The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1921-04-29

can, under existing conditions, show
a labor income comparable with other
labor and at tho same time receive a
fair return on his investment OF capl-
tai -.
Now the public service corporations,
including the telephone, are we'll high
indispensable adiuncts OF modern
farming. The price which the farmer
pays for these accessories or necessi-
ties must be commensurate with the
prices that he receives for what he
grows. In other words it, under the
average pre-war price level 1t cost
him the exchange of barrel of corn
for telephone service for a month, the
price of the telephone cannot now be
advanced to where 1t will cost him
the exchange of two barrels Of corn
for months service.
What is here said with respect to
the farmer Is true of the general bust
ness man. He is doing business today
On narrower margin than he did q
year or two years ago. His turnover
Is less because his stocks are remain
ing longer on his shelves and in his
warehouses. His only anchor to wind
ward is through reduction of ex-
penses.
Surely no one will accuse The Her.
aid of being unfair to corporations,
particularly public service corpora
tons. 1t recognizes the fact that they
must prosper if the nation prospers.
For that reason 1t opposed the bill to
repeal the act creating the public SER
vice commission. This journal is not
demagogue. 1t is for fair, living
wage for all laborers, improved living
conditions and would have legitimate
investment return a fair dividend.
But it has full appreciation Of exist
ing conditions. 1t knows, in the light
Of history and from it's knowledge of
economics, that the world is sure to
have long period of declining values.
For approximately third of cent
Try after the close of the Napoleonic
wars England experienced falling
prices. For fourteen years following
he peak of high prices resulting from
he civil war, this country experienced
falling prices. Both countries, how
,ver, prospered amazingly during
those periods, although there were of
course many losses in the period of
readjustment.
But we cannot have a return of
prosperity unless there is an equit-
lble adjustment of all costs. Labor
must receive less in the dollar meas
Ire of value, but in doing so conditions
must be made such that its dollar
will have as nearly uniformly in
creased purchasing power AS is hui
manly possible. In other words when
the laborer whose pay envelop on
Saturday night yields him $25 instead
If, say forty dollars, goes to buy the
necessities and even luxuries, he mus
oe able to acquire substantially
he same quantity and quality that he
lad formerly obtained with the larger
lumber of dollars. This he cannot
10 if advances to public service cor
)orations are allowed, and which
must be paid by business man and
armer, who can play even" alone by
,assing the advances on to the con.
umers.
There have been times in Maury
county when the farmers prospered
nightly, paid their bills promptly !
nd could get a., Tie money and credit |
hey wanted, when commodity prices |
yere lower than they are today. But
he costs of operation of their plants |
we're adjusted to the prices that they |
eceived for their labor and invest.
uent. Their telephone costs, their
ghting costs, their fencing, roofing,
1achinery and labor were all paid for
N basis for different from that
yhich prevails now. IS
Prices are relative. Money after
Ill is little more than commodity.
10 one produces any money 1t is
1erely medium of exchange. 1t is
low sadly out of joint. TO approve
ny further advances would simply
)ostpone the period of fair read
ustment. All of us, those who labor
or daily sustenance, and all who de
)end for a living upon the returns of
ur accumulations of other years,
aust be content to receive a small
'eturn; measured in the dollar stand
'rd than we have received. No arbi-
rary action on the part of govern
rental agencies, no fiat Of law; will
vail to stop the decline in commodi-
y prices. 1t is the patriotic duty of
Ill, capital. labor the great middle
lasses, to devote themselves whole.
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