Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1921-01-03

SA'too VI dHylning previous 10
1917. and 1915 and 1916 were not
poor years for the American farm
err, However, in respect to prices,
the farmer is merely experiencing
what the wholesaler and manutac-
turer in business has had to suffer
Despite the heavy loss suffered by
the wheat farmer, the agricultural
department places it at $672,00O,-
600, the area planted to that cereal
this year is estimated at 40,G05, 900
acres, a loss of only 2.S per cent
from a year ago and of 20 per cent
from the war acreage record of
1918. while the condition is given
as S7.9, compared with 85.2 year
ago.
Looking Forward.
Divergent views are held as to
the admittedly cloudy outlook.
Those inclined to take the cheerful
side point to the absence thus far
OF acute financial, especially bank
ing troubles, the concealed easing
of the strain son credit from the
peak point Of mid-autumn, the
evidences of price revisions having
brought nearer. the point where
conditions, those affecting money
included, relatively speaking, may
be expected to be stabilized, the
great basic wealth of the country,
really untouched by the events of
the year, and the demonstrated
ability of the American to adapt
himself to and master difficulties.
The other less favorable views adj
vanced have to do with the spread
of unemployment. SGS 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 Gripping of the farming
interests, heralded as meaning re-
duced purchasing power among
producers and as threatening the
very basis of trade and industry,
the production of staple food and
other crops. Only the very san
guine apparently look for a swift
reaction from what economists de-
scribe as the secondary phases of
crises and depressions, the slow,
painful and altogether unpalatable
process of recovery from industrial
and reduced pro-
duction. Without attempting to
make any hard and fast predic-
tons, indeed with every disposition
to keep out of the ranks of the
prophers-who are proverbially
in honor in their own
may be we'll to set
down a few facts which have
bearing upon the working out of
either of these forecasts.
In the first place, it apparently
needs to be again brought to the
this country has so far come
lightly from the troubles
which have beset the world as the
result of the. ver-weening ambi-
ton of the German militarists; that
our present trade and industrial
troubles. due in part to our own
eXtravaganceS, are the natural re-
suits 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 GER
tainly a great deal better than is
the lot of our European friends
and allies. The industrial worker
may be idle in unprecedented
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
returns 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 did not
directly gain by eXtravagant wages
or prices. the return to saner price
levels is a nearly unmixed good,
and all three of the groups cited
have the knowledge that. as a re-
suit of readjustments, a dollar goes
and will go further than it did in
recent days of so-called boundless
prosperity The fact is that. for a
while at least. business will need
the present quiet period to recast
its ideas. form new plans and pre-
pare to put in operation new and
better conceptions. AS put by one
observer. the old figures are
blurred and new ones must be pre-
pared.
1t is hardly to be hoped that the
present reimbursement will not go
far enough to retire a large num-
Der of those who in the past year
and in unprecedented numbers
sought the profits of a b. siness
life with a modicum of b.a ness
equipment and a deficiency 90
ability to succeed. 1t might be
well if we We're able to forget some
of the events of our recent silk
shirt era" of extravaganza were 1t
not for the lessons conveyed that
in the long run ability, education
and experience are also entitled to
their reward. Perhaps no better
service could be done the Ameri-
can business man, wage Garner or
farmer than to hold up to his eyes
the example of battle-torn France,
which in it's patient rebuilding of
its shattered fortunes, this year,
shows a gain in it's export trade
comparing favorably with all but
the very largest gains in our own.
With the experience of some past
years of stress in mind. one is in
clined to look askance at efforts of
medicine men" of both parties to
offer patent nostrums to the peo-
Pile in the belief that acts of con-
gress will arrest, delay or mitigate
the working out of the great nat
ural forces now in operation. The
patients fever seems to nave
broken, and there remains now the
process of building up his strength,
for which time and care are the
main requisites.