The New York herald., 1920-12-26
A Dehation Christmas.

/
we have not had in many years.
The whole world is in the midst Of
social, political and economic reac-
tion after the feverish activity grow
ing out of the war This years ex-
tremes are the opposite of last years
extremes. But these sweeping move
ments, corresponding in intensity with
the magnitude of the war which in
stigated them. are not new expert
ences They are as old as the law OF
action and reaction.
World temper has undergone a
drastic alteration which Is wildly
exempllfed in the public attitude to
public and private expenditures con-
trasted with the attitude to the same
question year ago. From the cres-
cendo of extravaganza and waste the
peoples Of the world almost without
exception suddenly turned to the very
pianissimo of conservatism. Mans
expenditures circumscribe his habits
anu SoCiui dSLANAl4tcy anu tAASSS AAAA-
ence his political leanings, so the
present state of the world is really
not exceptional.
OF course the superprosperity bub-
bic which has been punctured Is char
,cterized as fiction which never did
exist except In the Imagination. But
it was real enough for its destruc-
tion TO thrust many, rich as well as
poor, into straits. These troubles
may be anything but cause for Yule-
tide JOY, yet they do contribute in
tensity to that ever assertive human
hope for better things to come which
Is invariably a characteristic of this
| season.
Whether something better may be
in store after the turn of the year,
as q great many anticipate, is any
body's guess, and likewise what that
something better may be. Eight
months ago everybody was clamorins
for lower prices. The lower prices
ore here, some of them within the
threshold, some of them at the door
step. But the decline has started the
unravelling of the whole intricate
skein of industry and trade. This
was needful; it was inevitable
Though it is human nature for many
now to regret the lower prices which
brought temporary hardship, this does
not mean the reaction has been fruit
less. AS q rule we never know what
has been good for us and what harm
fui until long after the event.
1t is not without some foundation
IN precedent that the tendency to lool;
for Improvement in the new year Is
50 prevalent. The business reaction
hinged largely on scarcity of credit.
The tarn Of the year customarily wit
nesses large interest disbursements
and other capital dlsplacements. Ii
mny be that the funds thus released
will have some effect. 1t is scarcely
conceivable that prolonged liquida
ton could occur without causing an
accumulation Of capital which sooner
or later must make itself felt as a
constructive factor.
But II would be a mistake to dress
up in a cloak Of ardent optimism the
undeniable truth that reconstruction
and readjustment are still under way.
The readjustment must be genuint.
1t took ten years to repair the dam
age and restore complete order after
the civil war. But all the while we
were getting stronger and better.
Dlscouragements are never wholly
untempered by good omens, and the
present is no exception. The world is
making progress and in all nations
arrogant Indivldualism is yielding to
spirit OF cooperation as an outcome
of the general yearning for more set
tied times. This is an ideal condi-
ton and IL should bring out the quail
ues of gratitude in mankind most
appropriate at this season Of the
year, for gratitude is never more fer
vently manifest than in the contem-
plation OF past good fortune and In
expectation OF further favors to come
and they will come, II not to-day,
90 -,nrro,t.