Pine Bluff daily graphic., 1920-07-25

GEORGE WHITE J George White of Marietta, O., vii, manage the campaign of i Governor Cox in his race for the presidency on the Democratic ticket.
 began to take turn to some extent, and though the volume of exports and imports continued to increase, the balance of the foreign trade for that year resulted in heavy excess of imports amounting to 74,000,000 yen. The adverse trend of the trade became more prominent this year and up to the end of last April the excess of imports reached about 340,- 100000 yen.
 What course the trade situation ! of this country will take in future lis difficult to guess but it is certain that our economic circles have just |entered the post bcllum reactionary stage. The government has repeatedly given warnings about the coming change in the economic situation, but the public at large, was still dream ing of the continuation of prosperous times and of buoyant business which lasted long since the outbreak of the war and was not ready to realize the necessity of business curtailment and the contraction of credit trans actions.
 "In the meantime repeated panics how hA .fA nly l-ot since about the middle of last April, causing panicky slump in the cot ton yarn, cotton cloth, rice and silk market, which was considerably dis turbed. The financial circles have since then been placed in a state of depression and still remain more or Jess paralyzed. The government, lead ing bankers and financiers are doing their utmost for the relief of the dis turbed financial and economic sit : uation and at the same time taxing their nerves to find proper measures for providing against any similar oc- currence in future.
 "The late financial depression has ; dealt q severe blow to our economic ) world, This must be admitted But it did not go to the length of affect ing the stability of our economic ; world or of checking its future de- velopment. The harm done to the ; economic interests by the late tinan- , cial depression will be healed in a no distant future, The blow will, 1 ) believe, prove a good and timely warning to our manufacturers and : merchants to arouse them from the idle dreams of buoyant business of the past and eventually serve to nip in the bud the unsound clements of our economic cii<les; indeed, the , present misfortune may turn out fu- r ture happiness.
 : "Fhe future of our national indus ! try calls for no pessmism; it is bound to attain more development. : The present tight money should be , regarded as a phenomenon reflecting ' the late financial depression about by the unsound and unhealthy business boom and unnatural growth of the speculative mania consequent upon the sudden increase of demands for goods and soaring prices. The growth of business enterprises which includ- ed not few cases of unsound and un- stable undertakings, has led to the recent depression,
 "To check the growth of such spec ulative business mania and to provide against it's baneful result in the fu- ture, the Bank of Japan twice in- creased its official rate of interest and discount last autumn by way of warning the financial circles, but many unsound clements of our busi- ness circles, failed to appreciate and understand the warnings of the au- thorities and continued to indulge in business projects of more or less spec ulative character. The result was the recent panic as was anticipated by the government and intelligent el- ements of our business circles.
 Those who suffered the severest blow through the depression and stringent money were mostly unheal- thy elements, while many business establishments of sound and stable financial standing, were the least af- teeted, In short, the financial de- pression has singled out unhealthy
 elements of our business circles and
 served to open a new aspect of our
 business world. Such being the
 case, do not hesitate to declare
 that both the government and the
 Bank of Japan have not the least
 idea of withdrawing the specie hold
 lngs Tn the American market on ac-
 count of the recent financial depres-
 slon because We respect the close
 monetary relations between this
 country and the United States.
 I think that the development of
 misunderstanding industry and the econ omy' of consumption are two great
 principles of the post-bellum econo. 7 me measures which must be the com : mon policy of the worlds powers in dealing with economic affairs after