The Washington times., 1922-02-15
FINANCE.
AND
BUsi IN
By Ii. c. FORBES.

from New York. II feels good to get
away from the -pessimism
prevalent in New York banking
circles.
Frankly, the rest of the country,
so far as l can judge, is reading the
outlook more sensibly than the
blue-glassed metropolitan financial
leaders.
The great majority of men I
have talked with away from the
neighborhood of Wall street are
reasonably hopeful. Times. they
admit-usually from stern expert
ence-have been trying. But they
are alive to the fact that tremen-
dous progress has been made in
correcting unsound conditions and
in laying solid foundations for the
raising Of a better business struc-
ture after the customary early-year
dullness has passed.
In most lines, find from per-
sonal contact with many men, a
fair measure of Improvement has
already been enjoyed. In some a
fall squirt didn't last; but even in
these directions incipient betterment
is again being experienced.
One impression I had has been
abundantly confirmed:
Business men throughout the
country were not misled into seeing
nothing but gorgeous rainbows
when things picked up last fall;
hence they have not, like most
bankers. jumped to extreme pessi-
mism.
The sanity l have encountered
among ordinary business men, as
well as among workers. Is most en-
couraging. With few exceptions,
the men / met take a calm. cour-
ageous, common sense view both
of what has happened and what is
likely TO happen.
The CHIEF feeling l have is that
the vast majority of American cit
liens, those not occupying pin.
nacles, but just ordinary, everyday
folks are level-headed. non-excitable,
mot easily stampeded, men OF de-
termination, backbone and balance
Therefore. I see mo reason for
giving way to despair over the ma
tional outlook. Difficulties con-
front us-they always do. But my
conviction is that we can meet and
master them.
The difficulties which lie ahead
are as nothing compared with those
we have already experienced, and,
somehow have managed to worry
through.
Now for a word on a matter Of
the deepest national importance.
Certain extremely influential
banking interests are anxious to
use some of the billions Of idle
money and credit for international
purposes which do not appeal to
our Governmental authorities.
Bluntly, bankers are anxious to
lend money to foreign governments,
not for purposes of industry, not
for purposes of production, not for
purposes of agricultural or railway
or other development, but for
purely political purposes, meaning
by that the balancing of unbal-
armies and other unproductive
purposes.
The stand taken by those in au-
ment Of the savings and the deposits
of the American public is this:
America today possesses the only
important financial surplus in the
whole world. This surplus must rot
be poured down any sewer. 1t must
not be dissipated. 1t must not be
frittered away.
1t must be utilized for the one
great fundamental purpose of set
ting the world on its feet again, or
putting the world back to work, Of
enabling idle men and idle machin-
cry to resume active operations. II
handed over to governments who are
still spending beyond their means,
who are doing their best to bring
about their own destruction and the
decentralization OF international sta.
bility, Americas surplus capital
would be wasted, would be gone for
good, without having accomplished
an basic, lasting benefit to man.
kind.
Consequently, the wiser, more dis.
corning men at Washington have set
their faces against the floating in
this country of loans for foreign gov
ernments that have not resolutely
addressed themselves to the unpleas-
ant but unacceptable task of setting
their house in order-and of making
ends meet.
millions for protection. Not a
cent for politics" is the terse way Of
summarizing Washington's attitude.
And Washington is absolutely
right.
This matter affects every bread
winner in America. Unless the
worlds only remaining stock Of capt.
tai is utilized for re-starting indus
try and work throughout the world,
then the whole system Of interna-
tional commerce will sink In decay,
dragging OBSERVATION-DISCLOSURES