The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1919-08-09
Complete Text ofPresidenf's
High Cost of Living Address
Before Congress Yesterday

with those of other nations and peo-
pies, most intimately of all with the ma
lions and peoples upon whom the chief
burden and confusion of the war fell and
who are now most dependent upon the CO.
operative action of the world. we are
just now shipping more goods out of our
ports to foreign markets than we ever
shipped before. not foodstuffs merely, but
stuffs and materials of every sol t; but
this is no index of what our foreign sales
will continue TO be or of the effect the
volume of our exports will have on sup
plies and prices.
ut is impossible yet to predict how
far or how long foreign purchasers will
be able to find the money or the credit
TO pay for or sustain such purchases on
such scale. how soon or to what ex
tent foreign manufacturers can resume
their former production, foreign farmers
get their accustomed crops fnom their
own fields foreign mines resume their
former output, foreign merchants set up
again their old machinery of trade with
the ends of the earth. All these things
must remain uncertain until peace is es-
tablished and the nations of the world
have concerted the methods by which
normal life and industry are to be re-
stored.
s.Au that we shall do, in the
meantime, TO restrain prOfiteering
and put the life of our people upon
"a toIerabie footing will be make
shift and provisional. There can
be no settled conditions here or
elsewhere until the treaty of peace
| In out of the way and the work of
Iiquidating the war ga become
the efief concern OF oar govern
ment and of the other governments
of the world.
CONSUMER MUST PAY
Until then business will inevitably
| remain speculative and sway now this
way and again that, with heavy losses
or heavy gains as 1t may chance, and
the consumer must take care of both
the gains and the losses. There can
he no peace prices so long as our whole
financial and economic system is on
war basis.
Europe will not. cannot. recoup hei
capital or put her restless. distracted
peoples to work until she knows ex
actly where she stands in respect to
peace; and what we will do is for hef
the chief question upon which her
quietude of mind and confidence OF
purpose depend.
.whIIe there is any possibility
that the peace terms may be
changed or may be held long In
allegiance. or mBy not be enforced
because of divisions of opinion
among the powers associated
against Germany, ii Ii idle to look
for permanent relief.
But what we can do we should do,
and should do at once. And there is
a great deal that we can do. provis-
| ional though it be. Wheat shipments
and credits to facilitate the purchase
of our wheat can and will be limited
and controlled in such a way as not to
| raise but rather to lower the price OF
! flour here. The government has the
| power, within certain limits. TO regu-
late that. We cannot deuy wheat to
| foreign peoples who are in dire need
| of it, and we do not wish to do so; but.
fortunately though the wheat crop il
| not what we hoped it would be, it 10
abundant if handled with provident
| care, The price of wheat is lower in
| the United states than in Europe, and
| can with proper management be kept so
| IMMEDIATE RELIEF PLANS
| "fy way of immediate relief, surplus
stocks of both food and clothing In
the hands of the government will be
sold, and of course sold at prices at
| which there is no profit
| "And by way of n more perma-
(, nent correction of prices surplus
| stocks private hands w. r..
drawn out of storage and put upon
the market. Fortunately, under the
terms of the food control act the
boarding of food stuffs can he
checked and prevented; md they
| will he, with the greatest energy.
| Food stuffs can he drawn ont of
storage and sold by legal action,
| which the departm Of Justice will
| institute wherever uece~sary; but
| 80 soon ms the situation IN syste-
matlcaliy dealt with II In mot likely
that the courts will often have to
| be rcsorted to.
4 Much OF the accommodating of stocks
! has. no doubt been due to the sort OF
! speculation which always results from
uncertainty. Great surpiuses were ac-
| cumulated because it was impossible to
| foresee what the market would disclose
and dealers were determined to be ready
/ for whatever might happen. as we'll as
! eager to reap the full advantage Of rs-
| ing prices. They will now see the dis
| advantage, as well as the danger, OF
holding of from the new process of dis
| tribution.
SOME SIGNIFICANT FACTS
| Some very interesting and significant
facts with regard to stocks on hand and
! the rise of prices in the face OF abundance
| have been disclosed by the inquiries of
the department of agriculture, the de-
partment of labor and the federal trade
| commission. They seem to Justify the
statement that in the case of many ne
+, cessary commodities effective means
have been found to prevent the norma.
operation of the law of supply and de-
mand. Disregarding the surplus stocks
| in the hands of the governme 4. there
( was a greater supply of foodstuffs ~
this country on June l OF this year than
at the same date last year In the cons
bined qtotal of number OF the most int-
| portant foods in dry and cold storage
I the excess is quite IL per cent Ana
yet prices have risen.
/ THE supply Of fresh eggs on hand -