The herald and news. [volume] (Newberry S.C.) 1903-1937, 1921-01-04

a swift reaction from what econom-
lists describe as the secondary phases
of crises and depressions, the slow,
painful and altogether unpalatable
processes Of recovery from indus
trial disorganization and reduced pro-
duction. Without attempting to make
any hard and fast predictions, indeed
with every disposition to keep out of
the ranks Of the prophets-who are
proverbially lacking in honor in their
own country-it may be well to set
down few facts which have bear
ing upon the working out of either of
these forecasts.
In the first place, it apparently
needs to be again brought to the at
tention of the fainthearted that this
country has so far come through
lightly from the troubles which have
beset the world as the result of the
overweening ambition of the German
militarists; that our present trade
and industrial troubles, due in part
to our own extragavanges, are the
natural results of the antecedent
causes, and that it is best that the
reckoning came as early as it did. In
other words, our condition might
have been a whole lot worse-it is
certainly a great deal better than is
the lot of our European friends and
allies. The industrial worker may be
! idle in unprecedented numbers and a
fraction of his pay (25 per cent, per-
haps) has\been cut, but he had an
opportunity to prepare for the in
evitable reaction, while the farmer,
mourning thetfat returns of 1919,
should not forget that his money and
crop returns are better than in 1914,
1915 or 1915, which were not es-
teemed bad years at the time. For
the great mass of people who did not
directly gain by extravagant wages
or prices, the return to saner price
levels is a nearly unmixed good, and
all three of the groups cited have the
knowledge that, as a result of read
iustments, dollar goes and will go
i further than it did in recent days of
socalled boundless prosperity. The
fact is that, for a while at least, busi-
ness will need. the present quiet Pc
rod to reeasteits ideas, form new
plans and prepare to put in opera
ton new and better conceptions. AS
put by one observer, the old figures
are blurred and, new ones must be
prepared. y ,-,.... p4e
J It is hardlylbo DO be hoped that the
present readjustinent will not go far
l,enough to retife large number Of
| those who in the past year and in un-
/ precedented numbers sought the
profits of business life with a modi-
/ cum of business equipment and de-
fciency Of ability to succeed. 1t
might. be well five. were able to for
| get some Of thesevents Of our recent
"silk hat era" Of extravaganza were
! it not for the lessons conveyed that
| in the long runeability, education and
Eexperience arezalso entitled to their
reward, Perhaps no better service
] could be doneithe Amrican business
man, wage Garner or farmer than to
hold up to his eyes the example Of
| battletorn France, which in it's pa
tient rebuilding of it's shattered for
| tunes, this year, shows gain in its
export trade comparing favorably
| with all but the very largest gains in
our own. With the experience of
some past years of stress in mind,
; one is inclined to look askance at
! efforts to medicine men" of both
parties to offer patent nostrums to
the people in the belief t,fat acts of
congress will arrest, delay or miti-
gate the working out of the, great
natural forces now in operation. The
patients fever seems to have broken,
and there remains now the process OF:
; building up his strength, for which
time and care. are the main re-
! quisites.