Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-08-08

" Orld Waits for Peace
rhrrr can be no confidence in in
,rl~,r, mo- raIrulahlc basis for cred
its. No. confident buying or system
attic Sriling no certain prospect "t
no normal restoration of
hu,,ur~~. no hopeful attempt at re
or the proper rrasscm
bling Of the disloratcd elements of on
trrprisr until peace has been rstah
1i>hcd and 81 far rs may be. guar
antcyd.
Oar natiunnl life has no doubt been
less radically disturbed and dismcm
hcrcd than the national life Of other
rronlcs whom the war more directly
Effected, with all its terrible rHvag-
n,g and destructive force. but II has
been. nevertheless. profoundly aI-
f,rtcd and diSarranged and our in
dustrirs nur credits. our productive
.anacitI. "Ir economic processes are
iucxtrirabIy interviewer with those of
other nations and proplcs-most in
tiuatclv of all with the nations and
uconlce upon whom the chief bur
Don and confusion Of the war fell and
who are now most dependent upon
the co. orcrativc action of the world,
Foreign Trade Uncertain
We are ust now shipping more
goods nur Of on" ports to foreign mar
kcts than We ever shipped before
not roodstuf~ merely. but HtuttS and
materials Of every sort: but tins is
no index Of what our foreign sales
will contlnur to b" or of tn" effect
the volume of our exports VIII nave
ON supplies and prices.
It is impossible vet to predict how
far or how long foreign purchasers
will be able to find the money or the
credit to pay for or sustain such
purchases on such scale; how soon
or to what extent foreign manutac-
turprs can resume their former pro-
duction. foreign farmers get their ac-
rustomcd crops from their own heldS'
foreign mines resume their former
output foreign merchants set up
again their old machinery of trad"
with the ends of the earth.
All these things must remain un-
certain until peace is established and
the nations Of tn" world have con-
rcrtrd the methods by which normal
life and industry are to be restored.
All that we shall do. in the mean
time. to restrain profitpcring and put
the life of our people upon toICra
bic footing will be mak"shift and
provisional.
There can be no settled conditions
here or elsewhere until the treaty OF
peace is out of the way and the work
of liquidating the war has become the
chief concern of our government and
of the other governments of the world.
business Must BE Uncertain
Until then business will inevitably
remain speculative and sway, now
this way and again that. with heavy
losses or heavy gains. as it may
chance. and the consumer must take
care Of both the gains and the losses.
There can be 10 peace prices 50
long as our whole financial and econ.
omic system is on war basis.
Eurone will not. cannot recOup her
capital or put her restless. distracted
ppoDle to work until she knows eX
actly where she stands in respect of
ucarc: and what we will do is for
her the chief question upon which
her quietude of mind and confidence
Of purpose depend.
While there is any possibility that
the peace terms may be changed or
may be held long in allegiance or may
not be enforced because of divisions
of opinion among the powers assOCi-
ated against Germany. 1t is idle to
look for permanent relief.
Would Limit Wheat Shipments
But what we can do We should do.
and should do at once. And there is
great deal that we can do, prOvi-
sional though it be.
Wheat shipments and credits 10 ia ..
cilitate the purchase Of our wheat
can and will be limited and controlled
In such a way as not to raise but
rather to lower the price of -four here.
The government has the power. with .
IN certain llllllls, W l'SuldNf llldl
We cannot deny wheat to foreign
peoples who are in dire need of it,
and we do not wish to do so but. for .
/ tunately, though the wheat crop is
not what we hoped it would be. it is
/ abundant if handled with providen
! tial care. The price of wheat is lower
| in the United States than in EurOpe,
and can with proper management be
kept so.
BY way OF immediate relief. surplus
stocks of both food and clothing in thu
hands of the government will be sold
and Of course sold at prices at which
there is no profit.
VIII Draw Out Private Stocks
And by way of more permanen
correction Bftpriees. surplus stocks il
private hands will be drawn out o
storage and put upon the market
Fortunately, under the terms o
the food control act. the boarding o
foodstuffs can be checked and pre-
vented; and they will he with tn
greatest energy.
Foodstuffs can be drawn out q
storage and sold by legal action whic
the Department of Justice will in
stitute wherever necessary; but $
soon as the situation is systematicall
dealt with it Is not likely that tn
courts will often have to be resorte
to.
Much Of the accomplishing of stock
has, no doubt, been due to the sort {