Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-03-18
Marvellous Credit Sgstem ss. III.
Under sstl1e Nep Day,
Discussed BysJ. ]. EosIy

S,saIl5 Hs@s ~ Sss 4.
:e5s ,gss 4 &. 81
Aere ineepafaelS An0 lsrepsAla nie., m
1uryey ol 81 coaaiti0ns inI Nortn
na1ote NY angsooe rediS eonai.:
tson ns. MIS- s!orcSs atisctine snSH,
ont ths world. * eannot sspAtttA
ourselves from NATIONAL condition. nor
from world condttions. and 2 o.!
tsls we're possible " would not Do v 9
@renle aS; ~ s $500
st Wo13d CuInAlnonA
ss1.redit condition. thrn,,. ho,,t ne
world sra nov ma ton@v fnrys conylf=-
zion Ard fhii NEUTRALITY-SUSPICIOUS. vtils.s not
soonshe stabilised linz al nresant Wa,
- 70. sMffArfns - much frnmsovar
production ~ from un6erhuyinr and.
inabiiity on, tina part of 40 many, "a.
pay for, what, they may. sish is buy.
Ia food stuffa. !. More than. haif our
exportA dnrinr the .vsar Andise: JunS
Goth last consist1G az arrioultural.
Eurone once = fbee-hive
Industry IL now a~nfferin1 from
staxnAtiDnSandS poverty. Her AGENCIES
o. producton.e incIisdinr her man
power. areIdemcraii1ed and her credit
and TRANSPORTATION machinery have
suffered the sanfe fate. IN agrecent
public addreei lloyd George. likens
Europe Is as8KAsrar in raez atandinr
in front Of a Ahun vin6ow iookdnr At
ths. finest xrrIs M products ...e WcrIu
why he doesn't 10 In ana buy some 81
thu. food and clothing which ne Is
soreiy needs. The plain sober truth,
Is, ne can't. He hasn't the means,
IL ne has MONEY. II. IA ruinoueiy
deprecated IN .nurchaSinx nower Ne
cause his country hasn't products to
export to. pay for imports. this being.
the principal cause Of deprecated ,ex-
change, and what, gold they sin have
has beenr forced. to such 4 premium
that 1t. has bsess. driven into, hidinE.
the Same az our gold. and silver went
into t,hadins from .lss2 u~ntltlss1is7.
It is even wefseineEupore today than
1t was in our cevntry during and fol-
lowing our Civil War, not, only because
the World War WAS 80 much larger
but because Of the more unsound;
methods of financing the war prac-
ticed by most of the European coun-
tries. When eur Government in 1852
the soscAllod Greenback Act,
authorizing the Issue Of paper our
rency for the purpose OF financing
the war, the amount OF gold endssilver
then in circulation was relatively
large. The act provided as SAFE,
not. beitlegalatender for the payment
Of customs duties die tho Govern
ment nor in payment Of either prin-
G,pa. or interest on GovermMens Donos'
ever, eo,d vent inta htdinr ana vent
to 4 nrerni,m. and a cold Room wa
Opened in the New York STOCK Ex-
change where ro,d was. hourht ana
sold a, : commoditv' vh;ch ~ then
was by effect Of the Greenback Act
and the Imitation witch f. caused.
erare nrice frnrn IaSs * 1a7x Wsa
above 150. III other words other
forms II imonevs naner monet vent
to a d]iscnInt - cnrresnond nth ne
premium an zold and nrices n conn
modities rnaa inS n .ame X~rnnortion
AZ the denneciation in The val,a ~
our naper money With eo,d
This same influence " now onerstinr
In ali EnronAsn conntrta. ,nnst ~
whom durinr. and atnce the war In a
issued immense volumes ~ 'naner
money with mo restrictions whatever
In legal tendcr quality IN n. nee aver
full leeal tender, nuaiitv. rrh,,s the
adverse balance AZ trade i. nat the
only canSe 81 d~enreciatc errbanea IN
iEuronea9 Countries based on. o,,r dbl
lar. which in .snite' ~ Rrvan And
Ponulism is nitI mint. MAD ~ Tthe
rold hast. .-S"o
>
Settlement Needed.
Credit will not be restored in
Europe and business will. not return
to a normal basis either there or here
80 80
tied, nor. until the avalanche Of paper
ly until the question of disarmament
is determined and, determined right;
and IL the League of Nations or some
other, plan for intellieent c%ooperatton
AmonrIthe nations will hasten this re-
suit, for Gods sake let's favor it and
foster it and promote it. and put It
into opekation as soon \. moksible.
President TAFT retired from public Of
flee eixht years "a broken in public
confidence. but Fortunately he re-
tanned his health and his abundance of
good humor and good common sense.
President Wilson has now retired
broken in health as well as public
confidence. but when his name and
reputation have been reacued from
misunderstandinR and from malice. he
too will come, back as Taft came back,
an an. M, m,eto 70 sny g the league o., Na
trv,n.n rhen' Ihnse onna.sy tns,t w,
have been sforeotten rnncarnine
conditions in Eurone and in wnrid
let me quote the predictions nf 3
man who died during tha second Yea,
If the war one If the hest TREND,
Grand Forks aver had and ona ~ the
hest the west ever hod r. the
,conntrv evar had Th..a remar ns
wera made Nv ~. Era ;re n,i,dar ~
Tore 90 vas az n,nn+hs nid ~
10 died fnn~ 'hefora nj. co,ntrs
thourht ~ enterinr The cnnf,tct.