The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1921-02-23
DAYLIGHT AHEAD

The clock has struck or 4, and the
Waterman assure us that all is well.
The business of this country has come
safely through the night and is begin
ming to see daylight ahead of it.
Confidence is returning. Men of at
fairs, who few weeks ago were
startled every time they heard a news
boy shouting extra" are making
plans for the future.
The nameless fear which oppressed
them two and three months ago and
cast its shadow over the rest of the
population was that the country might
be headed for an old-fashioned panic
in which strong and well-laid founda-
tons would crumble to dust over
night. Veterans OF business could not
help recalling such horrors in the past
following other periods of intense
activity They remembered, too, the
partial paralysis resulting, which was
overcome only by long painful strug
gle to restore the normal commercial
processes.
That great fear has faded. The faith
is growing strong that the crisis has
been passed.
History witnesses that the panics
of other days have come at the be-
ginning. rather than at the end of
period of falling prices. The Federal
Reserve system. constructed for the
express purpose of preventing panics
has proved its soundness, day after
day and month after month. From
time to time its governor. Mr.. w. ID.
+, Harding. whose position enables
him to keep one finger perpetually
on the pulse of the whole business
world. has spoken frankly. And he
has been right each time. The gov
ernor now announces that the turn
has come. His precise words are
worth FASTING on the wall above
every Office desk, and here they are.
Not only has all danger of great
financial crisis or money panic passed,
but business is safely over the most
critical and trying stage of the read
justment period
Many known facts fit with Gov.
Harding's declaration. The last weeks
OF 1920 were characterized by mill
shutdowns. Mill after mill, which has
been idle, is now reported in operation
or starting. Money tied up in financing
stocks of goods which were held back
from the decline in prices is being
slowly liberated. because prices have
cut to meet the consumers attitude
Raw materials in a multitude of cases
have tumbled until there is reason for
believing that most of them will not
go much lower. OF course there has
been tightening of belts all along the
line. Somebody-and a good many
people-had to lose. But we are on a
sounder basis. And the country is still
in business
There are no loud prophecies that
we are on the verge of another ire
mendous boom. such as was expert
enced during the war. But the present
financial and psychological relief
means much.
Just as soon as the Hindenburg line
was broken il was taken for granted
that war conditions must be replaced
by peace conditions. and the inevitable
transition was dreaded as painful
American business was in the posi-
ton OF party engaged in balloon
ascension, who had been very COM
Portable on the way up. but knew
that they must get back To Garth and
dreaded the bumps. Thanks to our
financial machinery, the party has
reached solid ground, after reason
ably slow descent an without going
10 smash.
There is no immediate prospect Of
soaring into the clouds again Nor is
that particularly desirable. But Amer
lea has enormous requirements which
must be filled. for there is a large
business TO be done at home.
OF course Astounding prosperity is
impossible for the United States while
so large a part of the world is still
struggling to find its feet after the
destruction of the most awful war of
history. But there are authorities who
believe that we can get along comfort