The Dillon herald. [volume] (Dillon, S.C.) 1894-????, 1920-11-04
McLAUR|N REVIEWS
FINANCIAL HISTORY
EX-SENATOR WRITES STRONG LETTER ANAL Yz|NG
PRESENT INDUSTRIAL CRISIS

opinion in this crisis Is to hand and
since the brief reply made have
concluded to write you an open let
ter setting forth my views more
fully.
Very few persons realized that
when Germany involved the world in
a war it overturned the foundations
upon which our political and indus
trial systems rested. o.
I was struck by sentence in some
statement that read from the kaiser
in 1915. He said in effect, that Ger
many might be defeated, but 1t would
upset every government in the
world IL she were. Avaricious Ger
many, with its caste privileges back
ed by armed force, fonce destroyed,
would be followed by every nation on
earth in destroying class privileges.
Every nation engaged in the war has
been going through a revolution, but
we have not realized it. The United
States has just passed through the
period of billions, a millionaire too
common to attract attention; the bill
lionaire barely exciting notice. Ev-
erybody was looking to the return OF
lpre-war days. The rich expecting to
return richer and the poor to spend
more and still more and work less
and still less. Suddenly the earth
rumbles, there is an angry jar, and
the earthquake of falling prices is
upon us. One says 1t is the Federal
Reserve act, another Wall street, an
other labor troubles and another ex-
travagance. / say that ii is all, and
vet none of these. 1t is another
phase of evolution or revolution; we
can make it either, but it is bound to
be one or the other.
The rumbling you hear and the
shock you feel are the groans and
diving commissions of civilization.
In the face of the impending TRACE
DIV how futile and small seems man;
how insolent and trivial with his
vague complaints in this country,
and the misery, disorder and decay
of Europe.
There is probably not book writ
ten since the war that has attracted
more attention from students the
world over than 1.-THE Economic Con-
sequences Of the Peace" by Profess
or Keyes of Cambridge University,
England. Professor Keyes was car
ried to the conference by Lloyd
George, on account of his profound
knowledge of political economy. At
ter the treaty was agreed upon, ne
resigned without giving any reason.
Recently he published this book as a
justification. / do not agree with
him in many things, most especially
his analysis OF President Wilson.
emphatically dissent, although ne
does picture Wilson as the only
idealist and unselfish man in the con-
ference. I would picture him about
like Christ would be among the
bears and bulls of Walls street. Pro-
fessor Keyes in summing up the Sit
uation in 1914, says in effect:
THAT the present civilization Is
organized to secure the maximum
accumulation of capital, society be-
ing so framed as to throw the great
er part OF the increased income into
the hands of those least likely 10
consume it. In fact it was precisely
the inequality of the distribution OF
wealth." which made possible those
vast accumulations of capital, neces'
sary to girdle this globe with bands
of steel. In no other way could the
present industrial system have been
developed, and in this fact lies the
only justification Of the present capl-
talistic system, which has monopo-
lized coal, oil and mineral resources
land exploited agriculture, until those
tilling the soil are the poorest class
on earth.
"If the rich had spent their new
found wealth wealth on their own
enjoyment, the world would long ago
have found such a regime intoler-
able. But like bees they saved and
accumulated, not less to the adVan-
tage of the whole community, be-
cause they themselves held narrower
ends in prospect
Viewed in this light what of the
benefactions of Rockefeller, Carne-
gle and others? Moved by some
strange impulse they do not compre-
bend, they seek to return their vast
horde into the common store Tor
the benefit of the human race. Car
negie's Ito die rich is to die disgrac-
ed" takes on a new meaning. The
development of this age could never
have come, if wealth had been equl-
tably divided. Professor keyes says
that the railroads of this world, no
less than the pyramids of Egypt
were built as a monument to poster
ity, and that the labor engaged in the
railroad building was no more able 10
consume the full equivalent OF their
labor than the labor which built the
pyramids. This war has ended that
era; the very restlessness and waste
of the surplus accumulation of CEN
turies; the rape of Belgium, and de-
struction in France; the horrors OF
Bolshevik Russia, have taught not
only the possibilities of production
and consumption, but the futilit%