The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1920-05-24
WASHINGTON MUST
SET ECONOMY PACE
President of Bankers
Association Decries
Extravaganza


They and the curtailment of pro-
duction, lack of transportation make
up all these conditions, said R. s.
Halves, president of the American
Bankers association and senior vice
president of the First National bank
of st. Louis, who attended the Ten
nessee Bankers association meeting
at Memphis.
There are a few hopeful signs
that experience of the @st six
months have been beneficial to the
national life," he continued. I'VE
are becoming fully aware that the
prosperity of the country depends
on increased service to one another,
and not on individual greed. II we
are in this cleansing bath, let us
hope that it will modify the selfish
ideas of class rights and bring us
to the more efficient promotion of
the general welfare. If it does not,
the present condition, growing in
intensity, will overwhelm us.
Personally, l have the greatest
confidence in the American public
as whole, in the power of public
opinion, and while the pendulum has
swung perhaps to an extreme, it is
coming back with the necessary 10y
atty. No force will be allowed to
eat further into the morale and vi
tally Of our country.
"a transportation system weak
ened by the strain of war and out
grown conditions, ISIS one of the
most contributive factors to both the
present economic condition and es-
pecially to the mounting costs of
commodities.
Our railroads are two decades
behind the normal development of
the country. Unless that system is
at least assisted to pre-war basis i'm.
mediately and into such shape that
credits on shipments en- route are
protected from delays, and so that
manufacturers can plan their work
in confidence that the material will
reach them, the uncertainty and linn
itedness of production with conse-
quential high selling costs must con-
tinue.
The quicker the railroads are CIV
en- relief provided for under the
Esch- Cummings legislation, the
sooner the industrial and commerci-
al life can seek level of normality.
Seriously, though, the greatest
cause of high prices is the S. r. o.
sign outside our stores. We find
shoes selling for $40 or more a pair.
A suit of clothes is costing as high
as $50. Yet there has been stand
ing room only in the mad rush to
show our willingness to buy at any
price.
Extravaganza is both the out
standing cause and the most power
full weapon the people could use.
People must modify their demands.
On the one hand, the people cannot
be entirely blamed. Neither can we
place all the blame on the mer-
chants. Our own government has
been the horrible example from
which the country has copied its |
spendthrift ways. More revenue and |
more revenue, cries the government.
Business has been taking higher |
profits to meet these demands.
Real economy must start at
Washington. True, with reference
to the real status quo, we are at war.
AS such, we have literally been call
ed upon to suffer all the financial
agonies of actual conflict since the
armistice.
AN excess profits tax and an in
come tax law that are so uncertain
in their principles Of taxation that
anywhere from four to five taxes
are sometimes passed on to the con-
sumner to assure the manufacturer
that he is on a safe margin. This is
not helping the high cost of living.
Neither is the probability of excess
profits paying or helping the mine
and forest owner to add to the much
needed total Of production.
Our governments example of ex-
not only sets the bad ex-
ample, but in its demands discour-
ages the efforts of manufacturers
Ind other producers of raw wealth.
II believe this lack of production,
his lack Of real necessities, sugar 35
tents a pound, for example, has
home the lesson that the in
lustrial plants Of this country, be-
ong to the people. The owners are
imply trustees. Il
This has been demonstrated most
orcibly in both the coal and rail-.
Dad strike. II
"The present tax system is a war -,
hid. 1t was conceived in haste and I
ndured through fear of tampering
With it until after election. 1t was q
MEASURE of expediency in which all t
cquiesced for the good of the coun- c
ry. Now that its unsoundness has r
zen demonstrated, now that its I'M t
effects are apparent, our \
lawmakers. politics or no politics,
hould not hesitate to remedy it. Q
II believe the need Of the hour is Q
or every American citizen to give c
III II