Evening star., 1923-02-18
Prosperity and a Warning.


ing era of national prosperity have
reached a point where informed stu
dents of business conditions no longer
hesitate to predict that this country
has before it every prospect of long
period of good times, with the bene-
equitably in the fruits thereof. Already
unemployment, which year ago was
one of the most menacing Of Ameri-
can problems. has all but ceased to
exist and, with the revival Of building
operations and agricultural activity in
the spring, there promises to be an
actual shortage of labor.
Every barometer Of trade seems to
be indicative of fair weather. Steel
mills are operating almost to maxi
mum capacity. with domestic orders
so heavy that they have little surplus
for export. Cotton and woolen mills
are being forced to night operation to
keep up with their orders. Automo-
bile tire manufacturers predict an
output of 55,000,000 tires this year,
and the output of automobiles is ex-
pected to break all records. Manu-
facturers of railway equipment are
sharing the increased earnings Of the
railroads, and the market for lumber
and other building materials is ex-
periencing an activity which assures
an enormous volume Of construction.
That even the farmers, SO short a
while ago in the slough Of despond,
are beginning to sit up and take
notice is evidenced by reports of heavy
orders sbeing received by manufac-
turers of farm implements and ma
chinery. Cotton is selling at price
which spells prosperity for the south
ern planter, and prices Of other farm
commodities are reaching level
which will speedily abolish the COM
plant that the farmer is unable to
realize profit. With the better credit
facilities now at his command. when
a new crop has been grown and har-
vested the farmer will again be in the
market as buyer and with increased
buying powers. And prosperity will
be given a new impetus when the
agricultural community has the money
with which to supply its depleted
household wants.
Now, before we are too busy reap
ing the benefits of prosperity, is a
proper time to take thought as to
how it may be safeguarded. Rising
prices are q natural accompaniment
of good times, but high prices do not
of themselves constitute prosperity.
They are not even an evidence OF
prosperity when they are the result
Of excessive profits. On another page
CT today's Star is published an inter
view with DR.. Julius Klein, director
of the bureau Of foreign and domestic
commerce, in which he gives warn
ing on this very point. He urges
moderation in profit-taking, to the end
that prosperity may be enduring and
its benefits distributed fairly. In
other words, DIR. Klein advises against
killing the goose which now is ready
to lay golden eggs. This applies TO
the farmer and the laborer no less
than to the manufacturer and mer-
chant. AS between the laborer and
the farmer, the former owes some
consideration to the latter. At the
time farm prices were so violently
debated there was no corresponding
decrease in the wages of labor, and
labor, when it had employment,
reaped a disproportionate benefit.
Fairness now demands that the farm
er have a chance to catch up bit
before labor begins to complain or
the cost of living and to agitate for
higher pay. And it is to be expected
that labor will be reasonable, for the
lesson has been pretty thoroughly
learned that no prosperity can be per-
manent which is one-sided and takes
from one group that which rightfully
belongs to another.