The Washington herald., 1921-08-17
George Can't Do II.

TT is becoming an increasingly bad habit in all
countries to 90 to the central legislative body
for cures whenever anything untoward hap
pens to business in general Legislatures, State
and national, made the George who IS called
upon to do it," and pull business out of any hole
or auagmire into which it has run. Business is
more and more inclined to sit by and depend on
legislation do for it, what it alone can do, and
ultimately must do for itself.
Legislation can help. 1t give certain free
dom OF action, certain pcrmissions, certain lessen
ing of restraints and certain relicfs But it cannot
do-business for business 1t cannot make markets
where there 1t cannot manufacture pros
pcrity and where it gives employment it must do so
at the expense of private property. Frequently,
while sitting around waiting for George to act,
business finally sufficient pep and courage
to carry its own burdens dump them, and fight
its way out.
In recent speech in Congress Representative
Ackcrman said the whole present trouble was lack
OF confidence that confidence is the key stone i'm
the arch of social structure" In sense he
was right; if he translates confidence meaning
business courage. What business needs is courage
II is proverbial that capital is coward when it
gets far into morass, its feet chill and turn to
clay 4 reduction OF taxes will not help pay for
eign debts A high tariff will both help and hurt;
which will be the more, one knows. The many
aids to agriculture will help; they will not cure.
The fact is George" can't do it. Business must
do it
Neither is there nor has there been anywhere an
example which this country can exactly follow. Its
situation has parallel anywhere. 1t is creditor
10 an amount never known before The world
owes the government and private citizens around
SIs,ooooooooo. No other country ever had such a
credit account, did all Europe ever equal it.
But on top of that this country is great
of of md metals he
chief raw materials, and it is, also, exporter OF
manufactured goods. There never has been another
with this record, or facing this combined financial
aRd productive situation
In seeking markets ior SURPRISES, it lowers the
value OF the obligations due it and its people If
it especially regards the debts due, it will lower
the productive capacity OF its people and the do
nestle purchasing power which rests the far ma
jor part OF its national webeing. 1t cannot swap
accounts, since it Thrift piles up
bank SURPRISES of which there is plethora.
Yet there 100000 out of employment threat
ching huge demand for charity for those anxious
-te=earn.
What is the cureo Time, ii choose to wait,
extend disaster and take the chances The only
other way which The Herald has heard suggested,
i business courage. II a natural legal person
Lad long line of doubtful accounts there would
be little hesitation in making any reasonable in
dumped 100000 in property he would certainly
put in another $4,000 il there any promise
that this would save the large amount even
half-of it. Ii he had the $4,000 and lot in
bank which he not using and for which he had
no.uSe in prospect. he would not hesitate.
That would be investment.
: About a year ago there was organized a
pataton for European investments. 1t was to
rave capital OF 100000 600 and an investing
poISaI of SIooo,oooooo. 1t waded into the cold
wa,6r. Since then the schemes have all been for
mosc credits, to sell more American goods to Eu-
roPt~ for which those people would be that much
more in debt without any increase in earnings with
which to pay. In the meantime nearly half the pro-
posed capital OF the investment corporation has
been spent for food for the starving in enforced
idleness.
the only way-f the business men of America with
true American courage, would take that 100000
600 out OF banks to Europe invest it
there, and backed by American energy, manage
Inent and ability, help rebuild and develop those
countries putting courage and hope in their hearts,
providing them with work and earnings with which
10 pay. If the total SIyooo,oo had by
been invested, and absorbed by people in secur-
ties, in American enterprises in Europe, that would
have been but under per OF the total debt to
us-about one years interest-or around the in
crease OF debt through defaulted interest
There are many rays OF light shining through
the clouds. The Herald believes the bottom has
been reached. But how long we skid along on the
level will mainly depend upon when the business
interests realize that George" can't do it, that they
must, and, taking courage OF their common sense,
finance the corporation organized for foreign
investment.
Harrisburg. Pa. is in the throes OF a move