The Richmond Virginian. (Richmond, Va.) 1910-1920, 1919-02-14
THE MERCHANT AND RECONSTRUCTION
OF
Penn
Wednesday, February IL, 1919

lncSuhy, ftOTuAry LIZ, JBiW.J
is added the voluntary kind. We have
seen the fruits of these conditions in
Seattle. Butte and elsewhere. the
most dangerous part Of this period will,
pass with the opening of the spring
for the employment out of doors open
in many ways and Will relax the situ-
a .1 + eS<7 -at I, sr-S~-s ~tS,,t ,D}ust
e. pa b rssfSfs7the' nofnaa toufseF
I OF business as speedily as possibie.
Time is of the very essence OF value
now and what is today done Is worth
much more than il it be put on until
tomorrow.
TWO ways of dealing with the situa-
ton are proposed. one from the top
down, the other from the bottom up
All commerce rests on individual pur-
chases The great. imposing fabric OF
our industry stands upon the basis or
what is bought by the individuals com
posing the nation. IL everyone stopped
buying there would be no commerce
and industry. To the extent they stop
buying. commerce and ind Try
slacken.
The suggestion has gone forth that,
while we must save for taxes, for war
loans and because, most important OF
all. we must not lose the habit of thrift
the war has taught us, still there are
necessities that everyone must from
time to time have 1t would be well
if these necessities were bought at
once for every such purchase contrf-
butes to the demand for goods and 80
to the demand for making goods and
so to the demand for labor.
Each of us may do n modest part in
this way. 1t may mean little sacrt-
fee here and there in paying at the
moment somewhat higher price than
we might pay a month or two later,
but we have become accustomed to sac
rifice for the country's sake and this
suggestion is made for the sake OF
the country. Buy only what you
need. but buy 1t now" seems good pa
triotism.
TALK 1T OVER.
On the other hand, large general
business trarsa ctons await confidence
IN a substantial stable market Men
hesitate to make important commit
ments for the future when prices are
dropping.
1t has been proposed by business
men and employers OF large expert
ence that the government should make
an effort. through volunteer commit
itee, to call together the representatives
ot capital and labor in our industries
and discuss frankly with them what
can be done in the way of bringing
which all alike expect will before Ion
prevail.
This ia purely a matter of consent.
not one OF authority. It Is not in dis
cord wish economic law. II merely
seeks that men shall agree to do that
thing soon which economic law re-
ouires sooner or later 1t is not price
fixing. 1t is voluntary without any
element Of compuiSicn. The proposal
has the approval of the treasury de-
partment, the war trade board, rep
resentatives OF the federal reserve
board. and the war finance corporation
and thus far has been approved by
every man of affairs and Of finance TO
whom 1t has been presented. Many OF
those whose affairs would be concerned
: have approved IT, When this In writ
ten 1t awaits the approval OF the
! president.
! II is normal that capital should for
its own sake take the first shock OF
readjnstment. for capital can absorb
: this shock more readily and react more
quickly than any other element among
us. It Us fortunately the spirit of mer
l of capital today and has been widely
I shown to be so that they are willing
to take this view of the matter and tc
do their full part in making the neces.
sary reductions without imposing scri-
= Gus burdens upon labor.
IT is earnestly hoped and the hope
: seems to be in measure sustained by
facts that the price of commodities may
in this and other ways be reduced SO
that il It should become necessary that
there should be a reduction in the daily
rate of wages it will not be required
until prices have so fallen that the
relative rate OF wage will either be
z sustained or even enhanced.
1t cannot be expected that price.
: shall fall soon to their pre-war level
; Too much has been destroyed both
: of merchandise and OF productive equip
: ment to make that possible There ia
great vacuum to- be filled. The buy
ing world in many countries has beer
economizirg stern1y for some years
past and when once they get conf
I dence that reasonable price basi.
i has been reached they will come Into
e the market lit such way as to sus
n tain prices and possibly in some meas
ure. even for n time 40 raise them.
: Everyone agrees that this great. lat.
: ent business demand is here ready and
waiting. The greater the need, there.
: fore. for using every effort to brine
7 1t into active effect as soon as pos
G sibie.
S The condition Of the country +. soxnd
3 The number OF failures is small The
: bank resources were never larger OF
more liquid. America stands firmly
ON her feet without fear of the future
d We have great loan to face and heavy
: taxes to pay. but we shall meet them
= fearlessly and successfully and In 4
. few months shall find that cur faces
y are turned toward a bright and pros.
q porous future
It How can YOU HELM, each Of voue ono
i way is to talk and act as optfmists
:, Tor the chief thing needed is confidence
The prof'teer has no place among VI
. now. Go after him wherever you And
As Ia yyt.n eat.
y OF the Bolshevik. He it is who provides
l. basis for the I. W. w Do not try
:, to sustain prices for the sake OF n large
Iproht. That pro'oags the agony, That
). prevents the return Of confidence. II i,
:. better far to lose something for :
- month or two than to proiong the hest
\ tation Tor six or eight months or a
- fyear. Whatever you can do In your
{ individual stores to get prices down II
: one step toward solid basis for CON.
: fdence.
You made sacrifices Of food that 9th.
% erS might have enouRh RI W.,