Evening journal., 1921-05-17

brought homo to our people than
that we must not only get but give
Quid pro quo In service
mo particular economic fraction
OF our population can long continue
securing ovor-advantage without dis
aster 10 itself and the community.
"Our whole economic and moral
problem, indeed our safety. our sat
isfaction and our happiness are bal
anced upon our practice OF this basic
fundamental IN business dealings"
Signs OF Readjustment.
what are some OF the encourag-
ing signs in the readjustment2" 1
asked.
There are many" was the an
swer. MANY manufacturers and
wholesalers are making cuts in their
inventories that equal or exceed the
increases when we were on the up
grade. They are passing their saw
ings in raw material and labor on TO
the next step in distribution.
Economically, the retailer Is, OF
necessity, the last OF the chain to
make readiustment and In some To-
calities and some lines he has been
less responsive TO the necessity OF
this readjustment than the situation
calls for.
THE processes Of competition
work very sharply and promptly
upon the manufacturer and whole
saler, because the buyers are few
and very wise.
"They do not so react upon the
retailer because the public at large
Is not so wise and is too inert to do
that shopping around for the best
bargains which Is necessary TO set
up the processes Of competition.
81 believe labor is willing to face
further reductions in wages, II its
sacrifices can be demonstratively
handed on in general reduction OF
final price levels. so that the cost OF
living travels IN step"
standard of Living.
"Mr. Secretary, in your judgment
is it going TO be possible to maintain
/ the high American standards Of liv-
/ ing?" was my next question.
Entirely possible" was the an
swer. "if we can secure equitable
adjustments all along the line. Blu
we must face the fact that IL we are
90 hold our higher standards OF liv
| ing and to maintain employment o.
our people against the competition
| Of the living standards Of Europe
lowered for a whole generation. VI
must do it with greater efiicienc.
and by harder work"
"I take It that, on the whole. yol
! f..lI la L
mot at ALL would regret in
deed IL the recitation Of problem
for which we must find a solution
should carry an air OF pessimism.
with the intelligence, productive
power and resourcefulness of tn
American people. we viii emerg
through all this, but the rapidit.
with which we recover will depenl
upon the promptness with whicl
we grasp and we'll understand tn
nature of our difficulties and upoi
the unity and energy Of our action.
while our recovery may b
slower than some may expect, moth
ing can prevent the prosperity Of
| country where the people have en-
iightment. wish to work, wish I
produce and wish TO do right b
their neighbors.
1--WE need remember at all time
that we are not a nation Of ma
chimes. and horses, factories an
railways. We are nation OF me-
/ women and children.
"Our industrial system and oi
. commerce. Is simply an implemei
= for their comfort and happiness.
y when we deal with these gre
a problems Of economies let us de
r with this one conception-that o.
object is to defend and increase q
q standards OF living of all our peop
!. and upon this soil grow those NOR
j. and intellectual forces that nal
g our nation great"