South Bend news-times. (South Bend, Ind.) 1913-1938, 1919-08-13
SAYS PRICES
ARE NATURAL
EVENT OF WAR
Noted FinanCier Asserts Labor
Will Get Best of Price
Decline

BY United Press.
NEW YORK. Aug. 1S.-James 4.
Stillman. president of the National
City bank, one of the worlds great
est financial institutions. today an
alyzed the present economic crisis
in an interview with the Unitea
Press. emphasizing the following
points.
The world Is short of the common
necessities Of life and that is the
first situation to be dealt with
The high cost of living is the re-
makes the world short of necessar.
les OF life.
Wage earners will come out of
the present economic situation the
gamers.
Labor may lose now. owing TO
high prices, but it will gain when
prices drop. because wages will not
recede in the same ratio.
The present railroad question
should not be considered as a dis
pute between employers and labor.
Railroad men are misled by mis-
information. distorted statements
and half truths.
Railroad investments as a class
are certainly as clean as any other
form OF investment.
The public has received full value
from the railroads and the best
service in the world
Must be- Temperate.
The general situation at this time
is one which calls for temperate
speech said Stillman. NO man
who has any sense Of social re-
sponsibiIity, will want to say or do
anything that will increase the con
fusion and excitement which exists.
Patience is a great virtue just
now. The world has had enough of
fighting. Organized labor has Off
cially endorsed the League Of Ma
tions. on the theory that the world
has reached a stage of civiliza tion
where it ought TO be able TO devise
a better way OF settling disputes be-
tween nations than by war
Fair Proposal Will Win.
That general principle is just as
true in disputes i'm industry and be-
tween classes as it is in interna-
tional affairs. There should be a bet
ter way to settle them t,-an by
strikes, lockouts or other means
which entail loss and suffering upon
the public. We should be able to set
tie our differences without threats
or violence as becomes a free peo-
pie. Any fair proposition will win
in this country in the long run.
The war has interrupted indus
try and made many conditions alb
normal 1t is responsible for the
high cost OF living by causing a
great scarcity Of all the necessaries.
II is just what was TO be expected
after he withdrawal OF so many
millions of men from production.
The remedy is in orderly industry.
The whole situation will right itself
as production is increased. Food
will 20 down and clothing will be
cheaper
Labor Gets Best OF Decline.
The country went through a sim
liar situation after our own Civil
war. Al first there was scarcity and
high prices. but when industry was
fully resumed we had a long period
OF falling prices. IL is true that in
many instances wages do not keep
pace with commodities when the
latter are rising. but on the other
hand. wages do not fall as fast as
commodities when the latter turn
downward.
Labor generally loses on the ris-
ing scale. but gains on the down
ward scales and lasts longer than
the losses.
Il venture TO predict that the
wage earners will come out of the
situation the gamers. because the
decline in what they will buy viii
be greater than in wages. II has al
ways heen so. All the improvements
in industry, by invention and the
accumulation and capital work for
the benefit OF labor.