The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1921-08-26
Dramatic Struggle For the
Existence
FIGHT BEGAN YEAR AGO
No Reason For Attacking Ex-
changes Says Chicago Board
Trade Man
Associated Press Dispatch

lA6SOGldtCu i AV0O 1ASRoSkAsl
Chicago, August 23.-President 10.
seph P. Griffin of the Chicago Board
of Trade today declared before the
National Hay association that II all
business institutions have been SUBJ
jected to the same bitter attack as
the grain exchanges, The American
Industrial structure would have col.
1.-THE grain trade has been In the
heat of dramatic struggle for ex-
istence," he told the fifteen hundred
mission men. "The struggle began
a year ago with world price della
ton. There was no more reason for
attacking the exchanges than the
banking industry or the railroads or
any other line Of business.
But the grain trade is an easy
target. If prices go down the, pro.
Queer is naturally disappointed. 1t
den harvest by turning the famrer's
disappointment in to bitterne 8
against established methods Of mar
keting. The agitator makes extra
VACANT promises. Frequently he thus
obtains a seat in legislature or con-
gress. Sometimes he becomes an Of
ficer of new cure-all for agricul
tural problems at substantial per-
sonal income.
"No one unfamiliar with the grain
trade can realize the Unnecessary
hardships and business disturbances
to which 1t has been subjected. The
wave of emotion engineered by uni
formed, ambitious critics carried
with 1t a number of proposed laws
as destructive as anything ever Of
fered in a law making body. For
tunately, when the state and federal
lawmakers and farmers themselves
realized the grave dangers of such
Impractical legislation 1t was defeat
tracted and expensive inquiries and
statements by leading economists
that the present grain marketing
system is the most economical food
distribution machinery in the world.
The Gapper- Tincher Bill 81
Recently congress agreed upon
the So called Grapper- Tincher bill.
While it does not by far represent
the wishes of the grain trade it is
less dangerous than measures pre-
viously offered: Its effects remain
edged himself to administer the
W in a reasonable, constructive
rs the fight on the grain trade
he prelude to similar unjustified,
disturbing attacks againts other lines
of commerce? Is the proposed grain
pool, which would tie up billions of
dollars worth Of farmers produce
for five years, with no security but
the high sounding promises Of grain
pooling directors, to be followed by
1T is reasonable to presume that
q few Of these Quixotic movements
would kill individual business initia-
tive-the thing that has built up the
wealth and power of the nation. The
entire industrial structure would be
shaken. The dangers are deep root.
ed. oF
American business is just turn
ing the corner after long period of
depression. The dark clouds have
been cleared from the industrial:
horizon, sound judgement, coopera-
ton Of the right kind, less govern
ment in business, and a curb on agi-
tators who are spreading false doc
trines against established business
institutions. will hasten the era OF
prosperity"
Other speakers included H. A.
Wheeler, former President Of the
Chamber OF Commerce of the United
States, who took as his subject Gov.
ernment in Business Insures High
Taxes"
Address Or. Liehtenstein
Real wealth can be increased only
as a result of increased production
of raw materials and manufactured
goods, and not as a result of increase
OF either prices, bank credit, or COM
mercial credit, DR.. Walter Lichen-
stein of Chicago told the convention
here today.
"As time has gone on and the arti.
fetal stimulus of business due to the
imitation produced by the war has re-
suited in a violent reaction, the whole
world n u has an,a been forced to accept this
Lichenstein. cit is due to the miscon-
ception of what real wealth is that
we have such inquiries as were dir
ected to Mr.. George e. Roberts of
the National City Bank of New York.
One Of his correspondents asks,
Where has all the money gone tor,
His correspondent simply confused
the question Of wealth, and money
or credit. two totally different things.
10 be sure there has been an in
crease In actual production, and
therefore an increase in actual
wealth.
I'm 1913 the total production of
heat. stated in bushels, was 763..
100000, and in 1920 $4,000 900. We
produced almost 100000, 900 bushels
Of corn in 1918, as against Something
over 3,000,000,000 bushels in 1920. In
1913 there were produced not quite
100000 bales of cotton, as against
100000 bales in 1920. OF iron
there were produced in 1913 about
81, 600, 900 long tons, sas against &c.
100000 long tons in 1920. The pro.
duction of copper in 1913 amounted
to 1850, 100000 pounds, as against
1,345, 100000 in 1920.
In other words there is no great
variation, take it all in all, in the
production of our principal raw ma.
terials between 1913 and 1920. and IL
you stop to think about it, why
should there be? The production of
raw material can increase largely
only as the amount of acreage placed
under cultivation increases, as new
mines are opened up, failing this, as
the result Of mechanical improve
ments. To some extent increased
production depends upon the increase
Of population, which has not pro-
crossed at the usual rate during the
war years.
Production During War Years
During the war years. the total
production Of the country stated In
money was enormously greater than
the increase Of actual production.
The total production In 1909, stated
in pounds, was somewhat over 4,315.-
000,000,000, this had increased by