The daily star-mirror. (Moscow, Idaho) 1911-1939, 1922-08-10
ON HIGHWAY TO
REAL PROSPERITY
OVERSMITH TELLS OPTIMISTIC
STORY-PALOUSE COUNTY
WORLD BEATER


Many of the eastern states are
harvesting the greatest crops in theil
history, according to a statement
made by A. H. Oversmith, in an IL
teresting talk Wednesday before
the chamber of commerce. Mr.. Over
smith had just returned from an ex-
tended eastern trip, and gave com
prehensive review of conditions as he
found them in the centers of pOpula-
tion He said in part
I'VE had a wonderful trip and the
most gratifying feature was the sight
of abundant crops everywhere east
of the Rocky mountains. There is
no unemployment in the east. In the
big city dailies there are columns OF
'He1p Wanted advertisements
Farmers, business men, bankers and
factory operators are now certain that
we are past the crisis of the after war
deflation.
Montana, the two Dakotas and
Minnesota are harvesting the greatest
grain crops they have had in years.
Kansas also reports a wonderful wheat
crop. Help is actually very scarce,
but with good weather conditions the
crops will all be saved. In the Pa
louise country we do not have any com
prehension of conditions as they ex-
listed in Montana, the Dakotas and
parts of Minnesota. Until this year
they have not had good crop for
five years. In some of those years
there was complete failure of crops,
yet, strange to say, the people are
not so hard up as one might expect.
There have been some bank failures,
it is true, but those banks were never
operated on sound business principles.
1 talked with number of bankers
who kept their doors open, and while
they experienced some difficulties
those who survived are on sound
basis. Those banks which depended
upon extending credits to farmers en-
gagged in diversified farmers are go
ing ahead in fine shape. Most of the
farmers, in the middelwest, will be
able to meet their interest this fall
and make some reduction on the
principal.
"There is considerable unrest in
portions Of the country Labor on
the whole has accepted reduction in
pay without striking. There is still
some evidence of men who try to do
as little as possible for the wages re-
.ce1ved, but that class find their places
taken sooner or later by those who
believe in rendering a full days work
for a fair wage. A great many Of
the railroad strikers and coal miners
on strike are out in the harvest fields
This outlet for labor, in my opinion,
is partially the cause of these two big
strikes being unsettled.
Work of the Stock Swindler
zone of the contributing causes to
the present depression has been the
millions of dollars which have been
squandered in fake promotion schemes
during the heyday of speculation.
Packing plants, oil wells, automobile
factories, insurance companies and
every conceivable scheme was promot-
ed and stock sold by some OF the
cleverest swindlers any country has
ever seen. Some of these men are
now being prosecuted and some of
them have departed for parts un-
known, but the money has been squan-
dered and wasted Farmers, business
men and wage earners alike seem to
have listened to these false prophets
of ease and comfort which was always
promised to the investor out of the
princely returns which will never
come A large amount of money was
borrowed to invest in these notorious
swindles. Just one illustration OF
how these schemes worked out: At
Mason City, Iowa a big meat packing
plant was organized and eight millions
of dollars collected from the sale OF
stock. The amount actually invested
in the plant was two million dollars
and one-fourth Of that was borrowed
Naturally the scheme has been total
failure The people have learned
lesson. They have concluded that in
the future they will, attend to their
own business and keep their money
in the banks at small interest until
such time as their savings are put into
homes and extension of business.
VTy1.SY 49, foxT "a nj l.
ures the amount of money lost through
that source has been mighty small,
compared to the loss which has been
sustained through foolish speculation
Pa1ouse Country World Beater
II was actually surprised on my re-
turn to the Palouse Country to find
crops as good as they are, with prac-
tfcally no rainfall. The Palouse coun-
try is a world beater. There is GER
fainIv no reason to feel pessimistic
over the local situation. The Latah
county banks have all survived the
worst of the def1ation period This
was due in part to the confidence OF
the people and the good business judg-
ment of those to whom our savings
were entrusted On account of our
short crops we will have to curtall
our buying power The shortage of
grain crop in the Palouse country
should prove blessing in disguise,
because many farmers will adopt
more diversified system of farming,
which will make them Independent of
grain growing to a considerable ex-
tent. and alta the same time preserve
the fertility of our wonderful soil.
"A1l through the country there is
political unrest. There
seems to be no criticism of President
administration. In places
there is dissatisfaction with congress,
which has been fostered to large
extent by political agitators seeking
office The consensus of opinion of
those who have studied into the ques
ton, irrespective of party, seems to be |