The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1919-02-18

ton will not be prolonged. After the
war between the States, which entailed
tremendous losses on the North and the
South, the slump in business was only
temporary, and the reaction prompt and
energetic. 1t was felt everywhere, es-
pecially in the North, and more slowly
in the South. The country in 1856 was
left to take care OF itself. The admin
istration at Washington had not intrust
ed the settlement of affairs to war, la
Dor. trade, finance and other commits
sions. Many of these are unnecessary
and all should be speedily dissolved.
The remarkable balance of trade in our
favor, brought about by the demands up
ON our resources from our allies, will
show decided shrinkage in 1919. Unless
we can reach out for foreign markets and
compete in these with our rivals includ-
ing Japan and India. with their low.
priced labor, aud rapidly developing and
competitive industries hoard of gold
will melt away.
In 1919 a larger number of our people
are holders of Investment securities than
ever before. Every one of the twenty
million purchasers Of Liberty Bonds now
realizes what a good security is. Mil
lions of these have an entirely new con-
ception of Wall street investments. Many
of these will expand their investments
and NAV enter the field of speculation.
Under such conditions, big bull move
ment would sweep the nation off its
feet and give the stock market an un-
precedented boom. 1t would be a great
misfortune if we should have repeti-
ton OF what occurred some twenty years
ago considering the disastrous conse-
| quences when the boom finally burst
/ We must depend upon our conservative
banking institutions to put the brakes
on any tendency toward such wild orgy
of speculation, for we are nation oil
gamblers.
/ Commodity prices must recede in 1910
especially the prices of farm porducts
Never before in our history have the in
dustrial masses, including the farmers
enioved greater prosperity or held larger
savings and investments than now. Tn
der such conditions prolonged period
of depression is impossible.
i With the return of our millions of sol
oilers, many of them to find their places
filled BY women, there must be an over
supply in the labor market which ulti
mately, perhaps after serious labor dis
turbances, will be reflected in lower shed
ules of wages.
l Bankers, with their customary fore
4 sight, will be inclined to put their credit
ION a very conservative basis and III
stock market, which rose during tn
; period of initiation and high prices, vii
, fall during the period of declining price
and closer credit. These things will no
happen Immediately, but before the clos
, Of 1919.
There are shadows on the situation n
, we enter the New Year. There is always
possibility OF clash at the peace table
There will be a greater possibility II ~
undertake TO NEEDLE with the interns
, affairs OF those nations III whose bouE
idary lines We have little interest lie
!, Europe do its own map-making. lh
: real cloud on the situation. no large
Enow than q mans hand, Is seen on III
Mexican horizon. Our fatuous policy c
! interfering in Mexico and giving Carrar
ga the presidency bore its natural fruit
The Mexicans, resenting our interferane
took the side of Germany. History WI
disclose the perfidy of Carranza and h
h associates. Pro German influences an
Herman money are still so powerful
Mexico that all other foreign interest
:. are subject to the most villainous treai
ment. Before the year is over behes
G that Mexico will be taught BY us AID b
: some OF our allies a much needed lie
son in deeency, justice and fair pla
7 1t is high time, and We are ready no
= with an army and navy to do the job.
! "a Happy New. Year" it is, for ~
h finds the nited States first among Il
:, nations of the world, supreme and NJ
# riyaled on this continent, while the O
e World is torn into shreds, and German
:. and Russia left desolate and bankrnp
d Our credit is OF the best, our natar
4 wealth the, richest and only partly d
d veloped We are the creditor of all Il
$ nations We sit at the head OF the pea
y table. And God still reigns. Jasper
il in Leslie's.