The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-12-12

Edward C. Stokes, the Right Rev. ]. II.
Darlington, Bishop OF Harrisburg; Dr.
John Cadwalader and Arthur Train.
Besides Mr.. Schwab and Gov William
c. Sproul of Pennsylvania. the speakers
included the Rev. DR.. Nehemiah Boyn-
ton and Irwin 8. Cobb.
The spirit of the gathering was typi-
fed by Mr.. Schwap's speech.
ut had to come. said Mr.. Schwao. i
only wish II had como sooner. The severer
the storm Is now the more quickly II Will
be over and the sooner we Will emerge
into clear weather and shape our course
on the sea of prosperity. Business In the
United States since the war started until
very recently has been upon a false basis
The result of the experience through
which we have passed Ii that our costs
have inflated and we have INDUCED In
wasteful and extravagant methods
The supreme virtue OF the existing
situation" continued Mr.. Schwap. is
that It is compelling every man In Amer
lea to examine thoroughly his costs Of
doing business and his cost OF living. and
the result is to force all business and In
dividuals to economize and to save.
Labor's Point of View.
ct hear men say that the greatest need
OF the hour is the liquidation of labor.
In saying this many have In mind the
high wages now being paid to labor and
industry, and mean that labor must ad-
just itself to a new standard Of living.
"Now, the laboring man Is primarily
interested not In the amount Of money
paid to him, but what his money will
buy. If the cost OF living comes down
there is no question that our American
laboring man can maintain his present
standard OF living even though his wages
as stated In dollars amount to a lesser
sum than before.
1.-THE laborinS man Is entitled 10 his
full share for the contribution he makes
to the value of an article. The laboring
man should be taken into the fullest
confidence Of his employers. He should
be so sure of getting his fair share of
the wealth he produces that he will
work with zeal and enthusiasm.
Certain 1t is that unless the great
body of men throughout the world work
with might and main to restore that
which has been lost by the destructive
ness Of war. this world will sink TO a
lower level Of civilization than we have
been accustomed to enjoy. Certain II is.
too. that labor must work as II has never
worked before If It is to produce a SUI
ficient quantity of goods to make pos
sble the standard Of wages which have
been enjoyed during these years Of in
flation and of supreme prosperity. Not
merely increased production. but in
creased efficiency in production is es-
sential
Advice to Business Men.
when, therefore. our business men
thoroughly study and cope with these
problems Of economy and make up their
minds to go ahead and 10 produce to the
utmost on a smaller margin of profit
than they have been accustomed to real
lie In the years of initiation, then our
course will have been set toward a haven
OF safety and progress.
Economy In Government expendi-
lures Is also Of vital Importance. II
Government sets the example of waste
and extravaganza those evils will per-
sist In the private lives and private busi-
ress OF the nations citizens.
There Is need OF immediate revision
of our tax laws. While the war lasted
we have put up with a makeshift policy,
badly conceived and badly executed.
Now that the time for real adjustment
has come 1t Is the duty of citizens to
see to II that taxes are not imposed
which encourage extravaganza and take
from Industry the opportunity to hives;
It's earnings. Only by such investments
can factories be kept running, and the
more factories kept running at full time
the more men will be required to work
the greater will be their output and the
higher their wages.
1T is to the interest of Government
to work with business. to encourage II
and protect It. Government canno,