Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-12-26
COUNTRY IS SAFE
FINANCIALLY, SAY
FISCAL CH|EFTA|NS
Better Able to Care for
Self Than Any Other
Nation on Globe.
BANKERS ARE DISCOUNTlNG
IMPORTANCE OF FAILURES
Unemployment Rcsul, of Re
adjustment From War to
Peace Basis.
TRANSITION is "HE.iLTIiY"
Money Situation at Home and
abroad Due tn Failure to Fix
AMOUNT German Indemnity.
BANKERS ARE DISCOUNTlNG
IMPORTANCE OF FAILURES
Is "HEALrIir"
Money Situation at Home and
Amount German Indemnity.
ny w. u. ATKINS.
International News Service Stnn Cor
prSpOpurnt

WASHINGTON. Dec. 25.-Thc nation
10 sac financially. II will weather
sac rtorns Of the future. 1t is bet
,ar able to, care fer itself than any
other nation on the glohc. The Unit
cd States Is tho srcaios; financial and
economic power OF the world now,
sud viii coat!nuc 10 wiold that pow
er Gar Into ;hc coming years.
This was the Christmas message
given today In composite form to the
people BY Secretary or .he Treasury
IIounton. Governor Harding. az the
Federal Reserve Board; Con.pt-oll.T
of tho Currency wn!lams nnh oths:s
intimately associated w.;h ,hem IN
control o. fiscal anairs. Optimism.
fea,nros all e their expressions. o.
q. summins,.p ot thc ,r.nr 1870. and
vicws OF ;ho business pGtlouii cor the
Urw ycnr.
Tanks aud business ."i.c.rns. IN
rerorts O. these guiding :orscs in
government finance. dIscoGu;ih i,n-
that nave occurred. the present uu.
cmplp?mo n, which :s admittedly grea;
AID the business rcaciIons which are
acted, ~ :, result OF the credit strains
inr!den, 10 scadiIHtu.ut taci. 10 y
peace Tine basis.
Transition Il Healthy Pr0rrss.
rtanHitions through which business
Is now passing. these officials said. IL
Uncomfortable and involves pOssib
los In come directions, hat they al
contend that ii IS . healthy rro-
ress," far mca.e helpful economically
IAN continuation OF the mad rac, IN
pr"atcc:!ns," the chief factor in TIC
nna;!on cvii. now sought - bc
eh-ckcl.
These oilir.1ls. entering AtnYla'y
INTO various phases OF business re-
,diust:nor; were frank 20 say that th-
present process, involving. as !, has
iossea and ,I!aappcin;mentt. Is "tar
from complete" and TINT som. lines
Of business may lie Expected u pass
through still further -isotous porioi
III rcadjustment, aud REORGANIZATION.
cGiciais are con:iien; that transition
n sue. Ines @.!, 10 accomplished
vithcu; undue strain upon tho pres
cni strong backing structure"
In financial sersc the war IS no,
over these officials ali agreed tudiy.
The fiscal SITUATION both a, home and
abroad !s disturbed by failure 10 nN
The German Indemnity. Secretary
Houston placed particular emphasis
upon tho h:,ndieaps that have beer
.tIt Upou other nations by the failure
80 determine earlier the amount Ger
many must pay
observation by Harding.
Listen TO this very carefully word
"a observation by Governor Harding.
rho transition through which the
community is now passing. while
necessarily uncomfortable. has thu
iar been accompanied with only :.
minimum of the unfavorablc symp
IONS developed on other occasions
'rhe close OF the year. 1920, in spite
o. the fac, that in some branches Of
economic and financial life. there !s
sti!l much progress 20 be made be
fore reaching definite. basis 70
further growth. must be regarded rs
the turning point in the process OF
transition from conditions produced
10y tine war. 10 The normal economic
basis.
Secretary Houston ANA Governor
Harding both said that the year has
been II period OF decided advance i'll
.rc process OF rcadjustmen:, comse-
uucmt upon conditions which the waf
brought uIicu the world.