The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-06-22
&c eAsls 81 RecovERY

II sc could only realize g We have
al the elements 81 substantial proa-
peritY IN our own hands. Il Is true
the var destroyed billions Of capital
and that mistakes On the initiation pee
Rod following tho termination Of hos-
tilities resulted in the less Of billions
more II = true also the decline in
commodities has brought about a tree
mendous slump In Inventory values.
and that many individuals and COM
panies that were rolling la affluence
two years ago or less have found their
profits swept away and their asset
position severely shaken.
Il must 81 admitted that the world
IL now suffering from acute business
depression. Nevertheless IL remains
with as % decide whether that de-
preston shall be cured or whs ,her Il
shall become chronic. The remedy lies
with the leaders OF The various groups
II producers. including thereby EN-
ploses and management as well n
those In control of governmental poll
ieiea.
The present slump in business diff
fers from most pre- vious deve i0pmeuts
of this character Hitherto trade has
run into staxnatlon because OF over
production. over-sxpanslon and the
collapse ~ orr banking structure
These elements. fortunately. are laek-
ing ia the preaeuf situation. There is
no absolute over production. although
IN some lines we may see evidence Of
relative superb hundance There s.
not toe much cotton. given a normal
demand. II 1911 we exported over
fa.Beo. 600 bales ~ cotton and az that
time there was no such actual dearth
Il cotton goods as exists today We
are told that steel products are piling
up Yet the mills are working at
capacity If less than IS per cent. and
industry IL Ia need Of every variety
q crude and manufactured article
that can 81 supplied The same can
be said - copper. leather. and even
sugar. The per capita consumption
u Sugar il E0giand has fallen about
thirty pounds from pre-war days, A
return te former standards 81 con
sumption would soon clean up tbe
surplus.
There has been no over-oxpauslon
such as caused the collapse Of 1878.
We are suffering from under-construc-
ton We have roads. railroads and
bridges and houses 20 build. and the
program. once started wouid keep
millions az work for years.
We have the industrial and finan-
cial tools tor the task. our productive
mechanism is at the peak ct It's ef-
Getcncy. Our mills and factories can
supply the needs e al the world La
Dor has been short sighted in IL fall
ure 20 meet fully the requirements 81
the existing situation. but the friction
between emplyes and employers really
has been less pronounced than had
been expected. our banking atruo-
ture i sound ~ the dollar on which
n was founded. The strength 81 the
specie position il beyond precedent
We must have a strong sense 20 0ur
responsibilities 80 the whole communi-
~. There must ~ less class or group
egotlanl. We stand or fan to9ethes
and the santinE 81 any special adj
vantage reacts 60 the detriment q all
Thss same bread spirit should actu-
ate ear governmental policies. II Is all
very wei 20 sound the slogan. Amer
ica First but We must bear ia mind
that high tariff walls. dumping
and ether discriminatory measures en-
provoke retaliatioas and trade wars
inst VII disrupt commerce and delay
world recovery. Nothing should be
done 20 refard the Sterilization of
prices At their natural Levels. The
tendency = towards normal. and na
obstruction should he placed n The
path.