The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1922-10-27
CONDITIONS
NOT FULLY
RESTORED
Steel Magnate Touches on
Wide Variety of Topics
In An Address
INTERNATIONAL NEWS sERvIcEI

INTERNATIONAL NEWS SeHflNEJ
NEW YORK. October 27.-Normal
conditions in the United states have
not yet been fully restored and are
not likely to be unless extraordinary
efforts are made. declared Judge FL
bert H. Gary. chairman OF the Unit
ed States steel Corporation and the
President of the American Iron and
Steel Institute at the annual meet
ing Of that body today. The coun-
try is at present suffering from the
high cost Of living, he declared, TO
which profteering and labor dis
putes. temporary relapses OF the
war fever. have further complicated
he return to normalcy
TOUCHES ON MANY TOPICS
Judge Gary selected as his topic
ne question Of supply and demand.
upon which he declared our entire
economic Foundation is predicted He
touched on a wide field of topics
covering economic conditions, both
at home and abroad.
Judge Gary vigorously opposed
the cancellation OF the foreign debts
owed to the United States: lauded
President Harding for the conduct
Of his administration: said that the
steel industry is in a healthy con-
dttion but expressed concern over
the growing labor shortage; advo-
Gated the fullest use Of publicity in
all departments OF economic life
which affect the public and voiced
the hope that conference would
be called in Washington for the
frank discussion Of all unsettled
financial. commercial and industrial
questions in which the people are
interested.
MAN-MADE LAWS
Legislation which has been en-
acted to curb prohteering and high
prices. Judge Gary declared. has
not always succeeded and added:
There are already TOO many man
made laws and perhaps too many at |
tempts TO apply them which are
calculated TO interrupt and hinder
progress and industrial prosperity.
Any statute that unnecessarily in
tcrferes with the natural law OF
supply and demand works inca1cul-
able damage to economic progress
and prosperity. The fault for con-
tinual prosperity In a measure may
be laid at our doors. If so. then
let US TO the best of our ability, ov-
ercome our faalts and consistently
adopt and practice reasonable and
constructive policies"
Judge Gary declared the foreign !
debts were voluntarily. open and
fairly contracted"
AGAINST DEBT CANCELLATION
ITO cancel these debts or any part
of them without full payment would
De forced charity and that is never
agreeable to the donor and as a rule |
equally disagreeable 70 a self res
pective person or nation" he decIar- |
ed Americans generally would
not be contente1 with a government
al action which relieved from debt |
the citizens of a foreign nation by
Increasing the burdens of the form |
err"
Judge Gary said that debtor ma
tons can and are willing to repay |
their obligations but cannot do so |
at present because OF unsettled con-
ditions.
I'VE should be cheerfuliy willing
TO extend payment al reasonable low /
rates Of interest. We should be
glad TO make new loans whenever
we are confident they will be paid
and thus assist in restoration and
rehabilitation. There is no royal !
doaf 70 success except on the basis |
Of reciprocity. Every man or ma
tion in order to measure up to OBJ
legations must work and save must
be prudent and fair and econoni- |
cal"
RIGID ECONOMY NEEDED
Foreign debtor nations need NOT
expect return OF fair rates Of ex-
change except by producing and sell !
ling TO other countries what can be /
utilized by the latter. When a man 3
or nation is in cebt there should be
practiced at all times rigid economy
and aximum Industry until after the
debts are paid and the equilibrium
for the basis Of exchanges is re-
stored. 1t is needless to ignore the
well tried law of supply and demand |
1t cannot be done successfully"
Judge Gary warmly prai-aa +ba
Continued on Page Five7