The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-01-16

sra,itation. and lust rs fatal to vs.
when we disregard It's workings.
Great Creditor Nation.
Bat there II stil another feature.
which we must not overlook. which
has 10 do Immediately with the
United states In addition to the in
crease Of population-increased with
In two hfetimss from i've million
people to hot LEES than re. zoe. 600 In
what Is nov the United states-and
the flood OF gold by which the value
Of the dollar has been cut In half.
this nation has changed within LEES
than five years from one Of the great
debtor nations To tho treaties creditor
nation the wo.ld has ever known.
Before The beginning OF the great
war In 1874. We DWcd the rest of tho
world approximately ten billion dol
lara and we sent out Of this country
In Interest o. dividends between
five hundred and slN hundred million
dollars annually. The nteres rates
were low. but In q large number 81
instances the dividends we've nigh.
The bond-holdings and stock
holdings OF Europe have been wiped
out. and the rtIt of the world owes
as uuw about fifteen billion dollars.
bringing into this country an annual
interest OF not les than six hundred
million dollars ar cash bnluucv
last year was bon four billion dol
lars, which creates an addition to the
worlds debt OF fifteen billion dolg7rs
10 us.
incidentally. we. with one-six-
tCenth of the worlds population.
ave In our treasury and banks more
than one-third ,ot the worlds gold.
and, II the debts owing the United
same time, we could call upon the
rest Of the world for nearly three
times the mount OF gold held out-
Side the United States. Thus we ov
the credits Of the world and tn,
money with which both principal and
interest must be paid. and we uNn
also a very large percentage OF the
law material that the rest Of tho
world must have IN order 10 manu-
faCture goods To sell to "a In eN-
change Tor "a raw materials ami
for our geld.
Nc other nation ever has been so
placed, not even Rome when she was
tie mistress uf the world, or Great
Britain, when she WIS the center II
the worlds exchange. Furthermore.
no other nation ever bore 80 trC-
mendoua "a res possibility TO her ovn
people and to humanity.
We complain OF the high prices.
but high prices viii be with as Tor
q long time, and most OF the ncccs-
NANNNI va NNNH NN W NNNENNHN N'NNNE
they become lower The great Thing
loo our favor is that we have the
money with which to pay the has
prices AS We never had Il when prices
were low.
The question asked on every side
t Wii prosperity continue along
with the high ptiCcsT
Sc-. Grcat Prosperity.
My answer D. that even greater
prosperity VIII De- experienced this
year than last. o greater next year
man thi-. unless We destroy 1t our
selves, 10 We Increase production per
capita hut the increase per capita
must be- large. because labor b. bound
To- be srtrcrr than ever before In pro-
portion to demand. The lnter-riciai
Council. headed hy General Coleman
lu iont, reports that about two mil
Hon lubOrors have lcn thu lnitcd
states since the armistice WAS signed
ana that more than two million more
Will leave Ua fast AS transportation
can hc arranged. only "a few thou
sand lahOrcra have returned, o.
those are nearly AN men who went
10 serve in M armies OF Italy ana
the balkan states, Therefore ~.
may expect wages 10 he higher than
now ~ nearly AN building materials
will be higher probably FOR many
yeats. iuinbtr b. being depleted and
HNN go NHH en- 'N"NANNk nv ~ -NN
Of gcttlug % out and the transportt-
ton OF % are sure 10 De much higher
next year than this
The east recognizes this fact, as
well 40 the fact mat structural steel
rs probably lower now than u ever
will be- again. except Tor sporadic de-
I clines FOR Hhori periods. therefore,
the EAST d. building and adjusting
rents to tho neW condition. Albu-
querque viii have to do likewise cor
De "a dead city.
In conclusion, let me refer 20 The
unrest that uow prevails In ovefy Sec
ton of he country The demand Tor
higher wagcs hy labor not only has
an element OF Justice ~ 81. hut the
better the wugca. 30 Ions as thcrc o.
q corresponding degree Of enici'ncy
Ia production, it an unmiNd hlvssink
10 society considered IN is broader