Daily capital journal. (Salem, Oregon) 1903-1919, 1919-06-04

views are but natural to those who
have been forced to endure prolonged
strain. All the belligerents have suf-
fered beyond words, and their people
are more Or less under the influence of
nervous exhaustion; so that at this time
hopefulness is not to be expected. But
this state Of mind is only transitory.
The recuperative abilities Of the three
greatest European nations are not funy
realized. When pesee has been signed,
when unrest subsidies, when industry re-
wives, dropping spirits viii vanish; ana
the hopes of a new and better era will
stimulate men into fresh energy and
enterprise. The surest cure for post
war maladies will be work. The world
is weary of blOOdshed and waste; II
hpngers for productivity, and this eoun-
try can devote itself to no more bene-
fieent purpose than aiding resumption
with all the financial and industrial
support that we can safely put forth.
In helping Europe on sound and gener-
Gus lines we shall be helping ourselves
We have an abundance Of all the food
and raw material needed across the Az.
lantie, and IL we lend wisely and lib.
orally Europe will be able to pay us the
more promptly.
Our Place in the World.
The United States is today beyond
question the strongest nation in the
world. We have reached our maturity,
though far from our full development.
We need a freer intercourse with our
fellow-men throughout the world. We
want more of the fruits of. civilization;
and IL we are to possess these things,
as we should, we must be prepared to
take our proper place in the forefront
OF the family of nation, ready for the
responsibilities that such legitimate
ends imply. We must sustain the weak;
doing our part for maintaining interna'
tional order, and giving the helping
hand to those about to embark upon the
stormy seas of self-government and de-
mocracy. George Washington IS memor.
able advice about avoiding foreign en-
tanglements applied very closely when
we first began to walk in paths OF free
dom; but they do not apply in the same
degree under modern circumstances ke' |
sponsibilities Of this character have too
long fallen upon single nationi Great |
Britain already having much heavier !
burden Of this character than she can
be expected to carry without ineurring !
jealousy If she added to ii. Why should
we not act as disinterested guide ana
stabilizer to wretched Armenia and dis
organized Turkey2 No one will deny |
that our supervision over Cuba and the
Philippines has been beneficial TO all
concerned, despite our mistakes. We
have shirked such responsibilities too |
long. Let us take our proper place IN
world leadership ON lines that VIII APP
pease and not create lealousies' suen
a policy would broaden our VISION &t
the same time diverting us from petty
home politics and saving us from the
evils Of excessive selfintrospection'
Psychology as Market factor'
Psychology is playing an extraoroi'
nary in part in the present security mar
ket II Is a common belief that thers
IS no sentiment in husinessi ana IN
large measure this IS true but cohli
lenee and depression are opposing sen'i'
ments, which have had very mueh IN
Iced to do with values since war began
We are just emerging from the most
crisis Ia history an" eAtfeme
reactions are inevitable In o'nei Mv'us,
he pendulum must SWING paeN"o'o 40
ss II previously swung io''
ward, accelerated Dy eeohom'v s'alNN,
lion following waf' we are ai'Vao1 IN
! period ofunfeason'ng op,im,s', ~
ieetly natural sequence oi tnv 'V''l"io %
depression OF the last nc" years inv
world is consequently t'nrea'eheo WI"
IA erE Of speculation ana expansion
hat later on may strain panking re-
to the very limit unless re-
,traint is wisely and eourageously APP
'hed to prevent dangerous exeesses'
Fortunately American bankers are much
live to such possibilities, though with
,ut cooperation of the business com
nunity they cannot be entirely Sverted.
rhe present inflationary temper is the
sequence of past events; sort Of fever
n the blood of our economic system,
which must run its course to the point
If exhaustion, IA result not yet in sight.
Despite initiation of credit, commodities
md wages, the business situation ia the
United States is slill strong; much
trOnunr than fhat nf any nfhrf neffon
n the world, because for the next ~
months at least We stand to lose less
md gain more than any OF the othe