East Oregonian : E.O. (Pendleton, OR) 1888-current, 1921-01-19
THE BALANCE MUST BE RESTORED

" HIS time when people everywhere need to get square
F down to fundamental principles. The readiusment
period be hastened if the general public will ap
praise basic conditions in their light prepare to act
g0rdng Often the true situation not attractive
Ihere VIII be temptation to try temporary expedens of
sort or another Some OF these be good good but
tn cold facts are that most of them will fall Water down
hull and the law Of gravity cannot be altered.
Because the following from financial statement by the
onal City Bank has the Of sincerity is hereby reproduced
D the East Oregonian in the hope be Of benefit read
eve look for restoration of full employment and
prosperity until something like the old balance between agrcu
turesand the other industries restored If there was anv
pect of in the prices products might be argued
that the balance would be restored that there little
for such expectation The prices of orr farm products are
dependent upon the prices which the surplus can be sold in
foreign markets. To production for the
raising prices would be an attempt TO sustain ces on an arr
cal basis basis of scarcity The farmer would have less
TO SELL and the attempt at cuament would check the decline
IN the cost of living and the downward tendency in the
other industries with the result that would continue
to high prices for everything he bought remedy does
that way but bringing the prices Of other tbnps down
tc the level of farm products When of wheat bale
q cotton and pound Of pork M buy as many goods in the
III the trading circle; not before
Let nobody think this the farmers problem exclusively
chiefly The merchant the manufacturer the wage Garner
of every factory town. directly interested and has part
TO perform There will be no general resumption of business
until the industries back balance Manufacturers need
not themselves that when present exhausted
orders will come and the Industries viii revive may be
spu of revival but they will be false the balance
restored Wageeaners will mistaken they think that
the matter Of is wholly between themselves and their
within reach of the great mass of the population.
The effect will be the the wageearners are not fairly
treated They should not be asked to take lower
Unless retail prices down. that the reduced wages will
have about the purchasing The problem
tain stable relations between all the factors industry Public
opinion should call upon each to do his fair part.
Everybody must get away from the idea that and
prices fixed by arbitrary decree by between
employers demployes Most of troubles
superficial assumptions The truth is that there great
Ionic laws which hold society together and fix the relations
between classes and interests beyond the power agreements
or Legislation to change them The power to create confusion
and to delay readusment of exists but nobody likely
to gain anything by that policy.
There great industries dealing with the farmers which
taking the position that they unable to reduce their costs
and therefore cannot their reduce their selling prices
II this because they dislike propose wage reductions their
employees it is mistaken view for they cannot hope give full
employment unless thay maintain sales The employees
entitled to know this and probably know already If it be-
they have large inventories of high cost supplies
which they do not want to take losses they the
son the farmer who must sell hghcost crop
market 1t must be said to them said to the farmer that
is not past costs but future costs that must prices
Replacement costs the to be considered. What
competitor the field who starts with stock with
materials bought at the price level afford do? What
each afford to do his part of getting industry back
to settled. normal conditions?"