The gazette-times. [volume] (Heppner, Or.) 1912-1925, 1921-01-06
In the New Year.
tOregon 1ournai)

HtELe4% HOuNtl say : ha44 cur lt SSGAl
troubles are psychological And that
IS true.
We nave no famine, as in china
where 55,yyuUtQ people are threatened
wlth starvation. We have no pestllenoe
as ia Europe, where typhus, dysentery +
and bEboaIc plague are yaglHs. We
have tie wars as IN eastern Europe
where iuvaSious ana armed clashes are
ia constant progress.
We have no ga9nt figure Of hunger
stalking through America, olutchlng at
the threats of helpless and dying chill
dren, as in Armenia and in many Euro
pean countries We have no thousands
Of refugees wandering in the noun
tains, beset by winter SHOWS on the one
hand and by armed foes on the other,
as in Caucasus.
In comparison, We are living in ha-
ven OF refuge, shielded from the storms
Of the world. The most Of those who
are worrying are thinking about whe
ther business in the new year is going |
to be good or medium or bad. And be-
cause We are thinking so much about |
and good fortune with which we are
environed, We are ourselves causing |
business to halt and hesitate That is |
what Mr.. Hoover means when he says |
half our troubles are psychological
Thus, the man who is buying raw |
material and converting it into a i'm !
ished product is wondering if there will |
be a demand for his output He is
waiting. The jobber, who is taking
that output and distributing it to the
retailers is wondering about what de-
mand there will be. He is waiting The
retailer is wondering what demand
there Will be from consumers. He is
waiting. And SO it is a temporary wait
all around to see what is going to hap
pen. Meanwhile, money is tight be
cause Of the abundance Of our goods
and products. We hold more than one
third Of the worlds gold and the debts
that other nations owe US couldn't be
paid with the other two thirds.
But our farmers are holding about
90 per cent Of their last harvest and the
banks are extending them enormous
credits, The banks are carrying tire
mendous credits in financing our ex-
ports this year amounting to $4,000
100000, constituting the largest export
business and one of the largest fnan.
cial transactions in the history of man
Public and private enterprise in Europe
is now and for several years has been
getting credit from our banks and with
the proceeds has been buying American
goods, involving longtime operations
and straining heavily the colossal cash
resources Of America. 1t is thus that
the very bigness of our business and
the abundance Of our material re-
sources make money tight
We are exporting twice as much in
goods and products TO other nations as
we are buying from other nations and
our exports are increasing, They total
eight billions this year. They were 7.9
billions in 1913, six billions in 1918 and
were an average of but 2.3 billions be-
fore the war. No country ever had so
enormous a trade balance. No country
ever did such a colossal international
business. 1t is process in gathering
wealth almost beyond the dreams of
avarice.
The people never had so much money
Saving deposits are nearly doubled
There are now 10000, 900 savings ac-
counts against 100000 before the
war Somebody. thought there was a
run on New York bank recently. The
long line in waiting turned out to be
an army Of people buying liberty bonds
and Victory notes. The bank deposits
Of America have in six years risen to
fgures beyond the power of mind to
comprehend The marketing Of foreign
bonds in the United States and the
enormous business created By pur
chases Of the securities by persons or
dinarlly catalogued as among the
MASSES is one Of the signs Of widely