Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1922-07-14

refer to as a secondary imitation. If l
understand them, we had a primary
imitation during end Immediately after
the war. I take 1t that, in the realm
of prices, they mean by primary infia-
ton a general advance Of prices in
time when demand is greater than
supply, the purpose being to check
the demand and therefore make the
supplies go farther.
"A secondary imitation, take it, is
quite a different affair-a tendency to
advance prices at a time when there
is a surplus Of producing capacity but
a deficit in buying and consuming ca
pacity; the theory being that as the
public tends to buy on rising market,
the one effective way to make it buy
is to make the market rise.
Not the Right Procedure Now.
'It occurs to me that there are proper
exceptions to all rules; and for myself,
I do not believe that a public which
finds itself unable to buy at a lower
level is likely to be better able to buy
at a higher level, unless its income
goes up at least a little faster than
prices advance. I saw it announced
the other day that, owing to the adj
vancing price of wool, there was like
~ to be a general, though for the mo-
ment moderate, increase in the price
of wooden clothing; that on account of
the condition of the cotton market we
might anticipate some advance in the
price Of cotton fabrics; and, finally,
that some factors in the metal market
were disposed to discourage orders at
this time, hoping thereby to secure
better prices later on.
II want to say frankly that do not
believe that is the procedure by which
to bring about quick and permanent
restoration of good times. The strike
of buyers, the unwillingness of a
great mass Of the people to go into the
markets and make purchases, does not
represent, and must not be set down
as representing, a merely perverse
state of the community mind. 1t rep
resents rather an adverse state of the
community pocketbook. You can gen.
orally count on your public to buy at
least as freely as it can afford to buy;
and you can pretty safely assume that
when as a whole your public persists
in wearing its old clothes, in putting
a third pair of half-soles on it's old
shoes, and in getting along without a
large share of the things we common
~ regard as Iuxuries, it is taking that
attitude, not because it wants to hurt
somebody else's feelings, not because
it is animated by desire to make it.
self disagreeable, but because it hasn't
the money with which to buy the
things it wants"
Ready to Return Alien Property.
The United States is ready to
begin returning the property it took
from German nationals during the
World war. This property is valued
at something over $4OO,000,000, Of
which $100,000,O00 is in cash and on
deposit in the vaults of the treasury
here. The alien property custodian,
Thomas w. Miller, has bill ready for
presentation to congress under which
all sums Of $4,000 and under will be
returned to their owners at once. IN
der the law no property vested in a
citizen Of either Germany, Austria or
Hungary can be returned until con-
gress acts.
There are 29,6O6 trusts valued at
$4,000 and under. If all of these
should be disposed of under. the legis-
lation which the alien property Gus
todian is about to propose, an aggre-
gate of about S24,O00,000 would be re-
turned. There would be left for future
disposition 1902 trusts Of between
$4,000 and $4,000; 498 trusts be-
tween $4,000 and $250,000; 162 trusts
between S250,O0O and $1,000,000, and
30 trusts of over $1OO0,000 each.
The separate peace resolution which
congress passed last year.. known as
the Knox-Porter resolution, provides
that the United States shall not sur
render any of the property which it
took from German citizens during the
war until arrangements shall have
been made for handling the American
claims against Germany. The two gov
ernments have just come to an agree
ment under which these claims will be
handled by a mixed commission, and
this agreement, it is pointed out, opens
the way for return of the property.
There are several classes of claims
against Germany. First there are
those claims of Americans whose cash
was received by the German alien
property custodian. The holders of
those claims are now offered the re-
turn of their cash at the deprecated
value of the mark, which, If accepted,
would amount to practical confsca-
ton.
There are claims on file with the
State department for the loss of prop
erty and life at sea growing out of the
submarine sinkings previous to April
6, 1917, the date on which the United
States entered the war, amounting to
$415,O00,O00. Of this amount approx,
imately $190,000,O00 are claims for loss
of life. Then there is the American
governments claim Of $241, 100000 on
account of the maintenance of troops
of the United States on the Rhine.
It will not be the policy of the Unit
ed States, it is authoritatiyely an
nounced, to use any part of the $780,
100000 Of alien property held by this
government to satisfy the American
claims against Germany. President
Harding and Secretary of State