Five Mile Beach weekly journal., 1920-05-28

downward is to be general and extern
sive, but the cautious ones are inclined
20 accept the statements of certain re-
tailers to the effect that there can be
no general break yet in prices and that
the cost of living must remain at
about its present altitude until all OF
us, laborer, producer, merchant and
consumer, learn q lesson in practical
unSelfishneSs.
Present reductions apparently are
due to efforts to liquidate stocks be-
cause of the s%lackening of demand and
the policy of the banks in calling loans
and tightening up on credits. Inc
bankers are advised in their course by
the federal reserve board. Their ac-
ton will not seriously affect those who
produce or market necessities, but is
directed especially at those who sup
ply luxuries and those who are hold
ing goods for higher prices. The liqul-
dalton of bank loans will amount to
not less than 10 per cent within four
months, and it is expected it will COM
pei profteers to unload their boarded
stocks at greatly reduced prices.
The railway labor board is working
hard on some plan by which the rail
laborers may be granted all or a large
part of their demand for increased
wage that will amount to a billion
dollars. Neither the railway man
ayers nor anyone else denies that the
men deserve more pay, and In any
case it is evident they must be given
it If rail transportation in America
is to be maintained. Almost any of
the railway employees can get much
more money in other pursuits. At
present the board is considering the
adoption of a sliding wage scale based
on the cost of living index number.
Whether organized labor would accept
a reduction of wages in the future II
living costs went down is a question.
So far, it's policy has been to hold on
to all it gets. Some time this matter
will be brought to the test. The slid
ing scale is being tried out on the Eng
fish railways and some of the unions
are not satisfied with it.
Meanwhile the interstate commerce
commission has a hard job relieving
the congestion of traffic and averting
a threatened coal famine in the Chi
cago region. This vas accomplished
to a considerable extent by sending
thousands of empty cars from the East,
and by means of temporary embargoes.
The car movement not only relieved
the coal situation, but also helped the
shipment of other commodities.
The Virginia state Democratic con
vention has furnished what may be
accepted as in substance the declara'
ton concerning the peace treaty which
President Wilson will ask the nationa.
convention in San Francisco to adopt
The plank was formulated by Senator
Carter Glass, was submitted by him tt
Mr.. Wilson and received the latter:
Endorsement. 1t reads thus:
1.-THE Democratic party of Virginia
favors a League of Nations as the sur
est, if not the only, practicable means
Of maintaining the permanent peace
of the world and terminating the in
sufferable burden of great militar.
and naval establishments. 1t was t.
form this that America broke ava,
from traditional isolation and spen
her blood and treasure to crush
colossal scheme of conquest.
"We felicitate the president and hi
! associates on the exceptional achieve
ment at Paris involved in the adoption
of q league and treaty so near akil
to American ideals and so intimatel
related to the aspirations of civilize
people, everywhere.
1--WE condemn the Republican senat
for it's refusal to ratify the treat
merely because it was the product G
Democratic craftsmanship, interposin
partisan envy and personal hatred
the way of the peace and revived pros
perity of the world.
"We advocate prompt ratification c
the treaty without reservations whic
would impair it's essential integrit.
Only by doing this may we retriey
the reputation of this nation anon
the powers of the earth and recove
the moral leadership which Wilso
won and which with amazing indiffel
ence paltering Republican politician
at Washington sacrificed"
The Virginia delegates are pledge
to support Glass for the nomination
Democrats of Michigan, Indiana an
South Carolina Endorsed Preside1
Wilson and his policies and selecte
uninstructed delegations.
In Georgia the Democratic convel
ton, in the control Of the forces led b