Newark post. (Newark, Del.) 1910-1969, 1918-10-30
COMING ELECTION A
BUSINESS ISSUE
WINNING OF THE WAR NOT INVOLVED IN THE
RESULT

ing down; that we were in the
throes of a 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 deficit; that he
was "reimbursing the treasury" by
selling Panama Canal bonds.
The nation four years ago and in
time of peace was paying current
expenses with borrowed money.
The administration was headed
straight for embarrassment and
financial confusion when the world
var was precipitated in Europe.
Soon war orders from the allies be-
gan pouring in and prices scared.
Exports doubled and redoubled.
Wages were advanced, the farmers
got higher prices for their produce,
the manufacturers were deluged
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 bill
lions and taxing ourselves by the
hundreds of millions. The people,
in spirit of loyalty, accepted a 25
per cent increase in their freight
bills, approximately so per cent in
their railway fares; they paid
takes and surtaxes without even in
quiring why or wherefore, believ-
ing 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 ano
we haveto get back to an everyday
schedule.
It will not be possible then fol
iSecretary McAdoo to sell Panama
Canal bonds ito reimburse the
treasury" for money the Demo
cratic revenue laws do not pro
duce; he cannot expect every veal
to have Congress appropriate
S2O0,0OO,000 of borrowed money tt
e make up for the failure of his farm
loan bank plan; he will not Away
!. have at his disposal the S3,500,000,
900 Congress handed to him in hi
war finance corporation, from
which to dole out S20,000,000 loan
,, to the Bethlehem Steel Company
: or other sums to various industrial
concerns seeking funds.
Business will have to stand Of
its own bottom eventually. TIL
y Government cannot continue in
= definitely to pour out funds. i
l fact, even now McAdoo's war fl
nance corporation can make n
advances for a term of more tina
I five years. The billions he is put
: ting out with such a lavish han
1 must be returned within the perio
/ of the next administration. Tha
T would involve tremendous econo
: mic readjustments even in norma
It times and is certain to be partic
:, ularly difficult in the confusion 0
: postwar conditions.
= Then there will be an end to tn
K time when every situation may b
d met by shoveling out gold from tn
: treasury and borrowing more bi,
: lions when the supply runs low
That term will be an anxious on
: for the people, even if the Govern
n ment is in the hands of the nation
l. ablest economists and constructiv
J. statesmen. That crisis is inescar
IS able, and now is the time to pre-
y pare for it. The issue before tn
n voters this fall is whether the
n perfer to entrust to the Democrat
y or to the Republicans the yer
& practical proposition of getting tn
nation and its industries back o
II firm basis after the war The
vt know the records and policies {
E. both parties. The question befol
t. them is not mere politics, but or
" of business judgment.