Evening journal., 1919-03-03
GREAT PROSPERITY
Due FOR nation
Assistant Secretary Of
Labor Pred. CTS Boom Time
Alter Readjustment
PRICES AND WAGES
TO REMAIN HIGH

WASHINGTON, D. c., March 3.-Be-
fore next winters snow Gies. this coun-
Try will experience the greatest period
OF prosperity in its history. In the
opinion Of Louis F. Post, assistant sec
vetary Of labor, expressed in an inter-
view he gave me today.
First however, we must weather a
period Of readiustment that will test
The fiber Of the people to the utmost.
That period may bring suffering; Il
may bring empty stomachs," said Post,
but once it is tided over, an era OF
prosperity will follow that will exceed
any the United States ever had.
There are two reasons for my pre-
dicltion.
First, historical precedent. After the
Civil war. from 1867 TO 1873. this coun-
try saw boom times. the north especi-
ally. Prosperity finally led to specula-
ton, and speculation increased TO such
an extent that prosperity finally COLI
lapsed. Booming times naturally create
the impression they last forever; that
IS one error we must avoid after this
war.
My second reason IS economic. and
based on the fact that all the soldiers
who are coming back into industry
were taken out OF industry in the first
place. Why shouldt there be places
for every one Of them when they re-
turn.
Before the war our net immigration
was 100000 a year. II has fallen of to
nothing. This lack has been partly
Offset by the advent Of women in in
dustry, but not entirely OFFSET. Con-
eress is dealing with legislation to fur
ther restrict immigration in the inter
ests Of American labor.
The demand for labor, II it doesn't
brcome greater than Il was before the
war, will at least absorb all the supply.
Unless our demand for production has
permanently fallen Off, we shall have a
demand for more labor than we ever
had before-unless immigration in
creases in the next few years. The
needs Of Europe in reconstructing her
self will prevent that.
we face a period Of dislocation in
industry due 10 the change from a war
20 a peace basis. That period was un-
ayoidable.
How long this period will last Oan-
not say. II may be two months, or
three or four, but l think the country
will have readjusted itself before next
winter.
Jnquestionably the labor surplus Is
slowly increasing. I have here the flg-
ures for the first three weeks in Febru-
sry. gathered from 6,s2s concerns in i22
different cities. On February 4 these
IL
February they employed 3,ii2 9ii men.
and on February IS the number had
fallen TO 3.3S6,09O. From the first 70 the
fifteenth they laid or a total Of 93,7S5
men,"
DO you think wages and prices will
come down after readjustment?'
asked.
I thing prices will largely remain
at'onary," Post replied. They stayed
up after the Civil War for a number
OF years.
After all, what difference does it
make If the cost Of living remains high, |
so long as wages also remain high |
The monetary standard is merely nomi- !
nal; a dollar Is only a dollar so long |
as you call it a dollar If we called a |
dozen eggs a dollar, they'd be a dollar. |
Every man who Is put TO work. |
whether it be building a house. con-
structing a road or digging a ditch, is
employing other men: men who sell /
hom food and clothes. and these in turn
employ others who manufacture the |
food and clothes.
That's why the labor department Is
urigng persistently the opening up Of |
public construction and bodybuilding |
10 take up the present slack in the
labor market. These buildings and /
roads may not be needed now, and the
cost Of building them may be abnor-
mally high, but they will give employ
ment to thousands Of men who In turn |
will give employment to thousands %
others, and thus the country will be |
saved from hunger next summer"