The Ocala banner. (Ocala, Marion County, Fla.) 1883-194?, 1921-11-04
THE RESTORATION or Pros
PERITY

United States Senator from Nebraska,
told how prosperity can be restored
to this country and to our allied eoun-
tries across the Atlantic
The Seator said
This country is suffering at the
present time because it produces
more than it can consume. and be-
cause it must ship its surplus to
1 the rest OF the world, and because
at the present time the rest of the
world is not able to buy that surplus
We are suffering because we have
more than half of last years cotton
crop unsold because Europe can not
buy it. We are suffering because we
have an enormous accumulation of
copper and other raw materials in
this country that Europe has not been
able to buy, although she needs them,
and the mines that produce that cop
per and other raw materials are shut
down, and the men who work the
mines are idle We are suffering be-
cause the output of our manufacture
ing institutions at the present time.
which are unable to sell the surplus
which they formerly sold abroad, is
reduced, and they are now operating
only on 80 or So per cent of their
capacity. and more than half of their
men are out of work We are suffer
ing because the farm products OF the
West have been oyermarketed, because
the farmers have been forced to throw
them upon the market, and the for
eign demand being in an embarrassed
situation and they being unable to pay.
we have more farm products than the
market has been able to absorb, and
the price has been forced down be-
low the cost of production
We are suffering because the result
OF all these matters is that the rail
roads have had their business enor-
mously curtailed, and we are suffer.
ing at the present time because the
railroad rates have been put SO nigh
as to absolutely prohibit the shipment
of goods to market in the Western
States. That is one of the things
we are suffering from. AS one of these
men whose letters have read said.
1t takes two bushels of corn to shin
one to the market in Chicago.
Mr.. Reed. Mr., President, viii the
Senator not add that one of the chief
causes Of our suffering is that the
manufactures and the wholesaler and
the retailer are charging war prices
today, and the farmer, the producer.
is getting something less than pre-
war prices today and we are suffer
ing because a farmer has to sell the
hides of good steer for SLIPS and /
still has to pay SO for shoes, which
he ought to be able to buy for SIS.
Mr. Hitchcock. Mr.. President, III
have not very carefully answered the
question of the Senator from Iowa
lMr Cnmminsl, but feel in my soul T
that reducing the taxation upon the
great incomes of the country is not /
going to induce any additional invest
ments in enterprises which will en-
ploy labor. During the very highest
years of the prosperity of the United I
States, when everything was running
at the highest tension, and when pro-
duction was at the highest point, we
had these surtaxes Business men
paid them, and had an enormous sur
plus left over. They were not at
tempting to abandon and get out OF T
their productive enterprises at that
time, except as they found it more
profitable to do so by buying tax-free
securities, and when they found it /
more profitable to buy tax-free securi- /
ties they had to sell the securities
they had in profitable industries, and +
when they sold those upon the mar
ket, as they have upon the stock mar
ket in New York and elsewhere. tney
were purchased by the smaller CAPT I
talists Of the country, and you have
seen the ownership of the railroads
get more and more diffused, you have
seen the number of stockholders in
the great steel trust enormously in
crease, you have seen the figures
showing that the stocks of the STAN
dard Oil Company have been much |
diffused, but for every great fortune
which is taken out of those invest
ments hundred small fortunes eager
" gosin to take the stock they dispose
of. So | say there is no evil to come
from allowing the smaller capitalists
of the country to come into the enjoy
ment OF these highly profitable enter
prises and to compel the great for
| tunes to be invested in low interest |