The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-04-16
BARUCH GIVES PROGRAM FOR
CONTINUED PROSPERITY IN U. s,
Financier Says Farmer Must
Organize Comparatively on
a Big Scale; Reparations
Problem Must be Settled.
BY EDWARD THlERRY.
NEA Service Staff Writer.

! ave-" iOIh, ApEli w. lneSe are
the two big things that must be done
to insure a continuation Of prosper
ity in America, says Bernard NJ.
Baruch. financicr, economist, and
former chairman of the War Indus
tries Board:
! "Thc farmer must organize COM
mcrcally to market his goods CO.
opcrativcly on a big business scale
! in order that he will have fairer
relationship established betwc.c
what he produces and sells and wha /
| he buys.
| Industry, labor. and business arc
! organized to help themselves. The
/ farmer remains outside. For his
own salvation he must>organize com
mcrcially or he'll get nowhere. He
buys from organized industry, and
he sells as a weak individual. The
! credit and other legal machinery ha ,
! been provided for his cooperative
marketing. but he has not yet been
able to rise above internal quarrcls
between rival agricultural organiza :
tions to safeguard his own pocket
book.
"Ab0ve all the rcparatiOns ques-
tion must be settled in an equitable
way; first, so that there shall be no
situation like Alsace- Lorraine, which
will surely end in another war; sec
Ond, SO that Germany shall not be
forced to undertake an impossible
, payment third, so that our farmers,
workers, and business men will not
! be injured by Germany's escape from
a just settlement"
Baruch thus amplified his state
ment that real danger now lying
ahead is in German domination Of
world trade in case war reparatiOnS
are fixed at too low figure. 1t
would be more dangerous to America.
he declares, than if it were fixed at
too high rate.
"Our own prosperity is not the
whole thing" he said. at is ques-
| tiOn of honor, with which business
is ineXtricably bound. We are in
honor bound to see justice to Ger
many as we'll as to France"
Baruch believes that America must
have share in fixing reparations
because it is Il moral obligation un-
dertaken at the time the armistice
was signed.
1t will be rather grim joke on
u.s." he said, "if we will not recog-
nize this obligation even from sell
fish point of view. We ought not
allow German to escape on the
ground that she is too poor. If we
do. we will find that it is ourselves
who are poor-made poor by hard
times-and Germany commercial
power ruling the world. Then Ger
many certainly will have won the
peace. Nor should we permit Ger.
many to be destroyed by over-bur-
dening her or stripping her of her
territory.
Suppose American railroads and
industries. manufacturers, cities.
states, and the United States govern
ment itself could get rid tomorrow
of all fixed charges, mortgages,
bonds and interest! Cost of produce
tion Of everything would decrease
tremendously; prices would 60 down.
That is exactly what will happen IN
Germany with too low reparations--
with all fixed obligations practically
rcpudiatcd by initiation. with nothing
to pay externally or internally cx-
cept their own industrial taxes.
"Our country has in our federal
budget alone annual fixed charges
Of $4,000, 100000, of which about $2,-
50O,OO0,OOO grew out Of the war.
How could VIC, or any other coun-
try, stand up against Gcrmany's low
cost Of production when she energies
on a new gold basis that she is
bound to set for herself if the repair
alton is not fairly determined"
This danger threatening American
prosperity will probably be avoided,
Baruch believes. if reparations are
set at $l2,50O,00O,O0O, which figure,
not including the $2,5OO,OOO,O0O al
ready paid he was the first person
among world statesmen and finan-
ciers to declare to be just amount.
He accentuates the necessity Of
freedom of action by Germany, the
restoration of her territory when
the amount has finally been deter
mined upon. and recognition of her
amongst nations when she
shows her good faith.
When asked about the political
farm bloc, Baruch smiled an said:
1T is no different from any other
interest, but it is so unique for far
mers to demand and get equality Of |
treatment that it amazed everybody,
who Immediately read them stern |
economic and civic lectures!"