Capital journal. (Salem, Or.) 1919-1980, 1921-01-03
President
Overridell
CONTINUED from Page one.)

.a,a -, 1aroar advantages cannot
,...,.t..5 y.tibout resort to gov
- i,,tar,,e,tior on the con
- =. ,'..,' a,,,,rabard that the re-
.,.,r..+ia, - The cornoration's ac-
.'liitin 7oi'' 'i,,to - ttis tinn would eyert no
,-a,.,'ciaiaI fnF,,,onca ON the situa-
80. -, -,,ttrh fr,n~o,,anant is
- ,.o,,ld roiee false hor,es
~ 80, 80, he ,,er,, neopIe who would
-' a.-,,gls ,,,as+ ana would he b1rtful
- a,'t,,raI and orda,.l,. process-
~ ~ ~ Nv l.,,stnasg and finance.
,,.,.z.
LatSe 60 q .,.z,,
e&Iehueo ms ~ --,.ta5
European sOF,i NJ
"lIil US III INC
ceased 9eNei'l i.'''''il,' 80 -. -
.eao9 maui ny .,''ou.1' 7'.1 '.o ,..l1i
De fe7u Iileu' eI1ii9f ''i
IeeIls' Inc I'1-''' ID 49, 80
ISIei1ct, coiiii'""1" %
many european CUM anu - ~. ~
O-lIcl iiHtioI7' i'',e'L o'''
opIhiot 'i'"' ~ 81 - '.''' =, '''
iiO- W. "ooo' "'N w. ~
'li7ntS' l uo ''OI 'i'"' ny
9lloul" Ds "''o' Wv VI mn
hApoI'S u uo'i'e9'lc ii""uC''
nave lLol ue9liile0 7'''oe VIIe a. 'i''l
ice IN 'i'e coi'lI aiS ''ie' ii1l e
bi'atIS li'Ci eda9"' Ioli' an az
s@Ie HaIue peioI 'he wal % ie9'
piiiio''A " ''oii'i' anu "a ap"u' '','
7i@ pI,iioi'9 'ue '"9, Fedi oL ilo9.ii'-
tl5S, 'lsS rose IN lhe calenuar o'll1 year
l'I' T." illOle INA" t''VV'oVV'ooV
anu inns LIZ uIe wiz i'loodDIy pe e"-
re"eo Ioi me l"S' c"'e'iuai year
oi me liiS1 e'eNeH I''oi'tllS oI IaSs
la'e'iuar year we eA'orteu more
lii'i z2 piillo" uollarS "ortl Oh
po'l'eStic illTl oii''liuiSe' AHese nave
ID! Sely P'lNaleiy INA ilceu. /.
iie Niiii0UitS ~ 'he way ol sum
M ser eApol u ooes not seem 10 lie
% % .,,..l iiuGh III the lack Oh ilnanclai
aplllty mere az IN europe lack OF
ilieaI'S 10 make payment Her pro-
uuctlEe energies ana the services
""iGh she ieHueiS nave not YET
| reached Il point Whefe they balance
me value oI colhIllouItles taken
o'lt MS iia'lo., ana her aDillty TO
lulillSh t... Ior aoatlloha! exports Sc
cuilI!eS Whlcn business men would
agel Ju9IiIlea IN taxing Is restricted.
iiS peI's oL the bfussels CONFER
~ Ti'oi 'eu mat one OF the chlef
o'4I''1'e9 =, 10 uie granting or credits
30 'i'e aD'eiloe III borrowing eoun-
- iV, VI a'li iIclei,t securities Tor ultl-
''''.1g .,1- IePaS !iieht'
| =, ,,ee, 'ii' oDS'"cle Is removed,
-. =, va - 'llt " oee no" 1iateflalIy
- e1I'o' 20 " EuIo ope are 10 De
80, ,''''"1 even II exporters alded or
pS SoNei iIIlleIt finance
l'','s' - o,'u| ~ l'o VHelr part IL is
o'',''' va '''e .ii"t europe IS aDle to
-, an 1iieI'I,e uSiilahd Tor as
- q NO'u'iIe VI our soous as she
,'e'Nil'S' II Is sratllying EVIL
-, -. % ~, IiVi leCoEery ana progress
etna,,,,., -, l"'i pIo"uutioil ,,,.I ana sounoer
go .,rra5a 80 'otiu',iollS' ~
- ~ tiie i@"' Il lle actiVitles
no Ii ~ ,1l'. 70 'iliou were resumed
~ - 'e'F ''ioe9 coulo pe MADE
~. ,l,I 49,, >, Gnu Il tiltV coula pc
80. ''o' @S'o'l'PIIsh the op-
or.ato 80 tleS "oulu not
~ -, ','''''" lol our prooucts'
ana eoV''I w il'''e ohlS TO export
" D'ti'NS th5dseu IN imam
so,,,o Co. ,,,a'',',, 20 anu II tley ana IN
,,a'. ,,i'I 1'''u'e simulate exports
.',c' "ou'" propaoIN not nave the
49, ai'P%iehlly most desired OF
''s'''n ,'''liS increasing those OF
'9l i0ui'ul,'l conl''lool'ieS' ALREADY
,!n Ntln 'ng larger Noluine Oh exports
"'l''h europe Is taxing from us
10 eN'' 'is'''E lLeI oPtloh' such
lS I''GotS' PreSui''a"ly because she
ii'ise'i mas become more largely
a''A 'ulllCI'ut' OF lS aSdll pfoVld-
luS nerSeIl win SuppiIes Irom dis
.'''' countries Whlch with the open
IuS up OF shlpplhE since lhe arms
Nte' nave once more FOUND thelr
pI@ce III lhe hllrkeIS OF the world.
II Is hlEhly propaple that the
most immediate and conspicuous
erect OF the resumption of the cor
poralions activities would be an
effort on the part oil exporters to
shliJ the financing OF their opera
uons from ordinary commercial
/ ehahneIS 10 the government, This
would be unfortunate 1t would
continue the government as an ac-
tive Iactor IN ordinary business op-
erations.
IF activities of any considerable
magnitude resulted they would
necessitate the imposition of addi-
tional taxes or further borrowing,
either through the war finance
corporation or by the treasury. In
either case new burdens would be
laid upon all the people. Further
borrowing would in all likelihood