The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1922-01-26
SEES NEW ERA
OF PROSPERITY
AHEAD FOR US.
J. L. Bell Speaks to American
Legion Members Voicing
Confidence in Future
DEALS WITH WAR PERIOD
Causes of Initiation and Deflati0n
Are Traced by MIR. Bell
In His Speech

Prediction that the United States Is
going to enter into a. period Of pros
perity was voiced by J. L. Bell, vice
president of the First National bank
in an address to the American Legion
last night. The nation has the re-
sources, the financial strength and
the world conditions are favorable to
such an era, Mr.. Bell said.
Already, he told his auditors, bus
mess conditions are gradually get
Ing better Stocks Of merchandise
in various lines have throughout the
country been reduced, inventories are
| Gown and new goods must be and are
being purchased There is improve.
ment in conditions il The east at this
time, he said.
While "norma,cy" has not been
reached, great progress has been made
IN the adjustment of conditions, Mr.
Bell said. Prices are down, in some
lines too low and in some yet too
high. There still is adjustment to- be
made and while some economists have
set the year 1924 as the time when
normal conditions will be reached al
ready great strides have been made.
Traces Dollars Course.
Mr.. Bell addressed members of the
Legion and the Legion auxiliary in
joint meeting following the separate
business meeting of each. His ad-
dress was one Of a series of address,
es local citizens have been invited to
make as part of the winters pro-
gram OF the Legion.
The Rise and Fall OF the Dollar"
was discussed by Mr.. Bell, who went
into the causes OF imitation and the
subsequent violent defation.
Anything that cuts, across the Or
,dinaryS placed current Of business is
likely to cause trouble, he said. War,
no matter how justifable, is uneco-
nonnic, because it destroys. The speak
er described the effect of the entrance
Of America in the war on the normal
channels of financial and business
life. twenty-five billion dollars Of
Liberty Bonds were issued during the
war. The government, usually con-
servative in finances, had become the
greatest borrower Of money. Uncle
Sam suddenly became the. greatest
employer, with 100000 men in his
service.
The normal saving capacity of the
country, Mr.. Bell said, is said to be
about $6,OOO,0O0,O0O annually. This
would be $12,00O,00O in two years, ana
in two years the government issued
$25,OOO,0O0 of bonds. A fabric of credit
was built up through borrowing, be-
ginning with the individual and con-
tinuing to the Federal Reserve sys-
tenn, IAN inverted pyramid the
speaker described it, which led to
the imitation.
Expansion Of Foreign Trade.
Mr.. Bell referred to business con-
Nitions Immediately following the
war. In 1919 our foreign trade
reached the astounding sum of sS,-
OOO, 100000, he said. European coun-
tries spent great sums in this coun-
try, money largely which was obtain
ed for war purposes from loans from
this country. 1t was apparent, he
said, that spending Of two or three
billion dollars for peace purposes
greatly stimulated the after-war in
dustrial boom.
Initiation was felt in all lines. Prices
for agricultural products rose and the
price of land rose too rapidly, Gre
ating an unWholesome condition.
Merchants needed greater stocks to
supply the greater demand, and were
forced to pay high prices for their
goods. The great mail order houses
did an unprecedented business, sold
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