The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-02-27
ahead a little.

Now that is not only true in regart
TO the question of preparedness. 1t Il
true in regard TO practically every.
thing that we have to undertake. We
have been busy during all these gen.
erations settling and developing a
great big, vast, rich territory. The
rewards for that development right
under our nose was more attractive
than the rewards from the outside
We We're too busy 10 care very much
about the character of people that
were elected to office, many of them
earnest men, but men whose knowl-
edge was confined to the needs OF
their own localities; and practically
all the laws that we have on the stat
ute books are laws which were put
there by brains and minds that un-
derstood local problems only. We
have reached a point where. in order
to keep our great manufacturing in
stitutions going, to keep up the pur-
chasing power of the people that have
been built up around those great
manufacturing institutions, we have
got to seek the trade of the world,
and we have got to go out and COM
pete with peoples who have spent
hundreds of years and thousands of
lives and millions of dollars in en-
tlenching themselves in strategical
points from the commercial stand
point and we have to compete with
them with laws that practically make
II impossible for us to compete. We
have got to get that thing hung up so
derstand it., and then sweep aside the
theorist and demand laws that will
allow us to compete successfully.
To go back minute, l said that the
government had exceeded the amount
that could be raised by taxation or by
loans from the actual savings OF the
people, necessitating the creation of
credits with the banks direct, and
through the people with the banks, TO
enable them to carry out their duty
in purchasing these new credits, with
the result that the purchasing power
created has exceeded the purchasabe
goods and services, resulting in COM
petition for those goods and services
between the government and its own
people, and consequently driving up
prices, which has created har lship
for the people of the country, and
for the gold mining in
dustry, whose product is at a fixed
price. A sound permanent cure car
come only through an absorption of
that credit which has been created,
borrowing on the part of the go1a. l.
ment as soon as Il is practicable and
by an understanding on the part of
the government that it must reduce
its activities to a point where it can
i've within it's income, and within an
income, as | said before, that can be
without paralyzing every
line of effort. The situation can only
be cured, as / said, through genuine
savings. Continued borrowing be-
You'd the power of the people to alb
sorb will only retard the return to
normal prices and aggravate the sit
lation that exists at present. Abnor-
may taxation, such taxation as we
have today, will kill initiative and
business. / know of institu
tons which, if they could liquidate
today, would be in much better po-
sition than if they continue to do the
business because of the fact that the
day is coming that they will have to
iquidate their high priced assets at
declining prices. The quick solution
Of the problem, again, 4 say, is econ
omy on the part of the nation and
he people; and to the extent that this
IS observed the purchasing power of
he dollar will be restored To the
extent that it is ignored the purchas-
ng power of the dollar will decline.
Mere creation of money and credits
will not solve the problem. The bills |
If the past have got to be paid by |
goods and services, and the nation |
hat works the hardest that produces |
he most, and that consumes the least |
will be the nation that gets out of it's
problems he quickest.