The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-01-02

,He is Bernard NJ. Barucll, tnaJ un-
0blrusive, sliver-haired flnancier who
yet welded from behind the scenes In
Washington more sheer power than
any dozen other civilians during the
great war.
'aHow can there be any long period
0f depression and unemployment In
our country" asked Baruch. smiling
mis- famous smile from across the tor
Of the enormous mahogany desk COW
cred With financial reports from every
corner Of the gl0Je.
There are too many things in the
world left undone or still to be done for
This 10 Occur-unless. OF course, one
expects our standards in living are
soing TO recede and the world in gen.
rra Is going TO undertake some new
form Of government and living.
II do not credit that the latter Is to
eyentuate, for manknd's latest at
Tempt az formulating a fresh system
of production and distribution as ex-
pressed in the soviet government does
hot mean anything else than the kill
ing OF personal initiative and a con-
scuuent lowering OF the standards OF
living.
with this ont Of the way, then, and
with us convinced OF the fact that our
present economic system is at least
slarf In the right direction. I fell tt
see anything but bright future for u.s.
once our taxation is adjusted.
Wealth, which we need, is madC
only from the creation of things. and
lie only way TO create things is for
people 10 work. Why. IL America he.
gone into the treaty a year ago, in all
probability the entire world would bt
humming With industry today instead
or heing world i'm which mankind II
marking time. / believe the procrasti-
nation OF. 1920 has caused mankind tol
sustain billions OF dollars worth OIL
uncalled for losses, worse still, untold
human misery.
"Things are bad but not so bad asl
our fears are prone to paint them. we
are adjusting ourselves to restricted
world markets and domestic price al
tetations. Losses and shrinkage have
fo some extent been discounted orl
neutralized already. There may bII
some more failures and further read
ustments. but ] see that profound
curative though at times convulsiv
processes are setting I'm. II will not
be quick cure, but it will be sure.
"All OF ~ can accelerate the curative
movement by practicing and preaching
fhe doctrine of work and saving, By
revising our burdensome and paraNz-
ing war time taXation-which Is nc
longer necessary--by contenting our
selves with returns more nearly COM
uensurate than recently with the SER
vice newfoundland that applies equal
IN 10 capital and labor. We must look
FOR profits from big production, mol
from limitation OF production We must
See TO Il that the present mass read
iustments OF prices are carried through
TO the ultimate consumer.
\ cuisines undertaken now is on a
Sound debated instead of an unsound
inflated basis. Merely the return 10
real values from those born of pes
simislic feeling will work raplt
change for the better. The times
bristle with opportunities for enter
nrise. although it is true that the re-
wards are slill subject to heavy taxa
tion.
Building has been restricted COM
merce throttled, upbulding OF the
railroads and the development OF
mines and other natural resources held
hack Ne have vast opportunity in
making up for the work that has been
long left undone. as well as In the
performance OF the profitable current
tasks that await us.
"These tremendous works will re-
mlire labor, capital. brains and ma
terlals In ever Increasing volume. We
have scarcely scratched the resources
of our own country as yet and there
are lImitress fields in foreign lands for
our enterprise and our capital. The
world Is ours in wealth making