The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-09-18
Money and Production

consequently all of them anxious TO
have a trade balance in order to right
their money.
AS a text book the work loses in
value when dealing with the present
exchange problems, which are no
more a matter of commerce or finance
but of deeper origin-production.
Increased production" we read on
page 10 Of f. Lipson's book of that
name, lis not an end in itself, but
means to an end. the health and
happiness of the whole community"
This has been the keynote of English
economists for many years past, but
ii has failed to attain the desired
effect. Prior to the war it was figured
out in England-in laying stress on
the necessity of increased production
that per given horse power an
American worker produces three times
as much as an English worker. These
calculations never seemed TO affect
the English worker to any great ex-
tent There is something set in the
British industrial system, something
rare and old and mellow as English
civilization itself, which prevents the
Inauguration of a new industrial era.
Mr.. Lipson appeals to the worker.
"Underproduction" he says (page ID
means for the weather. section Of
the community, at most. a curtailment
OF expenditure on luxuries; for the
majority Of the people it means de-
privation Of the necessities Of life"
Arguing for the worker the author
truly says: High wages promote the
efficiency OF labor page 32) But
what is to be done In these days when
capital asks labor Where shall | get
the money to pay you high wages?"
and labor responds: How can | in
crease production now when wages
buy less food than in 1912?
National progress can no longer be
measured solely by statistics of ex-
ports and imports. bank deposits, in
come tax assessments, &c. These may
easily tell false tales of prosperity and
beguile the reader with a mirage of
wealth. The riches they display may
he TO a large extent statistical, like
the intricate and elaborate calcula-
tions with which the statisticians OF a
past generation conjured so brilliantly.
When the conjuring trick came TO be
examined much of the so-called wealth
was found 10 be Of a very debatable
kind and lots of ii had been counted
two or three times over page 10 of
Europe After the World Warp
Although Mr.. Lawson's able volume
II confined TO an analysis OF the prob
lens of Great Britain 1t is neverthe-
less a mirror in which all the belliger-
ent nations may behold themselves
Its4ts
O banker and his vivid style and mer-
CHESS criticism are already known
here. After reading his book we can
have no illusions left about the eco
nomic position of any country to-day.
The work is divided into four parts:
"Armageddon," The Industrial Eff
fects Of the War" THE Financial Eff
fects" and "The Commercial Effects"
and includes such provocative chapter
headings as the following: THE Inter-
national Soviets," "Labor's Foreign
Policy War Banking" Causes OF
the Foreign Exchange Crisis" Sc
Through book that is remarkable
for keen and fearless observation, aG-
hampered by antiquated economic
conceptions, the author takes us with
lightning speed and leaves us breath
less at the last chapter. "Reconstruc-
ton" Here he tarries long enough 70
impress on us the three root problems
OF this great task Clabor, food and
finance). and then, like Nora. he shuts
the door in our faces, and after we
somewhat recover from the immensely
Of the problems that he has brought
10 our attention we regret that such a
lucid mind scorned to offer some rem
edy after he had SO mercilessly probed
AT the wounds and so aptly diagnosed
the disease.
ELIZABETH MERRIAM.