The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1921-01-09
NOT THE SLIGHTEST FEAR OF
MONEY PANIC. SAYS SIN
CLAIR or TULSA TRUST 60.
Continued From Page one)

'If| f"iS Suppltu lnafke. INTO a Wild r
scramble of buyers offering higher 7
II and stii higher prices for American
M products. Our entrance into he grebt /
4 war but aggravated this situation.
In purchasing our goods Europe
y Hooded America with go,d--then used
her credit. Our country issued bill
n ions in bonds, whiuh were turned into
money to buy American merchand Sc. |
Money soon became the most plentiful
thing in ,he land and the public mind
soon changed from the usual Ameri-
can idea Of economy to near waste
fulness.
With this flood of money, with
more orders than we had goods, with
demand for many more worltmen
than there were in the country; no
one stopped at the price of goods or
the cost Of labor. High prices, inflated
earnings and unheard of wages became
the rule of business. This condition
was aggravated by the uncertainty
Of war taxes with their load to mer-
chandise cost and encouragement 10
wasteful busines methods.
While II is true tha, we accumulat-
earnings by buying bonds during the
war, Yet these savings did not stop
the ever mounting cost of living. be-
cause our government Immediately
spent the money thus collected on
war supplies.
with the signing of the armis.ice
four million American soldiers re-
4urned TO peace time occupation to
compete with those AT h0me-and
twelve million soldiers of other ma
tons began the same movement Ships,
heretofore held TO freighting Amcri-
can war merchandise TO Europe were
released 20 visit far off ports md
bring back wheat, hides. wool and
othc" merchandise 10 compete with
American products.
''ndough The orgy of private spend
ing whirh followed the armistice in
creased American business for time:
Iorcsighted men realized that this
could only be temporary With The
whole world burned from Wir to work
the time must soon come when supply
would catca up with demand
Peace found AMERICA not only the
greatest gold holding nation in his-
tory but also Guodcl with paper
money. based on government and priv
ate loans. L, was realized that There
mus- be deflation in money and cred
It's The best interests Of the milton
demanded a money reimbursement i'm
Keeping with commodity reimbursement.
Investigation developed that spccu-,
la ors operating largely on borrowed
capital were holding many necessE'e es
from the people, gambling for higher
prices. such loans were dangerous TO
Che nation as wei as unfair to the
people ani liquidations were demand
ed
The Opening of 1921 Business
With production on the increase
and dcflation of credits in process.
prices naturally began to- Nil and the
VALUE or THE AMERICAN DOL
LAR TO RISE. The opening Of 1921
finds business wei. on its way to.
n ward Il normal peace basis.
rs was 10 be expected, there has
been and will be tremcn lous shrink
age in values during the period of re-
adjustment, but there are no serious
oansers threatening the foundations
< o' om business life In fact there is
much encouragement in he way We
nave mo The changes so far ANA the
speed with which We are accomplish
ing Uc swing toward normal
u must be realized, zoo that many
of cur S'-callcd losses are mu piper
losses. after all. II financed along
business and not speculative lines the
physical and productive value remains
IN our farms. our mines wells. fac.
tories. &c While there have been
large losses recorded on the books
OF manufactures and merchants.
these will be largely offset by cheap-
er replacement costs
Producers II raw materials. as IS
always the case have been the first
erected. Products such as food. iron.
zine and coppcr ore leather. cotton.
ETC. have alrCldy taken ghcir losses
IN proportion To re-adjus mcnt of de-
mand In relation 70 supply In their
particular markets. They have large.
~ absorbed these discounts and are
now gong ahead ON She new basis.
Value OF Dollar Increasing
While there may Doe a feeling NJ
uncertainty among che people there
are unmis akabc signs pointing TO
hcttcr days In the near future. Most
important ot an the value ,pur-
chasing powcr) of the dollar rs in.
crcasing daily and almost In koeping
with the Cccline IN valuations.
Railroads are rapidly rcuaining
pft-wW efficiency and arr but await.
ing favorable conditions To replace
Worn equipment Blbor ANA capital are
closer No an understandings than In
wears Legislation promises 10 bove
fewer "'sms"; exhibits a tendency to
reduce governmental expenses and IN
or'ng about moro equitable adjuS-
mcnt In TAX matters
As our commodity markets rc- adj.
Just themselves to more cqutbble low
els our foreign commerce. NOW ro-
rictcI to prohihitiyc differences In
foreign exchange. will again resume
tnd afford a better outc ror our pro
duets
We can ALREADY look forward IN tho
time when 1t viii again be posslbc IN
build homes, houses to rent and busi-
ness buildings Without the posslbilit,.
oi NSs IN material and labor ,,,Iun.
Tons When this gimc does arrive ,yc
rrcdlc. The greatest construction
campaign this city, state and ma.
ton has ever Witnessed
Just now We are in tr,1sltorv
period. While some branches of husl-