The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1922-07-15
Manufacturers Record).

/ rs
Railroad traffic, outside of coal.
is steadily increasing. Railroads
are buying rolling stock more
freely than for some years. The
pig iron market is several dollars
a ton higher than it was a few
months ago. Lumber is advancing
and is in big demand. Construc-
ton activities in the building Of
dwellings. pa m e n houses,
schools and churches, hotels and
Office structures. and even in some
cases industrial plants, have chang
ed wonderfully for the better. From
the stagnation of twelve months
ago there is in these lines of in
dustry unusual activity. Even a
railroad strike would not prove
permanently harmful as it would
result in an Overwhelming defeat
for the strikers.
The advance in the price of farm
products has lifted a trenendou
load from the agricultural inter-
ests of the entire nation.i From the
y low prices brought about by de-
fation, cotton and wheat and
corn and other farm products
have advanced more nearly to a
living basis for the farmer.
The reduction Of interest rates
forced upon the Federal Reserve
Banks by the constant pressure of
the Administration, and the easing
up Of credits, has wonderfully
stimulated many lines of work.
Bankers who year ago were re-
fusing to make loans. or if they
made them were charging high
rates of interest and making the
borrowers in many cases sit on the
'.mourner's bench" as though they
were committing crime in seek
ing to borrow money, are now seek
! ing borrowers.
!, There is no more money in the
country than there was then to
cause this change. We have a lit
tie naore gold than we neeed, and
jall that has brought about this
change is an easing up of credits
/; and a lowering of the rate of in
! terest.
j. Broadly speaking, there is not
today any more reason why money
should be easy than there was
twelve months ago, but under the
pressure of the administration,
Secretary Mellon, and Comptroller
Crissinger, the folly and the wick
/! edness of the defation campaign
tof the Federal Reserve Board has
been reversed.
| Throughout the land the spirit
of pessimisna is being succeeded
/ by optimism. Everywhere men are
realizing that a newsday has dawn
ed in the management Of the Fed
eral Reserve System, and that
| lGovernor Harding and his cohorts
can no longer absolutely dominate
J the financial policy OF. this coun-
/ try. This in itself is "a blessing Of
untold value to. every interest in
the country, mercantile, msnufac-
| turing and agricultural
Where year ago we were short
] Of money. Cat least the bankers
were SO telling the public). we now
find such an apparently unlimited
Supply. Of funds that issues of in
! dustrial and railroad and munici-
pal and foreign bonds are eagerly
grabbed and almost instantly alb
sorbed out of the market and put
away in strong boxes.
! The. seuthfis sperding s100, ,008,-
| 00e on new school buildings, and
25,O06, 600 on church structures,
and more millions than ever be-
fore on. other lines Of construc-
ton work. especially on highways.
And this is only typical of what is
going on in all parts of the land.
Recessions there may be from time
to time, but the gradual trend is
upward and onward.
The mountain climber. scaling
the dizzy heights of some high
mountain, looking upward to the
peak feels that he has made no
advance: but, when he reaches
some vantage point and turns
around and looks to. the valley
from which he has climbed he will
find that he has made great pro-
gress, and with renewed vigor and
fresh courage will press onward
to the summit.
So the business interests of the
country, climbing out of the VAL
ley Of Desolation and the Slough
Of Despond. looking upward to the
high summit of Astounding Pros
perity from which they were kick
ed by the Federal Reserve Board,
feel that they have not accom-
plished much. But if they will
stop for moment and turn their
eyes 70 the long journey which has
been made from the Valley of
Poverty and Desolation they Will
realize that they have accomplish
ed wonderful things and like the
mountain climber will catch new
inspiration, new energy. and go for
ward unt:l we reach the summit of
abounding prosperity. Then that
superb. all-emoracing prosperity
of 1919 and the early part of 1920
will be more than duplicated, and
every man will find an abund-
ance of employment: industry will
be taxed to meet the increasing
demand for its output; men will