The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-10-12
What's the Matter With Us,
Anyway?
by Francis II. Sisson)
&c Presidenf- Guaranty Trust Carr.

Vice President, Guaranty Trust Com
pany Of New York.
Business is suffering from multi
farious reactions ana no one of them
can be held to be solely. or even chief
", responsible, unless It be universal
economic exhaustion following the
most destructive Of all wars.
There seems to be a widespread
misconception of that fact, however,
as is evidenced by the countless pro-
posed economics nostrums, each adj
vanced as a panacea, and by the mis-
guided attempts of certain economic
and political Elements to legislate for
their own selfish interests In the be-
lief, honestly entertained doubtless,
chat by solving their own special
problems, through obtaining prefer
entail treatment. usually at the ex-
pense Of other taxpayers, the country
will be restored to prosperity.
We should not forget that more
than three hundred billion dollars of
the worlds wealth We're spent in war
activities between Aug. 4, 1914, and
Nov. II, 1918 for the most part with
out economic or replacement value
But more important. and deplorable,
than that. ten millions Of the worlds
most productive lives were laid down
on the fields Of battle and the activi-
ties of forty billions of people were
DETECTED from production to destruc-
ton.
Universal Problem.
The worlds debts were increased
from forty billions of dollars to more
than two hundred and fifty billions
yftt,1 ..r.Jf.
nance were thrown completely out OF
balance and there was created the
need for a complete economic recon
struction.
That is the situation we face today.
1t presents a problem in which we
are all involved in common with all
other. nations, and, whether we will
or not we must consider our rela-
lions to other nations as an essen
tiaI feature of our national life.
While before the war were were
debtor nation to the amount Of five
billions of dollars, we are today the
worlds creditor to the sum of more
than fifteen billions, and orr entire
relationship to the worlds business
and the worlds interests generally are
completely altered change we are
tardily recognizing and the full sig
nificance of which, apparently we
have not yet begun to comprehend.
In brief, the betterment of business
in this country is not merely a domes-
tic problem, it is a worldwide prob
lem.
Situation Improving.
We are paying the bills of mans
folly, ambition, greed, selfishness and
hatred nation against nation, class
against class, interest against interest
and as long as these factors in human
nature are dominant, all Of the rela-
tions of men are disturbed by them
and economic recovery is halted.
When will this recovery ybe mani
tested? No man can foretell. It can
only be stated that fundamental fac
tors in the situation are improving.
There are concrete evidences of a
gradual Improvement abroad. and
there is reason to believe that we
have passed through the worst of
our deflation period in the United
States and win soon experience a slow
but material betterment.
This would undoubtedly be imme
diately accelerated by the funding of
the railroads Indebtedness to the gov
eminent on account of capital expendi
lures made by the government while
the roads were under its control. That
settlement, which would provide half a
billion dollars for the immediate use
of the railroads, should result in a
stronger financial position for the car
riers and hasten the time when they
can make additional expenditures for
and equipment.
The stimulus to the steel and other
industries resulting from any large
scale expenditures by the railroads
would assist more than any other sin
gle factor at this particular time, per-
haps, in overcoming the present bus
mess dullness and in providing en-
ployment for thousands of men.