The Columbus dispatch. (Columbus, Miss.) 19??-1922, 1922-01-04
THE WAY THINGS LOOK TO US
SOME OBSERVATIONS ON GENERAL FINANCIAL CONDITIONS
WITH SPECIAL REFERENCE TO THE SOUTH

for greater confidence in the stability of our
business situation than most of us were wont
to have during the past twelve months OF
course, great many problems will have TO
be worked out before the wheels Of industry
will again turn with normal speed and many
readjustments in prices and wages will have
to be made before trade and industry will be
quickened into their former activity.
Inflated prices, over-speculation and over
tTadng-the natural consequence of the war
have inflicted wounds upon the economic
and business body of the world, which only
time and patience can heal 1t will not do to
attempt to hasten the patients recovery by
administering patent medicine stimulants or
quack remedies of any sort for such course
will prolong rather than shorten the period of
convalescence
Experience has taught us that legislative
relief in cases Of this kind too often has the
same effect as a narcotic upon the human
body-it appears to give temporary relief.
but it weakens the patients constitution and
drags him down instead of building him up.
Instead Of appealing to Congress to pass
new laws to cure our domestic ills, we should
give more attention to the economic troubles
of Europe which really are at the bottom Of
our difficulties Unfortunately too few Of
our people seem to realize the truth and i'm
portance of this statement The answer is
usually made that the Importance of the
European markets is exaggerated, because
Europe takes but a small percentage of the
various products which we export. This is
quite true, but that percentage represents
our surplus" and it is always the surplus
the over-supply-that makes prices come
down.
In agriculture as well as in industry the
war taught US how to increase our production
on large scale, and if these surplus pro-
ducts cannot be used in international trade
we viii first have decline in prices, then in
creased unemployment, and finally a gradual
lowering of the American standard of living.
1t is our belief that we will not again have
real prosperity in this country until some
kind of economic restoration has been accom-
pllshed in Europe, and a stable basis for in
ternational trade worked out. But how shall
we accomplish this, and what is the remedy?
One long step in the right direction was
the calling of the nations together for the
disarmament conference in Washington and
much has already been accomplished at that
meeting. But no matter how successful may
complete unless it is shortly followed by an
international economic and financial confer
ence, to discuss the finding Of ways and
means to resume normal international trade
and to remedy the everincreasing
imitation of currencies of several of the i'm
portant European nations Needless TO say
no such remedy can ever be found until ex-
travagance ceases budgets are balanced and
governments halt the work of the printing
presses in the production of imaginary
wealth
These are delicate questions, of course. and
i is well perhaps that the initiative for such
conference should come from England
'ather than from this country. However. the
success Of the Disarmament Conference
seems to Justify the hope that much might
'e accomplished at such a conference. and
While no one in this country wants to mix in
Nd world politics, it behooves US TO lend
Helping hand in solving the economic ills of
europe because upon the restoration of these
lations depends in a large measure the re-
1val Of real prosperity in our own country.