his war
finance corporation, from which to dole
out $20,O00,000 loans to the Bethlehem
Steel Company, or other sums to vari-
Gus industrial concerns seeking funds.
Business will have to stand on its
own bottom eventually. The Govern
ment cannot continue indefinitely to
pour out funds. In fact, even now Nc
AdOO'S war finance corporation can
make no advances for a term of more
than five years The billions he is
putting out with such lavish hand
must be returned within the period of
the next administration. That would
involve tremendous economic readjuSt-
ments even in normal times and is GER
tain to be particularly difficult in the
confusion of postwar conditions.
xr,;I1 ho nr,1 RI fhn ftr1n
when every situation may be met by
shoveling out gold from the treasury
and borrowing more billions when the
supply runs low. That term will be an
anxious one for the people, even it the
Government is in the hands of the
nations ablest economists and con-
structive statesmen. That crisis is in
escapable, and now is the time to pre-
pare for it, The issue before the
voters this fall is whether they prefer
to entrust to the Democrats or to the
Republicans the very practical propo-
sitiOn of getting the nation and its in
dustries back on firm basis after the
war. They know the records and poll
cies of both parties. The question be-
fore them is not mere politics, but one
of business Observation-Disclosures
Star, July "A, 1918.
NOTICE TO AUTO DRIVERS