The Washington herald., 1922-02-26

fired the world markets. and from
that day the recovery in grain
prices has been steady and swift.
indeed. One month ago today the
price equivalent of wheat in Buenos
Aires. our greatest competitor for
the world markets, was 95 cents
per bushel. and today 1t is $1.3s.
Within the past few months we
have seen these radical changes In
the farm price position:
Wheat has increased 40 per cent.
Hogs have increased from cents
per pound to 10. and today rule at
a real prosperity price.
Sheep have almost doubled.
Cotton has doubled.
Arms Conference Aids.
''On every hand il the assurance
that these prices are on a world
basis and that each succeeding day
carries the assurance of the ability
of our European customers now to
buy more freely and to pay more
easily than in recent years. We
have passed the night of ignorance,
when We could without impatience
listen to those who claimed the
great ocean which bore our sus-
tanning commerce, was instead
merely a guaranty of our national
isolation.
From that enlightened public
opinion has grown the Washington
conference, establishing the prfnci-
pie OF International conference and
discussion of difficulties. On that
accomplishment rests the assurance
that the processes Of trade and
finance will not be subjected to the
successive shocks Of apprehended
and impending war. 1t may rekntt
Its dislocated framework of trade
in peace.
Europe Has Learned.
steadily advancing exchange
values show that the era of curren-
cy speculation has passed, and the
era of legitimate import and export
has begun. based on this clear evil
dence of reviving faith in the re-
cuperation of Europe.
"A Europe whose trade channels
were cut and closed by the new
boundaries and new frontiers of the
peace treaty. has learned through
months of interminable suffering to
reconstruct the commercial flow
across those boundaries. by COM
mercial and tariff agreements that
are restoring the healthy life of
Europe. A Europe that has dreamed
Of the easy creation of wealth by
printing presses, is learning the
hard way to health by a curtail-
ment OF expenditures and resultant
balanced budgets that maintain the
stability of currency and exchange.
without which trade languishes and
dies.
Russia Becoming Saner.
"A Europe that conceived repara-
tions to be collected beyond the
current productive capacity OF a
people. is learning that the burden
must be readjusted to the limit of
endurance, or the resultant collapse
will drag down creditor and victor
as well. A Russia, recovering from
its destructive debauch of Commus-
ism, Is plainly approaching saner
relation with the world and the
hnal appreciation that all human
relations. individual and national,
rest on the observance of good faith
and the redemption of pledges. It
seems assured that their people
will shortly. step by step, through
processes tried out by generations
OF trade, enter into sane and ami
cable relati'Shs with the rest of the
world. whose products they so bad
ly need. An Ireland. long dreaming
OF freedom, is to be given its op-
portunity for self-respecting
membership In the family Of ma
tions. ! - =.
Improvement In q. 8.
TN America, the difficulties of
farm finance have been greatly
lessened and wide appreciation of
the long seasonal requirements of
farm finance will work out through
public or private agencies a greater
Independence of the farmer in fu-
ture OF selection of his markets and
prices. This promises always a
greater buying power on the farm,
which augurs well, for other indus
try. Our national Congress has
eased the sitting pressure of tax
alton which laid deadening hand
on enterprise, at the very times
when every incentive to new en-
terprise and employment was
needed for our people.
The easy and happy-thought
Idea that government operation
could spell relief for all human
problems and human distress, has
lost its seductive charm as We con-
template the proposed sales at 10
cents on the dollar Of the merchant
fleet We constructed marvelously
quickly but have failed to operate
governmentally with success.
A public that seemed Inclined two
years ago to deem the sole evidence
of honest business to be, the entire
absence of healthy profits, has
learned that healthy. profits main
tain industry and pay salaries, and
wages. as well as dividends. In
these improved conditions and in
this more helpful atmosphere, ini-
tiative. resourcefulness and enter
prise may once more venture with
confidence Of fairer treatment and a
greater hope of successful opera
tion. Z.
Healing Proeess Under Way.
"The consumer marked. abroad for
all products, of both, farm and in
dustry, is now revivinY.,the market
for farm products at home, and FOR
the products Of our industry, Is be-
ginning to stir. Reasonable men
may no longer doubt that the long
siege of fever has run its course,
and the process of health is. def
niteiy and clearly under way The