The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1919-03-28

F-@NSAFo - sASs HCPS up tlS pTOSpcTlty
OF the nation, and the increased
wealth by this pres. erous condition
Il the nation, made them the great
nation they have since become. II
they had levied heavy taxes in the
attempt to Fay off all the war debt
IN short time to stop the interest
1t would have brought on stagnation
by making it impossible to carry on
ordinary enterprises, and the mo-
ment stagnation begins and the peo-
pie at large begin to lose their time
become unproductive-the great
est possible lCsses are ushered in.
hen the mass of the people lose
their time-when they change from
productive to unproductive days,
they lose not only what they have,
but what there was in prospect for
them. If nation is in debt so deep
that a liquidate at once or in a short
period would bankrupt them and de-
stroy all enterprise, it is, better to
spread such Payments over period
of fifty years and get the benefit of
the increased wealth. Gladstone
made a great, speech on this subject
about fifty years after the close of
Napoleon wars and he said the ma
terial wealth CT England had in
creased more in fifty years under the
great war debt than it had in 500
years before that. 1t shows what
united nation can do when they
are working, and working to pur-
pose.
have personally seen and studied
all the Eanics since 1857, and know,
or at least | am fully convinced that
any great shrinking of the money of
nation brings on a paine. Any
great draught on the money stream,
anything that diverts a great amount
of capital from the channels of trade
or from the channels of legitimate
enterprise, is likely to bring on a
panic. Suppose this nation shall be
in debt hundred billion dollars at
the close of this war, and we should
levy heavily on all the incomes and
tax the millionaires and multimil-
lionaires in great lump sums to pay
off the national debt, it would para
lyze industry; one enterprise after
another would come to a standstill;
other enterprises would be deprived
of their circulating medium, and
panic would probably follow. Peo-
pie would not only lose the expected
profits of business, but they would
lose all, and would lose the product
of their own labor besidese, and that
is the greatest calamity nf all, for
when people quit working and pro-
ducing, the great loss and suffering
follows.
But on the other hand, if at the
close of the war, provision is made
to eep business going and let the
debts stand merely paying off one
fftieth Part Of the principal each
year, the constant production of
wealth thru industry--the increased
wealth of the nation will pay off the
debt and we shall hardly feel it.
Where used to live in Iowa, our lit
tie county got in debt 100000, and
things looked so desperate it seemed
as If we could never pay it off, but
we arranged to distribute the pay
ments over long period of time and
we paid it and never felt it. We
were astonished at the results; the
wealth of the county,
coupled with seedy prosperity and
unfolding of every enterprise in a
good healthy condition wiped out the
1ebt almost unobserved.
Australia war wheat is piled !
high along the open country by the
abroad tracks. Other countries are
starving for wheat and Australia |
'anicky because they have too much |
wheat. Argentine is in the same |
and they are burning corn
or fuel, unable to sell grain or ship
n coal. Their livestock has doubled
n numbers during the war and
'ther countries are starving for meat |
PRODUCTS. When the war is over and
hipping is released so that vessels
an go to those countries and bring
heir surplus stocks and pour them
nto the markets of the world, some
hing is going to happen. 1t will dis
urb our own farmers and farm
rices, and it will be a time when we
hall need the greatest minds in our
legislative halls to met the greatest
the world has ever known.
We shall need to keep enterprises
S nearly balanced as possible, dis
1rb the flow of money as little as
ossible, and make careful adjust
tent to the times of peace and unre-
.ricted trade.
II remember very we'll when the
irmean war was on. We had not
cen shipping so much of our farm
roducts to Europe then, and Russia {
as feeding more of the European
During the war the ports
the Black sea were blocked, and
ussia piled her wheat up and
urope bought from their countries.
was living in Canada and wheat
ent up to $500. Just at the time
70 war came to an end Unexpectedly,
e price of wheat dropped to $500
lille our wagon was on the way
Quebec and we suffered the loss
half our wheat at one stroke.
lere was no attempt at legislation
protect people against such calam-
', but the credit of great govern
ent could avert such losses and
mics that are the outgrowth of such
the close Of the present war we
all need master minds in our ma
NAL capital to deal with them and
do it in advance of the crash. The
cannot tide himself over