The New York herald., 1921-09-27
Continued from First Page.

might OF the people cast in the scales
measuring the might of the Republic.
F'rcm such test there is inevitable re-
action To such heights there Is ncces-
sary ascent and inescapable descent.
With the world involved there Is nc
escape for any of the word from the
valleys of depression. Though We suf-
fcrcd less than many of those with
whom we were associated. and less than
any of those against whom we contended,
1t was inevitable that we should expert
ence the fevcrs aftermath and come to
know depression before we could become
normal again.
Situation Unavoidable.
Liquidation. reorganization. readjust-
ment. reestablishment taking account Of
things done and the sober contemplation
of things to be done. the finding of firm
ground and the open, sure and onward
way--all these are part Of the inevita-
bic. and he who thinks they might have
been avoided by this plan or that. or this
policy or that, only hugs delusion,
when reason is needed for safe council.
Even though the worlds storehouses
were depleted, at the same time the fl
nances were unbalanced, and none was
ready to store war crop for the more
deliberate consumption of peace Mo-
mentarily there was elation, but 1t was
not the glow of abiding health. We mis-
took elation for restoration To-day we
are met in realization. You have been
summoned to counsel all America, to
apply your knowledge and your expert
ence in relieving condition which con-
Germs all America. Specifically, you are
to deal with unemployment to suggest
the way OF repairing the arterial circu-
lation. which is the very life blood OF the
republic.
There is always unemployment IN
der most fortunate conditions am told.
there are a million and half in the
United States who are not at work. The
figures are astounding only because we
are hundred millions, and this parasite
percentage Is always with u.s.
But there Is excessive unemployment
to-day. and we are concerned, not alone
about its diminution. but we are frankly
anxious. under the involved conditions,
lest 1t grow worse, with hardships of the
winter season soon to be met.
Problem Most Difficult.
"I do not venture to quote the statis-
ticians, whether the maximum figures
are accurate or the minimum more de-
pendable. Owing to the far swing from
intensive endeavor and the effort to get
down to solid foundations, coupled with
the difficulty of readjusting expenditure
public, corporate and individual, from
abnormal to normal-the problem or ur-
employment is the most difficult with
which we are confronted.
But there are no problems affecting
our national life and the welfare OF the
American people which we cannot and
will not solve. five fail to-day We will
try again tomorrow There has been
vast unemployment before. and will be
again. There will be depression after
| imitation, Just as surely as the tides ebh
and flow, but we can mitigate, we can
| shorten duration. we can commit all
America to relief And all America has
I never failed when committed to a COM
mon cause. If, out of your councils
there comes a remedy which all Amer
| lea helpfully may apply to-day, 1t may
be helpfully employed some time again
when similar conditions are encountered
"It Is fair to say that you are not
| asked to solve the long controverted
! problems OF our social system. We
have builded the America of to-day or
| the fundamentals of economic. Industrial
| and political life, which made us what
| we are, and the temple requires M
| remaking now. We are incontestably
| sound. We are constitutionally strong
| We are merely depressed after tho
| fever, and we want to know the way tt
l speediest and dependable convalescence
| When we know the way, everybody In
| America-capltal and labor. employer
| and employee. captains of industry and