The New York herald., 1922-10-04
lamont SAYS WORLD
COUNTS ON our help
Tells Bankers America Is
First, but Has Wider
Responsibility.
DEBTS HUGE PROBLEM
Half of Loans Considered as
Contribution in First
Year of War.
sEUROPE HELPS HERSELF
Morgan Partner Praises Bonus
veto-Urges More Charity
Toward Mexico.
sEUROPE HELPS HERSELF

citation on Ine AMERICAN DaHhei .
Responsibility" After speaking a few
words of welcome in his capacity as
chairman of the local reception COM
nnittee, Mr.. Lamont said:
"Orr rrcsident here has asked me to
eay something about American busi-
ness to-day. both domesticwise and as
II is affected by conditions abroad.
"As to the domestic situation by it
self there would appear to be little
cause Tor conflicting views. We seem
to be well into the final stage which,
as the records OF decades show, marks
the end of one business cycle or the
beginning Of new one. hardly have
to recall to you the successive stages
OF our business triumphs and our
trials
First, was the end Of the war phase
of huge demands for commodities OF all
kinds. of swiftly mounting prices, OF
constantly expanding business ana ac-
companying initiation.
second, came the storm signals,
namely. the heavy drop In security val
ues in the last half of 1919,
Praise for w. p. G. Harding.
Third. came the swift fall in COM
modify prices, not in America alone. but
all over the world--a fall that would
have spelled disaster TO American busi-
ness had II not been for the sagacity
and courage of you bankers here before
me, backed up by the Federal Reserve
system with fine common sense South
ern banker at the head Of II. Governor
ox-dt
Fourth, In this cycle came finally
the ease in money which denoted the
fiattening of prices, with business on Its
back That easing of money became
marked in the summer Of 1921, and now.
as has been the case In other business
cycles, we have. after twelvemonth of
easy money, begun clearly to move for
ward again. We have had rude buffets
and deep wounds. But American busi-
courage, bound up its bruises and is
slowly moving on to new goals,
ssMany Hurdles Yet Remain"
"Yet. despite clearing skies and fair
weather, we have not yet cause for un-
bounded confidence. We must not for
get that before the race is won we still
have some hurdles 10 jump. What are
scme of these hurdles?
CeTIa1nly our ldDDT StTlhtS tOTfIl Ollts
and big one at that, even though the
worst may now seem TO be over. We
all say that we deplore these wretched
struggles, yet the extent OF our regret
must be measured by our endeavor to
prevent their recurrence by our attempt
to reconcile the conflicting views. AS
bearing on this situation ! ask you, who
are so influential In counseling large
men Of business. TO remember that In
- -
arrogance among employers, as there
are manifest signs of arrogance In labor
"rhe problem OF capital and labor will
never be wholly worked out. People talk
as IL It were an example in arithmetic.
capable OF final solution. 1t is no
such thing. 1t Is a problem Of human
beings therefore of emotions. groupings.
longings and ambitions We can meet
IL only little by little, and only then II
we put ourselves in the other fellows
shoes and get his viewpoint.
do you and I want to change our
jobs of long hours evening conferences,
heavy and continuing responsibility. TO-
the job of the man who has the chance
In his daily work to relieve his brains
with the work Of his hands? Some days
no doubt we all feel like 1t but whether
we would make exchange or would not,
It is our responsibility to study more
fully than we do to-day the conditions
Of labor and to be sure that by and
large. every competent worker--be he
I'm the office or In the fIeld--has an in
terval in the drudgery OF work for that
enjoyment of life that will make him a
more contented and better citizen In
this matter you and / have a RESPONSE
bility that we cannot dodge.
"Bonus Veto m ReItefv
After discussing briefly the tariff bill
and paying compliment to President
Harding for his veto OF the bonus grab.
(which has created such feeling OF
relief In the community, Mr.. Lamont
turned to the consideration of interna-
tional affairs. In any size up of Europe
to-day. ne said. I'VE must take into ac-
count the invisible factors" He con-
tinued:
s'These invisible forces are saving
Europe to-day. Politically Europe may
be In the doldrums. or worse, but eco
nomically Cthough many people may dis.
agree on this view) l. for one, believe
that Europe is on the mend.
What are these invisible forces that,
! maintain, are 80 great as more thar
to offset the invisible and unfortunate
factors In the European situation7 The
U.s. Va 'httu ~ PRODUCTIVITY InOSe
forces that for almost five years were
given over to the killing OF men are
now being devoted to the growing OF
crops. to the making Of goods.
Second, trade Is on the Increase; not
only as to Great Britain, the tradi-
tional merchant Of the world, which
Is already we'll on her feet. but as 70
the whole Continent OF Europe, even
including Russia England has. since
1919, paid Off fs-5, ,0o0. 600 OF her external
debt-an amount equivalent to one and
one-third of Americas entire national
debt prior 10 the World war. Last
year France reduced the trade balance
against her from an adverse figure
Of 2s.ooo.ooo.oco francs to 2,OooOoO,Oo
francs
The third point ia that the people of
Europe are saving. The war and its
aftermath meant an orgy OF spending
Now saving is taking its place Poll
ticlans may disagree every morning on
the settlement Of the reparations ques-
tion, but meanwhile the brave French
peasant, day by day, is growing his
wheat is saving his centimes. What,