The Caledonian-record. [volume] (St. Johnsbury, Vt.) 1920-current, 1920-12-28
Schwab Views Trade Re-
action as Business Aid
(Continned from nare onel

laboring man should be taken into
the fullest confidence of his employer.
He should be sure of getting his
fair share of the wealth he produces
that he will work with zeal and en-
thuSiasm.
Certain it 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 des-
Effectiveness of war, this world will
sink to a lower level of civilization
than we have been accustomed to en-
10Y. Certain it is, too, that labor
must work as it has never worked be-
fore if it is to produce a sufficient
quantity of goods to make possible
the standard of wages which have
been enjoyed during these years of
imitation and of supreme prosperity
Not merely increased production, but
increased efficiency in production is
essential.
"When, therefore, our business men
thoroughly study and cope with these
problems of economy and make IN
their minds to go ahead and to pro-
duce to the utmost on a smaller mar
on of profit than they have been ac-
customed to realize in the years OF
imitation, then our course will have
been set toward a haven Of safety
and progress.
Economy in Government eXpendl-
lures is also of vital Importance. II
Government sets the example OF
waste and extravaganza those evils
will persist in the private lives and
private business of the nations ctlz-
ems.
"Thcre is need of immediate revls-
ion of our tax laws. While the war
lasted we have put up with make
shift policy, badly conceived ana PAD
" executed. Now that the time LOT
real adjustment has come 1t IS the
duty Of citizens to see to 1t that taxes
arc not imposed which encourage eX-
travagrance and take from industry
the opportunity to invest ITS earn
ings. Only by such investments can
factories be kept running, and inc
more factories kept running at luti
time the more men Will be required
n work. the greater will be their out
nut and the higher their wages.
at is to the interest OF Govern
ment to work with business, to en-
courage it and protect 1t. Govern
ment cannot guarantee wages; It can
not guarantee employment. Laws
that pretend to do this are harmful 10
the working man. They offer quack
nanacea that like all quack remedleS
Fail to cure and have injurious after
effects.
EFFICIENT production IS the only
nj oX-11pnt and OF
hicher wages. Never in our life1lme
have the shelves of the world peeh 80
bare. Examine the volume OF pro
duction in most any OF the great
staple lines of industry and you VIII
find that during the past TWO years
tbere has been a smaller annual pro
dnction than at any time since I9Io:
In This country the development OF
many of our industries has been StarV
nd during the war This has 6eeh
notably the case with our railroads
IN Europe and throughout the
world there is a demand for every
thing can make. Jo
AT the moment our export tIaoe
hangs by slender thread. me eN-
ckanpcs have been moving .altogeeheI
TOO much in our favor. We are rap
idlv getting into the position where
the whole world owes Us money anu
vet cannot pay it.
"The whole world owes the Uni'Gu
States money and the whole WoTl9
is hungry for the things the United
States can supply Not quite a year
ago,onc of our great tinanclers re-
turned from Europe and suggested
that we create a revolving fund oil
$500 O0O,0 900 to finance the absolute
reouiremcnts Of Europe and start the
countries in distress on their way 20
seIf support. Perhaps he did not
state the correct sum, but for lack OF
,ur ability to sell to Europe through
having sufficient credit available, inc
value of the farm products OF TINS
country which Europe would IKE 20
buv has decreased during the past
few months not hundreds Of millions
bu billions of dollars.
"If the business Of the United
States is to 20 forward as it must go
forward, our people must take
world view. We must thing interna
tionallv We must trust in the good
faith and in the productive power OF
Europe, sending to them our raw ma
tcrials and goods to enable them 10
resume productivity and accepting IN
payment therefor securities repre-
senting their productive activities.
at is hopeful sion Of the time
that the farmers and the small manu-
facturers of the country are begin
ming to recognize the vital import
ance of this factor in the situation.
1T is very drastic process
through which we are going. The
dose is distinctly unpleasant. But
when a doctor is called in to treat a
patient, the first task he undertakes is
to remove from the body the utmost
number of impurities. Then he be-
gins to build the patient up
eve are getting relieved of the i'm
purities in our business life. The pro
cess is not complete yet. 1t may take
some little time longer. But the pa
lent will in time be cured, and when
! he is cured the great body of Ameri-
can business will emerge with vigor
and an energy the world has never
known before .
!