Warren sheaf., 1921-01-19
The Business Outlook.

, In all parts OF Cne UnlCeu States, dllu
in fact in all parts of the entire world
people are discussing the present busi,
ness stagnation and wondering how
long it will continue. Some of the
greatest financiers and best minds are
bending their energies to discover the
causes for the economic distress and
devise the proper remedies. Bankers
and men OF affairs and commercial
bodies everywhere try to throw light
on the situation, but return to normally
appears to be very slow procsss. Our
industrial and economic fabric is very
intricate and delicate and may be COM
pared to the mechanism of a watch, any
little wheel or part of which being out
of order will impair the running OF the
time piece. There are so many factors
that contribute to the general depressed
conditions that it is difficult to grasp
them as whole: The business situa-
tion in the United States depend to a
large extent upon conditions in the rest
of the world. Even nations are not
sufficient unto themselves. altho the
United States may be" more nearly so
than any other country in the world.
The enormous waste and expense OF the
world war is no doubt the main cause
of existing economic conditions. With
the principal nations of Europe bank
rupt, their credit gone and their money
with little or no purchasing power, they
are unable to pay their debts or buy
the much needed agricultural and man
ufactured products from America.
Their helplessness affects us disastrous
". Efforts are being made now by the
war finance board to loan Europe
money SO that they can buy our pro-
ducts. That of course will keep the
people there from starving and may
temporarily increase the price IL wheat
here but it will not imnru'-+. th> Euro
pean financial ccj,,icions- but will
place them in greater dcot to us.
Europe will be in the Sane condition
as the man who borrowed a thousand
dollars from ball,s. \ friend Observ-
ing his very happy mood asked the rea-
son for it. Il am happy, he answered,
''beeause [ hav, just borrowed thou!
sand dollars and paid Off all my debts"
Of all; countries 81. in the world the
United States suffers least from the
world economic stagnation,,. thanks to
otli.gallnost unlimited resources But
theresare many local factors s.that con
tribute to the economic depression. III
flaming communities it is the low price
of grain: iii mining centers, the stop
ping, of mining operations: in manu-:
featuring ,centers the curtailing of pro
dIlctiol1 and closing Of factories; in lum.
bering regions, the closing Of mills oW:
ing to lack Of orders for building ma
ferial: and so ON in endless array. One
industry depends for it's existence an(
prosperity upon some other industry
Now if all would decide to make g
move together and all at once, condi
tions would be bound to Improve
There are signs that with the openin;
Of spring such a united move: will b.
made...lf the: people of. the United
States with one accord decide that the!
will have. prosperity, they will get it
But we cannot get it by defying econ
omic laws that are as old as the hills
We must grit our teeth and go to work
everybody work, spend wisely and
save sanely part Of the earnings. We
must have confidence in one another, in
the community, and in the government.
livery citizen whether rich or poor. can
do something to restore prosperity to
the United States.