New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1920-07-05

many staple articles the increased
production in America made up for
diminished production in Europe. In
creased production is, of course. de-
sirable; but it will not afford the large
and permanent relief many anticipate
so long as the currency question re-
mains unsettled.
Effect of Taxes
"As regards protiteering. the Incl
dence of the excess profits duty and
government control. it is doubtful
whether they have together added as
much as 10 per cent to the cost of liv-
ing. Higher freights have made only a
fractional difference. The main cause
is watered currency
LAS regards industrial unrest, err
roneous views respecting the cause of
high prices are the real reason why all
the negotiations relating to rises in
wages and conditions of labor produce
no permanent settlement They only
pave the way to new conflict at an
early date. Almost daily the press
records cases of this sort. The COM
plete exclusion from the discussions Of
the main factor Of dissension between
employer and employed is charactcris-
TIC OF all discussions regarding the fix
ing of wages. Where agreement has
been reached, no attention has been
paid, so far as | have observed, to the
fact that the wage arrived at might
represent, six months after the award
or agreement, the equivalent in COM
modlties of half or double the amount
Such discussions are on false basis.
Industrial peace cannot possibly be
reached along lines so misleading. So
far as l can see. there is no reason,
no principle, no recognition of the in
nf hah cf !,
wage discussions which are SO general
throughout the civilized world. Unless
these readjustments are put on some
scientific basis, | see no end to indus
trial conflict
This by no means indicates an
opinion on my part that increased
wages are not due. In great many
cases they are long overdue-in this
country at any rate Money has al
tered in value. and the necessary ad
justments to the new standard have
been much too long delayed This de
lay in adjusting remuneration to the
altered value-the decreased purchas
ing power-of money is an obvious and
prolific cause Of discomfort and unrest.
No Permanent Remedy
Such. however, is the dominance Of
the factor Of currency,' were Lord
- ADernOn cOncluOlng words, 'that
no effective and permanent remedy for
present ills can by any possibility be
found, either in the separate or com
bined action of other factors, in the
absence Of specific and energetic action
with regard to the currency of ndi-
vidual countries and with regard to
world currency.
1T is vain to look for any general
reduction Of world prices while so vast
an increase is being made IN the note
circulation Of many of the great com
mercial communities. We have not
only to put our own situation right:
We have also to take measures to pre-
vent the world food OF paper money
being constantly increased. The only
result Of the continuance Of such &C
ton must be social unrest and discon-
tent of a nature to destroy civilization
and industry throughout the world
Selfish isolation in this matter will not
only be blameworthy from the moral
aspect il will involve US in common
disaster On the world currency food
there is no ark in which we can sail in
safety over the waters. We must pre-
vent the inundation, or be drowned
in it,