Omaha daily bee., 1919-01-01
The Business Future
New York Times.

1t is odd that our nation, which faced the
war so unitedly and resolutely, faces peace so
irresolutely and distractedly. We come out Of
the war so much strengthened in all respects
that the world recognizes us as a moral and
| financial leader. Yet few among ourselves see
1t, and there are prophets of woe who may
convince the weak-spirted. This division of
opinions where there should be but one is illus
trated in the joint debate in which the president
of the City bank joined issues with professor
of the New York university The practitioner
of finance saw new problems, but he and his
institution proposed to rise to them and find new
opportunities of service and profit. The profes
sor saw 'in the not distant future, crisis and
panic, idle labor, bread lines and riot"
This contrast between the theorist and the
practical man does not stand alone A profess
sor whose writings on finance have secured for
HIM a banking connection sees nothing which
/ can prevent general fall in prices, and his
theory prevents trying to alleviate it, But the
president of large industrial concern. long
prominent in the Manufacturers association,
finds that rehabilitation Of the army presents
mo factor in this so-called problem" The
soldiers were all employed before they went
away, and they are all needed back again. "The
shifting of labor from the work of war to the
work of peace will be accomplished with
scarcely ripple" He knew of one employer
who wanted 10000 men. The Pennsylvania rail-
| way wants $500. The local utilities need thou
sands so shorthanded are their services, to the
point OF danger.
Other couples could be made of differences
Of opinion between practical and theoretical
men, with the advantage on the side Of the de-
tenders of things as they are and will be rather
than of the propounders of theories and prec-
edents as to what they have been and ought
to be. No precedent fits this case If the facts
and theories collide. so much the worse for the
theories. No doubt initiation is bad, and no
dnt,hf A.
ton that there is need of some dehation. But
there are other ways of debating than by panic
and ruin. The admission of initiation does not
convict our bankers of error beyond under
standing and excuse. Our industries had to de-
velop both the speed of the greyhound and the
strength of an OK. Speed requires waste of
fuel and wages were the fuel used to increase
the velocity of the circulation of commodities.
something as necessary to consider as the in
crease of tonnage. Probably the record in
crease OF wages was an average of 500 for each
working day for four months for one die-cutter
to speed shipbuilding. No union would dare to
demand such wages. No unionist would be al
lowed to take them There are faults to the
debit of the unions, but they have no monopoly
thereof. Employers, including government, have
their share to bear. The imitation of wages lies
at the root of the initiation of all prices and
credit 1t was waste, for the wages were not
economically earned, as appears from the fact
duction. The excess of wages and is the
burden of the taxpayers. There is no cause for
regret. for the speed of commodity circulation
was attained and the war was won as other
wise it could not have BEEN
Dehation is the reverse of that process If
skillfully managed the dehation can be so dis
tributed as not to disturb the relation of prices
between each other of wages and cost of
living. As Mr.. Vanderlip remarked in his an
swer to the professor, it is not even necessary
that wages should fall if production is given to
match the increase The eight-hour day can be
given if the men will produce what is within
their power without exhaustion if the men will
power.
Mr. Vanderp met the professors prophecy
of collapse through dehaton by suggesting that
we grow up to imitation The worlds possibility
of profit is not exhausted, and if new profits can
be made labor will have its share. More can be
allowed to labor in proportion that labor allows
more to capital by producing more for general
consumption. The worlds wants were undersup-
piled before the war killed or disabled 10000
900 of the worlds workers. Influenza took
millions more in half year. With that arrears
OF labor power to be made up, it is not within
the power of generation to supply its wants
on the pre-war scale. Wants grow with salts
faction, and when the world finds that we, and
we alone. can supply its wants, there will be an
illimitable demand, only to be met by foreign
trade That is Mr.. Vanderlip's prescription of
the tonic to tone up Our labor and capital to
meet the prostration of the wars waste and
cost 1t is better to maintain what we can of
war scale production than to liquidate wages,
and to export what we can spare than to allow
overproducton to shut our factories. We can
find an antidote to domestic initiation in
expansion of trade and can earn high wages
and good profits by serving the world.
We are facing an opportunity rather than a
crisis, and have only to choose between listening
to the counsels of our practical men or to those
OF theorists