The Dawson news. (Dawson, Ga.) 1889-current, 1920-05-11
THE WORLD MUST
TIGHTEN ITS BELT
AMI THE STRAP IN TO PRO-
yUnE ENOUGH FOR ALL. FL
NANCIER ISSUES WARNING.

NEW YORK.-The entire world
ns+ TIGHTEN it's belt if there is to
10 enough for all, and that belt is
s+r;ct control of bank credit, with
a,,+ which the world will continue to
Gorge itself and initiate, declared
panl NJ. Warburg, banker, discussing
;nfation, it causes the remedies be-
foro the academy of political science
here today.
Summing up he said:
oFirst. we must fight initiation
NTH all the means at our disposal by
orrosting the further increase of
Governmental Indebtedness and if
rossible reducing it, and by calling
halt in further bank credit and note
i i. expansion. We would thereby
B DESTROY the atmosphere of easy
money and paper prosperity that
makes for individual and corporate
3 ovtravagance and fosters discomfort
among the masses, rendering them
dsinciined to give their full measure
of work. This includes the most diff
d ficult task of curbing the production
of unessentials and of stimulating
the production of essentials.
AND finally, we must fight rising
nrices by stimulating essential pro-
auction. both here and abroad, which
means that we must furnish Europe
with the materials required in order
TO rehabilitate her industries, so that
once more she may become self-sup-
porting. As far as this involves the
Granting of further credits it should
he our determined purpose to provide
them from our savings. If we are
incapable or too irresponsible to &C
compIish this, we must submit to
having for the unsaved balance by
Initiation. That would prove, as we
have seen. a wasteful and highly re-
grettable alternative, but it is easier
for use to bear the sacrifice than
for Europe"
Calls for Greater Production.
DR.. B. M. Anderson, Jr., of the
Ntionol Bank of Commerce in New
Twk. declared that the shortage of
g0Ods and the attendant speculation
the prime cause of present high
prices in this country.
"When our enormous export bal
nce disappears and when our do
nestle markets are called upon to
absorb S3OO,000,00O or $400,000,-
{ boo worth of goods per month which
|shey have not been absorbing we
shail see lower prices" he declared.
The. speaker said that increased
production have been expected when
The 100000 men withdrawn from
Industry for the army and navy re-
surned, but that it had not cone.
DR.. Anderson declared bank ex-
sansion ''has been more of passive
RESULT than an active cause of the
sing prices"
Hits the Bonus Plan.
Assistant Secretary Leffingwell, of
be treasury, declared that "the
lited States is deadlocked against
self. 2 government of obstruction
Failure of the government to deal
constructive way with any one
the vital national problems he at
fbuted largely to the fact that the
wernment is divided against it
IT,"
AT this most critical moment in
be history of Europe" he continu-
when our financial and economic
Fake in Europe's affairs is so great
bat disaster there could mean only
saster here many of our own peo-
lie have turned gamblers and vast
FS. For plain living and high think
be we have substituted wasting and
Rckering. We enjoy high living
lille we grumble at the high cost of
wing"
Mr.. Leffingwell assailed the gov
Fnment's administrative policy as
penny wise and pound foolish" re
ting how congress had struggled
effect economies at the expense of
sfcient administration while at the
Pine time it adds sos, 100000 to
fv war pensions
Instead Of telling the people
&ankly and boldly" he said, chat
Ices are high because they are
astlng we fix prices and prosecute
Officers in order that the people
ay buy more and pay less. Instead
telling young men who were draft
10 light IN the war, and VINO came
tier and stronger and more fit to
ght their own battles than they ever
ete before, to go to work and save
er money and look out for them
ives as any self-respecting man
oud, we listen complacently to
ely organized demands for bonus,
pnemistically called adjusted
mpenSatiOn.'
Construction Is Needed.
Construction rather than recon-
octon is the great task confront
this congress, the next congress
perhaps the sixty-eighth con:
s' Senator Walter E. Edge, of
Jersey, said, speaking at the
SSAeon meeting.
snator Edge declared: "There is
auch government in business and
N0ugh business in government"
,VUUOnn n NJ