Evening star., 1921-07-03
CONTINUED from First Page.)

10 write off his books immense sums
representing the shrunken value of
the goods on his shelves. He stopped
his orders at the factory. The mean
ing of that was instantly clear to the
manufacturer. Much as he hated to
do so. he was forced to run his plant
on part time. or close it altogether.
Good men left his employ. He saw
his loyal organization broken UP. 1t
grieved him to see his men without
work, and adding their inability to
buy 10 the paralysis of buying in
general- After a period when the
shortage of freight cars added to the
cost OF the goods because Of the inn
possibility to meet the frantic de-
mands of buyers only half a year be-
fore. the railroads now began to re-
port increasing numbers of cars as
idle. After an orgy of prosperity we
found ourselves plunged into stagna-
tion and discoura cement
Still. as is natural with our peo-
pie. We greatly exaggerated our un-
happiness. We are people who
like TO look facts in the face. We
demanded TO know the number of
unemployed. and the number fright
ened US We forgot the fact that at
all times in our country. even in the
best of good times. there are always
about half million men out of work
either from choice or because of
in that respect was not so bad as we
thought.
Collapse That Hurt All.
ut was bad enough, nevertheless.
Even where men were fortunate
enough to hold their jobs. in plants
kept running by a thin demand fol
.heir product hearly all were forced
10 race that most unwelcome of all
situations, the prospect of a reduc-
ton in wages, The balloon of in
Mated wartime prices had collapsed
and values had dropped to the earth
even the value of labor. II has
in life that human labor. the work
OF human hands. should be subject
to the laws of the market. Yet il
must be so. The value of work and
the product of work must rise and
fall together. Now that value had
that wages had to come down
In this the working man was no
worse off than his brother. the man.
ufacturer. the merchant and all
others. Men with their money tied
up in stocks Of goods unsold won
loans when due. II was a time of
anxiety, the harder to bear because
II came so soon after the strain of
war. Yet it was not to be avoided
II was there to be endured. For the
whole complicated clockwork of the
nations business had come to a
standstill because the public was
holding on to the balance wheel-tc
the escapement-the buying power.
we had come TO the conclusion all
at once that prices had been too high.
AS q people we have cried out for
these adjustments, TO be made at
once. forgetful of the fact that we
all have part in those adjustments
and the process cannot move faster
than the great mass of us moves and
thinks. All eyes have been turned
to the administration at Washington
for relief. The whole country has
looked to the government for some
magical way out of the maze But
President. cabinet and Congress are
not magicians. They can be doctors.
but not performers of miracles. The
nations business has been like a
patient with case of pneumonia. In
such a case the doctor STRENGTHENS
the patients constitutions; nature
herself must effect the cure. It hap
pens that American business has a
many graver case of financial ILL
ness, and thanks to oxygen supplied
from wonderful government imam
cial system. it will recover from this
particular crisis. 1t is. in fact, re-
covering now.
Readtustment in PrOgrass.
Now it is possible to speak Of the
immediate future with cheerfulness
and confidence. Not that the patient
is back on his feet. but at least the
crisis is past. The. processes of re-
adjustment are we'll along. Whole
sale prices have fallen. Retail prices
are following. not SO fast as many of
US wish. but as rapidly as sound con-
ditionS will allow. On all sides peo-
pie have taken their IosSes manfully,
as was to be expected of good Ameri-
cans. The dollar is becoming the
good old-fashioned dollar again and
Is beginning to buy what it used to
buy. And buying has begun. The
great clock of business has begun to
tick forward once more.
las a matter of fact we are fortu-
nate to feel the improvement so soon
In similar crises Of the past recov-
cry has been much slower in coming
Even noA it is just beginning. We
must not expect. we do not want, a
sudden. rush back to boom times 1t
is better for the return to be sure.
And there are many things yet for
US all to do in order to make recov-
cry sure. 1t is a time for US all to