The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1920-01-13
WITHOUT MORE
WORK We
COURT DISASTER
Governor WelIborn Appeals to Bank.
ers to Speed Production-lmport.
ant Campaign Begins-Extrav-
aaance a Crime When Mil
lions are Starving

eral Reserve Bank.
Governor M. B. Wellborn, of that
institution, is so impressed with the
importance of this campaign that he
is sending to number leading bank
ers in this District letter asking
them to suggest measures to increase
production and reduce extravaganza.
The suggestions will be classified !.
and published as symposium in all
parts of the District and it is expect
ed that the publication will lead to
J definite action throughout the six !
states.
Governor Wellborn's Letter
Governor Wellborns letter, which
was mailed this week. is as follows:
with more money and greater
expansion of credit than ever before
we have relatively less of the neces-
/ stiles of life
7 1.-THE supply OF grain, cotton, wool,
) leather, lumber, cement, steel and
their products is unequal to the de-
mand, and the output Of labor Is far
!: below normal AS a result prices go
!; up.
!! "The expansion of credit and cur
8 rency does not increase the supply,
{ but does further increase the prices.
!; This condition is grave menace
! to the country and the only remedy
{. in the increase of production, accom-
Z panied by greater saving. Without
+ them we may well be apprehensive
!. as to the consequences of present
{ conditions.
Z "The subject is one of such import
! ance that it is worth while to concen.
! trate the thought and effort of the
( country upon it, and | am asking you
I to give me by early mail the best sug-
! gestion you can make upon increas-
! ing production and saving.
/ 81 am sending an identical letter
z to a number Of leading bankers, with
! a view to publishing the best sug
! gestions. Therefore, | will lappreci
( ate your serious consideration of this
= matter and an early reply"
- The statement of Governor Hard
- ing at the recent Conference of bank
ers in Washington makes it clear thai
the Federal Reserve Board is seri
ously concerned about the specula
ton and extravaganza which have
been feature Of the past years bus
mess. A number of the leading
banking houses in their periodical
letters are commenting on the same
subject and some 60 so far as to pre-
dict very dark future unless Their
is an early return to industry ant
y economy.
An ominous Statement
A New York finacial house mad
this comment on present conditions
1--WE have had in the last two years
\ and especial In the last six months
\ the kind Of industrial and financia
NJ conditions that are supposed. by pc
litical economists, to precede cris
a is. Some Of these are:
7 High prices of commodities.
Great business activity.
Large gross and net earnings,
Record bank clearing,
q Widespread speculation in .,secur
I'M ties, commodities and real estate.
NJ High wages and labor scarcit
and inefficiency.
p Expanded credit.
/ High rates fro money.
Because of the abnormal cond
tons resulting from the worlds grea
est war, these conditions and sign
of coming trouble may continue fc
another year or two before the gres
crisis occurs-as occur it must. Til
| worlds war bills will be presente
and must be paid. The total appal
ing sum in three hundred and thirt
N three billions, according to the Ca
negie Endowment for Internationi
Peace. OF this sum ane hundred ar
/ eighty-six billions is for direct ar
| the rest for indirect costs"
/ Work Saves the Situation
/ 1t takes capital to employ peopl
/ In this country it requires an inyes
/ ment of about $1,000 for every wor
| er, to keep the factories going. II
loss of so large a part OF working ca
/ ital Of the world is, therefore, a sci
| GUS matter for the working masses
- The only thing that will create ca
IL ital is labor and It must be eficie,
labor, or there will be no margin f
q saving.
Mass Meeting to Be Held
The publication of the symposiu
of suggestions from bankers is to |