Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1924-11-29
BY ANDREW w. MELLON
Secretary Of the Treasury

LUG cohulClon OF the country to.
day is sound.
We have paid the penalty for the
initiation that accompanied and fol
lowed the war, and prices have now
adjusted themselves more nearly
in accordance with the immutable
laws of supply and demand
Economic conditions can not be
changed overnight; but a govern
ment moving with intelligence and
courage can give economic forces
freedom and help the country to
cure itself.
This the present administration
has done. As result Of the sourd
nd at the same time courageous,
policy of retrenchment pursued hy.
President Coolidge, we have emery
ed from the difficult period of post
war REIMBURSEMENT with otr financial
structure unimpaired and the fonr-
dation laid for the country's con-
tinued steady development.
Abundant Credit
An efficient budget system he's
been put into operation by the fed
eral government; and in the last
four years expenditures have been
reduced nearly one-helf. Taxes
have been lowered, leaving in the
pockets of the people increased
amounts for investment and ether
purposes. Certain reforms must Be
introduced into the tag system be-
fore, business and industry car be
freed from the retarding influence
Of an unscientific system Of tax
alton, but this, / am confident viii
be done.
During the last two years prices
have been comparatively stable,
thus removing the demoralizing eff
feet which rapid changes in prices
and values have on business. Agrii
cultural prices have nearly complet.
tely recovered, if we apply the true
test of their purchasing power in
othe r commodities.
Abundant credit is available for
ell legitimate undertakings. The
aggregate amount of the country's
bank deposits is greater today than
ever before in our history. Az tie
same time, reserves are unusually
high; frozen loans have been large
j ly liquidated; and on. banaine
structure was never in a stronger
Iposition than now or more able to
support continued business ant in
Gustrial expansion.
With the Federal Deserve System
and the new credit irstrumentaIi-
ties provided during this admins
tration, every legitimate credit need
of agriculture, business and indus
try can be adequately supplied at
reasonable rates of ints,est. There
is not, and need not at any time be,
shortage of either credit or cur
rency to support expanding BUSH
ness and trade.
Position Unsurpassed
The Inauguration of the Dawes
plan for reparation paJ'uents is ye
beginning of the solution Of the
economic problems of Errope. AMI
will undoubtedly result in a grow
ing market for American products
and stimulus to our own industry.
With the full recover Of Germany
and other European countries there
may possibly come keener compe-
tition in some lines which may
necessitate some gradual readjust-
n.ents here. But the general effect
of more prosperous world can
only mean the broadening of our
own markets and greater eccnom-
ic development in this country
We, in the United States, are in
most favorable condition today.
There is everywhere a note of epti-
mism for the future, induced by al
belief in the strength Of our gov
eminent and in the ability of Presi-
dent Coolidge to steer q sound and
constructive course. Our position,
at home and abroad, is unsurpassed.
We have good wages. ample EN-
ployment, better agriculture, sound
credit and great natural resources
all of which justify the greatest con-s
fidence in our future progress and
nrosDeritv.