The Coconino sun., 1921-01-07
given as s7.9, compared with s5.2 a


 year ago.
 Looking Forward.
 Divergent views are held as to the admittedly clouded outlook. Those in- clined to take the cheerful side point to the absence thus far of acute fnan- ciai, especially banking, troubles, the conceded easing of the strain on credit from the peak point of midautumn, the evidences of price revisions having brought nearer the point where con- ditions, those affecting money includ- ed, relatively speaking, may be ex- pected to be stabilized, the great ba- sic wealth of the country, really un- touched by the events of the year, and the demonstrated ability of the Amer ican to adapt himself to and master difficulties. The other less favorable views advanced have to do with the spread of unemployment, the slowing down of industries, the injection of short time and wage reductions into the situation, this tending to hamper buying ability among large sections of country, and the asserted crippling of the farming interests, heralded as meaning reduced purchasing power among producers and as threatening the very basis of trade and industry, the production of staple food and oth- CT crops. Only the very sanguine ap- parently look for a swift recaction from what economists describe as the secondary phases of crises and de- pressions, the slow, painful and alto gether unpalatable processes of recov- cry from industrial disorganization and reduced production. Without at tempting to make any hard and fast predictions, indeed with every disposi- ton to keep out of the ranks of the prophets-who are proverbially lack ing in honor in their own country-it may be well to set down a few facts which have a bearing upon the work ing out of either of these forecasts. In the first place, it apparently needs to be again brought to the at tention of the faint-hearted that this country has so far come through light ly from the troubles which have beset the world as the result of the over- weening ambition of the German mil itarists; that our present trade and industrial troubles, due in part to our own extravagances, are the natural results of the antecedent causes, and that it is best that the reckoning came as early as it did. In other words, our condition might have been a whole lot worse--it is certainly a great deal better than is the lot of our European friends and allies. The industrial worker may be idle in un- precedented numbers and a fraction of his pay (25 per cent, perhaps) has been cut, but he had an opportunity to prepare for the inevitable reaction while the farmer, mourning the fat re. turns of 1919, should not forget that his money and crop returns are better than in 1914, 1915 or 1916, which were not esteemed bad years at the time For the great mass of people who dio not directly gain by extravagan' wages or prices, the return to sane price levels is nearly unmixed good and all three of the groups cited have the knowledge that, as result of re adjustments, dollar goes and will gt l further than it did in recent days oi so-called boundless prosperity. The | fact is that, for while at least, busi ness will need the present quiet per iod to recast it's ideas, form new plan. and prepare to put in operation new and better conceptions. As put by ons observer, the old figures are blurred and new ones must be prepared.
 1t is hardly to be hoped that tn, present readjustment will go fal enough to retire large number oi those who in the past year and in un precedented numbers sought tn. purofits of business life with mod icum of business equipment and a de. ficiency of ability to succeed. It nigh, be well if we were able to forget some of the events of our recent "silk-shirt era" of extravagance were it not foi the lessons conveyed that in the long run ability, education and experience are also entitled to their reward. Per. haps no better service could be done the American business man, wage earner or farmer than to hold up tc his eyes the example of battle-torr France, which in it's patient rebuilding of it's shattered fortunes, this year shows gain in it's export trade com. pairing favorably with all but the very largest gains in our own. With the experience of some past years o1 stress in mind, one is inclined to look askance at efforts of medicine men of both parties to offer patent nos. t,ums to the people in the belief that acts of congress will arrest, delay ol mitigate the working out of the great natural forces now in operation. The patients fever seems to have broken and there remains now the process o1 building up his strength, for whicf time and care are the main requisites