El Paso herald. (El Paso, Tex.) 1901-1931, 1920-06-22
UNITED STATES SANE AND SAFE
AND THE FUTURE is SECURE

WITH competent leadership at Washington the United
w States VIII pass through the reconstruction period
safely. There why panic anything ike It
should take place in this country Wise leadership is vital
but the people in mood to insure themselves that by
their vote In November.
In the United States with its vast extent its remen
dous resources its varied industries its stout insstence
upon self government its dominant sanity its right spirit
its habit Of cooperative effort the solution OF grave PROB
lens rests with the great Of the people themselves to
degree unmatched elsewhere Yet leadership is necessary
and crises develop leaders.
much the worlds veins that recovery is slow
but improvement is actually to be seen. One useful
barometer Of world conditions the rate Of foreign
change As foreign exchange approaches paTy-the old
Of pre-war dsys-Tade, commerce. finance VIII re-
fect the change tor the better the spirits OF Iae people
everywhere wiz rise there VIII be less unrest as the causes
Of disturbance tend to grow less active
Within the last month, the rate of foreign exchange has
shown Improvement to almost every European
try Even the German mark has gone up from the
dollar to tic; the French franc has gone up from zoe
the dollar to 4oc the British pound has gone up little
from 7sc the dollar eozc; the Italian Ira has gone
up from pc the dollar to Soc the Austrian has
gone up little from PIC the dollar to nearly &c;
Swedish exchange has improved markedly and Danish has
improved little The proportions are here gwen II terms
Of percentage Of parity, easily grasped IN com
paratve statement The general tendency toward i'm
pToveeut marked and continuous Only one lesson can
be read from this and that is that the world is returning
to sanity and that stability being slowly but measure
ably restored
way Of financial disturbance IS gained from consideration
Of British finance In the SIX years from April 1914 to
coo; this than the total outlay Of the British
government for all purposes IN the previous 225 years
During the the British people paid taxes and other
contributions much as they had been called on to
pay for all government purposes during the preceding Is
years, and yet they still tw0hTds Of the war-cost
Last year they paid outright 30 percent Of the years ire
mendous expenses, and postponed only 20 percent
Britain has evaded payment Of public debt since
the revolution Of 1888 Yet there have been times IN the
past when the empire has been heavily burdened
than now in proportion to and ability to pay.
The figures ncompIehensible- The big is that
the British people full Of optimism and determination
they setting about the work of rebuilding IN way
that spells They taking steps to extend trade
and restore normal conditions at home and abroad They
have fear Of the future and they do not talk panic
They have big job ahead they realize It fully, and they
daunted.
The United States with far greater lighter
burdens proporuonatey, has every to maintain
serenity Our remedies are IN ON own hands Our people
VII their interests by exercising each one pei
sonay, al prudence and economy BY cutting off wastes
There is need for greater application to industry This
time to talk Of shorter hours shorter working weeks
than the standard generally accepted Of eight per day
OF 48 per week Government expenditures must be cut so
that taxes can be reduced With stop put government
profgacy, wasteful expenditure Of excessive funds ex
tacted from the people by reckless tax systems and with
greater thrift the part Of the people personally there
VIII come about better balance between production and
consumption, and readustment prces gradually down.
ward
Serenity and optimism VIII win. The United States IS
N DANGER and the revival Of control good old Amer
ican common in all governmental and personal affairs
VII minimize the evil results Of disturbances as are
inevitable IN any period Of readjustment after war