The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1921-11-03
COUNTRY'S ALL RIGHT
The Trouble Lies In the IndIvld.
uaIs Asserts Judge
{. n. Gary
BY Ebert II. Gary

said or done in the past or not, no one
a refrain from reading his views Of
the present national economic situa
ton with anything but interest and
knowledge that the writer Is a man
whose words are well weighted be
fore being uttered or put on paper.
AS the head of the steel corporation
his great mentality was given wide
opportunity to make itself felt and he
accepted every chance. 1t vas taking
these chances that put him in the eye
of Americans public. The following
will continue to hold him there, a ma
tional, dominant figure.
The devastating and destructive war
lasting -four and one-quarter years and
ending November 18th, 1918, left the
entire world in a d~ilapidated and demon
allied condition. Minds had become dis
tracted, visions obscured, morals per
verted, natural progress interrupted
and the total economic structure dis
jointed. The destruction OF and dam
age to lives and property were SO great
and the souls OF men so embittered
that it was difficult for them to think
straight or to act intelligently. In this
extremity 1t seemed desirable, but was
found impossible, to promptly establish
a basis for the absolute prevention Of
further international military conflicts.
Since the armistice was signed nearly
three years have elapsed and nations
have been drifting and struggling, en-
~deavoring readjustment and ~rehabilita-
tion. Up to the present time there still
exist doubt, discord and disorder.
This very brief outline l think will
suggest to our minds many facts and
circumstances which, combined, have
brought the business situation in the
United States to its present state.
In a country Of 107, 900. 900 people, re-
Quiring for their daily necessities vari
u products aggregating in value bill
lions OF dollars per year, which can
be obtained here, having money to
supply themselves, production is pro-
ceeding much below that which Is
actually needed for consumption.
In the richest of all nations, in prop
erty and money, with the greatest
and most rapidly increasing resources,
our people are not buying enough to
supply themselves with the ordinary
comforts Of life, although they have
the disposition and the means to do so.
They are to an appreciate extent
wearing their old clothing. living in
their unprepared houses, eating un-
usually plain food and, in various ways,
denying to themselves many of the
things they would generally buy and
utilize; and they are right in their
attitude, up to a certain limit. This
is in accordance with the memorable
law of supply and demand. The de.
mand is and for some time has been
below normal.
In the main, what has brought about
the present unusually low range of pur
chases? Why Is there less building
diminished purchasing of clothing and
wholesome food, less travel and reduc.
tion OF expenditures for new enter
prises and extensions of old?
1t Is because the great purchasing
public has formed the opinion tina,
there have not been consummated
complete and proper readjustment OF
prices; and on account of failure to
discriminate between different lines
or departments of business the whole
economic system has suffered.
During the time the United States
was engaged in the a there was a
government board in WASHINGTON
which. by agreement with industry.
mad genera supervision over the SELL
ing prices of the larger products. You
are familiar with these proceedings,
you were a part Of them and you
responded promptly and nobly to all
acquisitions made by the govern.
ment After costs of production were
ascertained by the federal trade com
mission, patient investigation made
10y the war industries board. full on.
portunity given for consultation and
discussion, prices were fixed by the
a and you promptly furnished the
goods. Steel interests voluntarily re-.
duced prices to a substantial extent
almost Immediately after the armis.
tice was signed, and three months
after, repeated this performance. Some
have never since increased these
prices. and all sooner or later have
reduced them. They are now. on the
average, at least $40 per ton lower thar
the figures agreed upon by the govern.
ment board at Its last session. AS.
Stunning the steel industry has been
fair and reasonable in prices up 70
the present time. which l need NOT
discuss now, for it is the purchasing
public which decides these questions
yet 1t must be admitted, I think. that
there have been and still are charged
and collected for certain commodities
unreasonable and unfair, If not ex.
tortionate. prices. They apply to par.
lines and persons. They do
not pertain to the majority. The
present offenders. generally speaking,
were not subject to limitations by the
~~v~-~1~k Ar&~- 49, 49, 80 -