The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1919-03-14

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 a period
of fifty years and get the benefit of
the increased wealth. Gladstone
made a great speech on this subject
about, fifty syears after the close of
Napoleon's wars and he said the ma
ter1al wealth of England had in
creased more in fifty years under the
great war debt than it had in 500
years before that. It shows what
a united nation can do when they
are working, and working to a pur-
pose.
l have personally seen and studied
all the panics since 1857, and know,
or at least I am fully convinced that
any great shrinking of the money of
a nation brings on a paine. Any
great draught on the money stream,
anything that diverts great amount
of capital from the channels of trade
or from the channels of legitimate
enterprise, is likely to bring on
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 a
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 Of all, for
when people quit working and pro-
ducing, the great loss and suffering
follows.
"But on the other hand, II at the
close OF the war, provision is made
to keep business going and let the
debts stand, merely paying of one
fiftieth 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 l 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
increased wealth of the county,
coupled with seedy prosperity and
upholding Of every enterprise in a
good healthy condition wiped out the
debt almost unobserved.
Australia war wheat is piled
high along the open country by the
railroad tracks. Other countries are
starving for wheat and Australia
panicky because they have too much
Argentine is in the same
and they are burning corn
FOR fuel, unable to sell grain or ship !
in coal. Their livestock has doubled
in numbers during the war and
other countries are starving for meat |
products. When the war is over and |
shipping is released so that vessels |
IAN go to those countries and bring |
heir surplus stocks and pour them |
INTO the markets Of the world, some
hing is going to happen. It will dis
,urb our own farmers and farm
prices, and it will be time when we
shall need the greatest minds in our
legislative halls to met the greatest |
the world has ever known.
We shall need to keep enterprises |