The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1921-04-01
DECLINE OF ENGLAND
RESULT OF PRESENT
POLICIES, SAYS SHAW
tBy Associated Press

lBy Associated PreSSb
CHICAGO. April advocating a
policy of producing more than one
consumes. Leslie NJ Shaw, former sec
rotary of the treasury, today addressed
the National Lumber Manufacturers
association in session here.
ITO illustrate a fundamental truth
please assume two communities. equal
in population, natural resources and
possibilities, said Mr. Shaw. THE
one believes they will best conserve
their happiness by conserving their
toll. They seek to ascertain and prac-
tee the least essential hours of labor
necessary to supply their require
ments. The other know their happi-
ness will be enhanced by producing
their maximum, and consuming their
minimum. These cheerfully toll. as
did our forefathers, from IL to Is
hours per day. What will be the
result?
THE one will continue to live as
they began, while the other will find
their surplus SO invested that it will
itself produce and continually increase
more and more. Very soon they will
more clothes than they can wear,
houses abundant, and the proceeds of
their surplus, whether sold abroad or
TO each other, will evidence itself in
good roads, schools, churches and
eleemosynary institutions. Produc-
tion in excess of consumption always
reveals itself. 1t cannot be concealed.
While consumption equal to produc-
ton is equally manifest, not only in
localities in highly civilized countries,
but more apparent still barbarous and
semicivilized portions of the world.
Wealth Is Destroyed.
fAt the end of six thousand years
of human history the industrious and
thrifty-those who produced more
Than they consumed-had transmitted
their surplus from father to son, so
that when the world war began the
wealth of the world, consisting of this
surplus and the advance in market
value Of real estate, ore deposits, tim
Der and other natural resources was
estimated at about $3.50, 000, 900, 900, or
$500 per capita for the human race.
THE nations emerged from the war
with an aggregate debt of about one
third of this pre-war aggregate wealth.
The fact that the book value of the
property not destroyed has been so
inflated that an equally favorable
trial balance appears, DISCUSSES the
truth to the thoughtless only. An
astounding portion of the pre-war
wealth of the world is gone. and gone
forever.
Everyone comedies that we are fac
ing a period of reconstruction but
many seem not to realize that there is
only one way to restore what has
been destroyed, and that is by produc.
ing more than we consume. Nations
may be economical but individuals
only can be thrifty
Germany Is Recovering.
Charles NJ. Schwab recently return
ed from Europe and reported that Ger.
many is recovering at a pace that will
astonish the world. The reason is
simple. The German people are both
Industrious and thrifty. This will en-
able them to discharge any PREPARATION
demand that the conscience of the
world will impose, provided only that
does not reach the breaking point Of
their courage. Industry and thrift will
solve any social or economic problem
Mr.. Schwab. you will observe, die
not comment on conditions in England
but many equally observing business
men believe England is on the verge
of collapse. No people can survive the
consumption of their surplus, and the
people Of England seem bent upor
communicating wealth and using it il
sratituities-improp called wage:
to the unemployed, pensions to thu
aged and in other socialistic ways. We
seem inclined to follow the lead O
England rather than Germany. If W,
do Germany will ultimately rule the
world industrially and financially
which is all she ever sought to do
Her attempt to dictate with the iror
hand was for no other purpose than tt
rule industrially.
Few would recommend selling thu
power-plant in aid of unemployed, bu
taking the profits of business for tn,
bonuses and welfare work is, econ
omically speaking, on an exact par
Not many men of means are foolish
enough to invest their fortunes in in
dustries. where only five per cent sue
coed, knowing that if successful the,
will have to pay to the government
so per cent of their net profits, ant
rs per cent of the remainder in per
sonal surfaces.
THE effect is already evident In
dustries anguish, and non-employmen
multiplies. Unless we again consen
that even the wealthy may increas
their wealth, and be encouraged t
invest it in wealth producing ente,
prises, ~sge-earners and all others O
modest incomes, now largely exempte
from taxation, must practice thrift o
the republic has already reached tn
zenith of her greatness