Every evening, Wilmington daily commercial., 1918-12-11
PROSPERITY TOGOON
F|NANCiER PREDICTS
Frank A. Vanderlip Looks for NO
Serious Season of Unemploy-
ment During ReadJust-
ment.

will drop. but there will not be any wide
spread shutdown of factories, unemploy-
ment. or industrial chaos, according to
Frank A. Vanderlp, who presented his
views on the labor and industrial situa-
ton to the Academy of Political Science,
which has just concluded Its annual ses-
sions.
Our subject" he said, sis our indus
trial victory, and what victory II was.
a greater victory, the victory in the fields
of France, could not have been won with
out that industrial victory. 1t meant
cooperation, sacrifice, the gathering to-
gether of the vast facilities OF this coun-
try. and finally the pouring OF stream OF
war products which simply overwhelmed
the enemy. 1t was Il victory that the
whole nation took part in and won tn
umphantly.
AMAZED At OUR OWN GREATNESS.
I'VE have been thought at times, rather
a braggart nation, but really we never
told the truth about ourselves. We are
amazed Mt our own greatness: we arc
amazed ut the extent OF this industrial
VI, tory, mt the feat that was performed
But victories are not bloodleSs Some
body gets hurt, and there have been some
hurts. We have had to see government
regulations introduced that have been un-
=
but thev have been unfortunate, because
they have brought fictitious conditions
INTO our industrial and commercial lite
They have had an unfortunate effect on
the minds of people, and We have been
led too much to lean on government, 70
believe that government can do things
that really in the end government cannot
do. We must return in the end very large
", [ believe, to the old condition OF IN
dividllalism, If we are to work out our
future to the best advantage.
"For my part, ! hope TO see that re-
turn prompt and complete. There arc
difficulties about that It would bc very
easy to argue that We might better 90 on
with that thing or this thing; that chaos
would result from abandoning this rcgllla-
ton or that regulation, but. on the whole,
am convinced that the sooner VIC return
to the old order, the sooner these inter
ferences and regulations are abandoned,
the better prepared We will he 70 start On
what must be a long hard race.
LABOR DEMANDS BIG WAGE.
''You have been considering at this
conference, the labor situation, and GER
tainv there is nothing III the whole out
look that is more important, and We get
widely divergent points Of view. ! have
a plumber friend who used To work Tor me
i am still on speaking terms with HIM
and he has been earning 500 week on
government work He told me that nc
Was going to continue to earn 500 week,
and That the government must provide
lob for him paving hat much. | know that
his views are not unusual On the other
hand. there arc manufacturers whom !
have heard say that they would have 70
close down the r factories, that labor had
10 bc hquidated; that wages must be cut
down. Both points OF view are wrong.
The government Is not going 10 provide
lobs 1T impossible wages Industry Is not
roinc to shut down TO force liquidation
of labor and reduction Of wages. We are
gong to find middle ground - that the
result will not be an extreme one IN either
direction.
PAPER CONTRACTS CANCELLED
One picture Is that there are billions
OF dollars of contracts cancelled and there
must be millions Of men thrown out q
work and it must be impossible 70 ind
works OF peace 10 employ these hands Inn
mediately. In some measure that is right,
but | think a good many OF these con
tracts, perhaps some millions of dollars
Of them, were really contracts which were
industrallv impossible 70 perform IN the
time laid out to perform them, and their
cancellation does not mean the discharge
of men, but the cancellation of paper con-
tracts. OF course, there will be vast con
tracts cancelled and numbers Of men
thrown out OF employment, q period OF
readjustment that Cannot help being
harsh In It's effects Still we have been
growing, We have been making normal
progress during the last four wears, and
might remember that VIC should normally
have had 10000 immigrants in that
II haI 4 - rf...4I
and have lost upward Of million Of
Europeans who have returned. There Is d
prospect of u considerable outward move
Tnent after freedom Of travel Is again
established We VIII have from 900
600 TO 100000 men IN uniform for some
time to come. 80 We are not likely 10 have
that Overplus OF labor which some expect
There has been great dammlng up Of
production Of many kinds, and there Is a
vast amount Of work OF a peace nature 70
do. so don't consider that there is going
to be an excess of labor anything like as
serious as some anticipate.
PRICES WILL REMAIN HIGH
''Wages are high and the price OF every
thing is high, and there Is q verv sub
stantial economic reason for the cur
rency imitation Of the whole world that
has been going Oh for more than four
years. European countries have shipped
TO US 81 800 100000 in gold, and every
bank III the allied countries has more gold
than before the war. forming a great IN
crease in the basis Of circulating money.
We are on level Of prices whore we are
likely to remain for some time. While the
war IS over, war financing Is not. There
will have to be more loans Very sub
stantial borrowings are going on. Tx
tension is going on. and don't foresee q
wholesale decline in prices, such as some
people have anticipated Prices are
naturally Influenced by the volume d
money. and | don't think there is pros
pect Of any very extreme changes
". II. Hamilton Of the War Labor
Policies Board told the academy that p
period Of unemployment could bc avert
ed by adjusting / hc method Of dcmobiiza
tIOn TO the industrial situation Or by pro
vIdlng employment on q large scale OF
national work.
BUFFER EMPLOYMENT. PERHAPS
il men are released lastcr than th'
lndust rial system can rc4bsorb them
buffer emplovmcnt must be provided.
ne said Employment upon public work
extension Of the railways, reclamation
public buildings. can be made To take th