The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-01-27
BETTER TIMES AND DAYS
COMING SAYS REYNOLDS
RAISE LIBERTY BONDS TO PAR,
REPEAL EXCESS PROFIT TAX,
SELECT ABLE MEN.

At the recent convention of the IL
linois Manufacturers association in
Chicago. a notable address was deliv-
cred by George NJ Reynolds chair
man of the board of directors Of the
Continental and Commercial National
bank. in which he expressed the con-
viction that business has now turned
the corner and that a few months
would bring the sunlight of better
times and better days" julius Good
rich has kindly given the Miner a
summary of Mr. Reynolds speech
prepared by Herman G. Nicely, his
nephew. and published in the Chicago
Evening Post In the course of his
speech. which. judged by the prom
inence given to it by Chicago papers
generally. must have made pro-
nounced impression. Mr.. Reynolds said
that in order for business to expert
ence a rapid and permanent recovery,
certain changes in the present order
of things was necessary, among which
We're:
Select Able Men.
The restoration of Liberty bonds to
par value
The placing OF the governmental
house in order, and the selection of
able men for positions of responsible
ity at Washington.
Restoration of foreign exchange to
its normal value.
Repeal of the excess profits tax
and the practice of strict govern
mental economy.
a broader sense OF cooperation be
tween the factors which make up
the national life of the United States
A reduction of the initiation which
stin exists in some lines of business
Not Blues Disseminated.
81 am not here" MIR. Reynolds said.
"to deal in any kind of blues nor to
disseminate any pessimism. l am an
American citizen with a standard of
Americanism which enables me to
have faith in the stability Of our gov
eminent and faith in the integrity
and ability of our business men to
meet whatever troubles may confront
them. For five years we have been
up in a flying machine sailing through |
new skies and new atmosphere.
I'VE have been working for five |
years to produce this initiation. Our
slogan has been not What can we
producer bat Produce everything |
possible Production was necessary |
to win the war
prices scared. The cost of living /
went up Commodities went out of
sight. almost We had a measure of /
prosperity-sh say false prosper /
ity?
when YOU gentlemen who have /
been in the manufacturing business /
have cast mp your accounts this year /
and realize that a very large percent |
age Of the real profits you made dur |
ing the war but much of that which |
you do not find to be fixed capital has |
been paid out in taxes, / think you |
viii be prepared to agree with me that I
the prosperity which followed because /
of the great war was false prosper
ity
Spend Too Much Money.
CAS- individuals and as a nation and
a government we have spent too much
money; the watchword has been waste
and careless use of money. and the
now is to work and save"
Mr. Reynolds then raped attempts
to bring federal appropriations to the
aid of various industries caught in
the deflation process.
1--WE are havinglots of troubles" he
asserted. "but I believe I am justified
In saying that it is just as impossible
10 correct an improper economic stu
alton by legislating to hold up some
industry by the bootstraps to the det-
-iment of all the rest as it is for me
10 fly out of the building this minute. ,
Liquidation" Mr. Reynolds COM
nented i'm touching upon the business
situation during the last fifteen !
months. "has been the order of the S
lay with us is stll the order Of the
lay until the present overexpansion
# credit is reduced" 2
Before the war, he said, the aver
Ige ratio of quick assets to liabilities
vas four to one in well managed COM
nercial institutions. adding that war
expansion had reduced the ratio to
q to /. d
Have Turned Corner.
1--WE have turned the corner now" {
Ir. Reynolds added I'VE can begin {
D see the light ahead and 7 hope the n
.meriean business man win continue y
D exercise the same patience courage,
igilance and efforts. because If they "a
o, I know we are going to emerge q
lto the sunlight of better times and e.
etter days" h
The excess profits tax. he said had $
one more damage TO American bust
ess than could be repaired i'm TWEEN ii
y-five years Correction Of the for
len exchange situation would start
he interchange of world trade again I
nd remove 1.-THE moose around the
eek Of Your business which day by
ay is straneling YOU forcing YOU TO