The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1920-10-24
Pleased With the Recent
Railway Legis-
lation.
SHOULD HELP FARMER
"Morc Business in Govern
ment--Lcss Government
in Business"


OF the iYtru.ds and economy u gov.
crnn rt aud r...f. 'Nr'udii'I.
vri.. uIaud Iu tlc annual report W
Richard IS llHv.t. president 90 lhr
American I,unN.IH uHHoDlHilniA
which Was presented at iNo opening
session 90 t.o bFsoci"ti"u'F 'hih
convention.
Dth,r rcrouw,d1t toua madn bY
Nlr. UaWca N,ro that the trans
uortatiau act he amended Ho that
bankers and business men could be
come directors of railroads that
arricuI,utu and foreign trade h"
encouraged and that steps be taken
10 relieve the present industrial uh-
rest
Taking up the tax question, Mr.
HaWcS said the need was not ohly
FOR reduction Of federal taxes.
but also for most careful super
vision of the expenditures ot tho pro-
cecds OF tho taxes.
"a SLOGAN recently coined n
vnid. 'is appealing: More business
in government. less government In
business
MIR. UawcR declared that mo tax
itself should interfere with the ac-
emulation of wealth, or the de-
vclopmcnt OF the Industrial life OF
tho nation.
ages savings. which discounts aC-
cumulation OF capital, ia 60 no de-
doplorcd," he said, Tor all capital In
used and enjoyed primarily by no
cicty at large and not particularly
bv the one in whose legal title It's
ownership rests.
Mr IIawcs hailed the enactment
of the transportation act ns n dts
tinct financial victory" He declare
that vast sum Of money was need
ed for the railroads and that this
could bo made available only
through the cooperation of the fin-
anclcrs OF the country encouraging
tho investing public and guiding
their judgment.
'"rhe passage Of the transporta-
tion act" he said, has taken rail-
road securities out Of the highly
speculative field and stabilized con-
dtions 80 that just returns on In
vestment may he received and prop
err service rendered the nation"
Bankers and business men, he
continued, should be permitted to
serve, on the boards OF the roads,
regardless of their dealings with the
railroads, but they should be charged
with fun responsibility In ttheir
duties.
Mr.. Uowes sounded an optimis-
tic note regarding Industrial unrest.
He expressed the opinion that there
was needless alarm that America
would see changes in Its industrial
society similar to those undertaken
In some other countries
with prospective decrease In
prices and increase In the disposition
OF industrial and labor leaders TO
recognize tncir annual obltg1tions
and duties, both To each other and
the public" MIR. Hawcs continued,
I'VE may reasonably look forward
without alarm TO better ldiustmcnt
of the forces of labor and capital
Labor by fomCnting strikes en-
courages disagreoments with en-
ploycra is in fact, striking at tho
heart OF It's own future progress,
and impairtng the prosperity OF the
country. Capital should recognize
the results OF the toilers and inn
prove working conditions and wages
In ratio To thc production and in
vestment. Every man should bc
free to work out his own salvation
and not to he bound by the shackles
of organizations to his dctriment"
Declaring that production in the
country IL now somewhat above the
pre-war level and showing indiCa-
TONS OF Improvement Mr.. Hawes
said the real difficulty has been In
unbalanced production, The diver
sion OF productive forces into certain
restricted channels demanded by the
war still Is having Its effect, he con.
tinucd, and the nation has not yet
been able to re-algn these force,
80 that the supply and demand oi
goods are normally uniform.
Increased production" MIR. Hawci
went on 10 say. rs not nearly 50
much cause for concern as is NOR,
economical consumption. The org,
or foolish extravaganza, the speCu
lative consumption which has pre-
vailed I'm the United states and 4
vet too largely evident, must ceas,
" we are To- obtain "a permanently
strong position i'm world trade
IN recommending the encourage
ment and development Of aEricul
turc, Mr.. HaWcs declared that al
bankers aud business men ShOUl,
know thnt less than 80 cents q
every Sl0o spent by the gOverrmon
last year was expended for the de
Vc'opmcrt uf agriculture.
ut l., tho bankers duty "a n cit
2Cn ana f'1uyi'r 10 realize and on
ccurHg" this source OF our wealth
TO lend counsel ana assistance an,
TO regard the farm I'm its true i'm
ior.nuCo To- our economic existence.
SUc'sins tuc Importance ~ tn
rHuors foreign trade, NJ Have
sN.d TINT without lampering the re
uuir6 weuts OF American iudustr,
and business tho bankers must fint
means of cN'Dvding liberal crcdi
Tor foreign tudo without fdrthc
'1flrur TIE american credit struc
tur". '.. suggested that thls D.
d"no hv inlercstinr the iNvcstiu'
public I'm securities properly pro
reCtcf.
"Our futr"o foreign trade posi-
bi,ucs Ee lar"av with tho savinl
ATecic7." said he.
of the operatiou Of tho fedora
roscrv" svEtcm. Mr. Hawcs said
steadily the process Of pushing on
war paper and substituting com
meroial paper is going on an
shortly We may expect that the neN
circulation will ho nlacod as inten
dcd. On live commercial paper an
GOLD"