The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1921-11-02

needs NO Introduction to any reader OF
any daily paper In the United States.
said done In the pnst or not, no one
can refrain from reading his views of
the present national economic situation
with anything but interest mad with
the knowledge that the writer IL q man
whose words are well weighed before
being uttered or put ON paper. As the
head of the steel corporation his great
mentality was given wide opportunity
10 make itself felt and he accepted eS-
cry chance. 1t was taking these chances
that put him In the eye of Americas
public. The following Will continue TO
hold him there, national dominant fig
urP.
BY Ebert II. GARY
The devastating and destructive war
lasting four and onequarter years and
ending November IL, 1918, left the en-
tire world in dilapidated and demon
allied condition Minds had become
distracted, visions obscured, morals
perverted. natural progress interrupt
ed and the total economic structure
disjointed The destruction of and
damage to lives and property were So
great and the souls of men so embit-
tered that ii was difficult for them to
think straight or to act intelligently.
In this extremity it seemed desirable,
but was found impossible, to promptly
establish a basis for the absolute pre-
vention of further international mill
tary conflicts. Since the armistice
was signed nearly three years have
elapsed and nations have been drifting
and struggling, endeavoring to formu-
late and adopt plans for reasonable re-
adjustment and rehabilitation. Up to
the present time there still exist doubt,
discord and disorder
This very brief outline I think will
suggest to our minds many facts and
circumstances which, combined, have
brought the business situation in the
United States to it's present state. In
country of 07,000,000 people, re-
curing for their daily necessities var
ious products aggregating in value bill
ions upon billions of dollars per year,
which can be obtained here, having
money to supply themselves, produc-
ton is proceeding much below that
which is actually needed for con-
sumption.
Richest Nation.
In the richest ofall nations, in prop
erty and money, with the greatest and
most rapidly increasing resources, our
people are not buying enough to sup.
ply themselves with the ordinary com
disposition and the means to do so.
They are to an appreeiable extent
wearing their old clothing, living in
their unrepaired houses, eating unus-
ually plain food and, in various ways,
DENYING to themselves many of the
things they would generally buy and
utilize; and they are right in their at
titude, up to a certain limit. This Is
in accordance with the memorable law
of supply and demand. The demand
is and for some time has been below
normal
In the main, what has brought about
the present unusually low range OF
purchase? Why is there less building,
diminished purchasing OF clothing and
wholesome food, less travel and reduc-
ton of expenditures for new enter
prises and extensions of old?
1t is because the great purchasing
public has formed the opinion that
there have not been contaminated
complete and proper readjustment OF
prices; and on account of failure to
discriminate between different lines or
departments of business the whole
economic system has suffered.
steel Reduced.
During the time the United States
governmental board in Washington
which. by agreement with industry,
had general supervision over the sell
ing prices Of the larger producers.
You are familiar with these proceed
ings. You were a part of them and
YOU responded promptly and nobly to
all the acquisitions made by the gov
eminent.
After costs of production were ascer-
tanned by the federal trade commits
sion, patient investigation made by the
war industries board. full opportunity
given for consultation and discussion
prices were fixed by the board and
YOU promptly furnished the goods
Steel interests voluntarily reduced
prices to substantial extent almost
Immediately after the armistice was
signed, and three months after, re
peated this performance.
Some have never since increased
these prices, and all sooner or later
have reduced them, They are now
on the average, at least $40 per tor
lower than the figures agreed upor
by the Government Board at its las
session. Assuming the steel industry
has been fair and reasonable in prices
up to the present time, which | neet
not discuss now, for it is the pur
chasing public which decides these
questions, yet it must be admitted.
think, that there have been and sti'
are charged and collected for certain
commodities unreasonable and unfair
If not extortionate prices. They appl.
so particular lines and persons. The.
do not pertain to the majority Tn
present offenders. generally speaking
were not subject to limitations b.
the government during the war AM
they have continued and even increas
ed the high prices then obtained
They have done themselves espee
tally a great injury and in doin
so have injured others. This apple
in varying degrees to sellers of prod