The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-10-24

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not wish to consider that ques-
ton. But l should like to have
it made plain that this action
took place before this admin
istrGtiOn came into power, and
whatever damage there was had
already been done. 1t has been
the policy Of the present admin-
istration constantly to favor the
reduction Of discount rates. This
has been done, until they now
range from 3 per cent to ~
! percent. This administ ration
has constantly sought TO pre-
vent further deflation by en-
couraging all kinds of business
in order to restore prices of
agricultural products, to a point
where they would show a fair
profit. The general business de-
preston had reached it's lowest
depths in the spring of 1921, and
since that time there has been
a gradual recovery which has
now spread to agricultural prod.
ucts. If u mistake was made, it
was not made by this admins
tratiOn. The government is now
proceeding in the opposite direc-
tion.
Must Provide Relief
Advantage must be taken of the
present period of relief to provide,
by the adoption of sound business
methods and sound legislation,
against the recurrence of such dis
astrous depression. This is not a
political question:; it is an economic
| question. 1t is not sectional ques-
| ton, it is a national question. 1t
does not relate merely to the well
fare of those who live on the farms,
| it influences the welfare of all the
people of our country. l have with
held the calling of an agricultural
conference on the advice of some
! of the leaders in the farm organi-
cations. But l stand committed to
this proposal. believe it holds out
the best promise of wise solution
and the best method of substantial
agreement among the farm organi-
cations themselves, of what they de-
sire in the way of government ac-
ton. therefore propose to call
: such conference, to consist of some
of the leaders in the farm organiza-
tions and some of the prominent
representatives of farm economics
in our agricultural colleges, to for
mulate q program for legislation to
l. %,A <n n
We can all support. The farmers
have suffered enough from those
who have attempted to barter their
votes for unsound remedies. ! want
their business but on sound
basis by thorough and scientific
study, where it can exist on an
equality with other business.
"What we may hope for in this
direction is illustrated by our pres
ent foreign trade. In 1913 both i'm
ports and exports were but $4,2OO,-
600, 900. After the war the trade Of
the whole world collapsed, but we
have brought our foreign trade up
to about $S.0OO.0O0,00O. Translated
into pre-war prices, this would be
about 1920, 100000.
| "When we look for an example OF
benefitting consumers we shall find
it in the bituminous coal industry.
Three years ago there were about
5000 mines, or 30 percent more
mines and miners than could be
given regular employment. The de-
partment of commerce found there
was need of more cars, more summer
storage and more industrial peace.
These have been accomplished, with
the result that while in the prof
iteering period of 1920 run-of-m mine
coal averaged 1894 a ton, notwith-
standing the strikes Of 1922, it aver
aged 1897 per ton, and for the year
ending June 30, it averaged 1928
per ton. This industry has been or
ganized but not monopolized, it has
between 1000 and 5000 competing
mines, and no person or group con-
trolls more than two percent or three
percent of the production.
Country Sound
Tt is impossible to escape the
conclusion that the general econom.
ic condition of the country is good
While business and agriculture have
not fully recovered the losses caused
by the world wide depression which
always follows war, they are now
on a fairly profitable basis. II
would be natural to suppose that
every we'll wisher of the country
would be anxious to maintain thu
lpresent established order Of things
which has given to the people Of
America a position superior to thai
] ever before held by any people OF
earth. But in spite of the extra
ordinary results which have been &C
complished, there is not only large
amount of criticism, but proposals
to make at least two Of the mos
revolutionary changes.
at has always been the theory o,
our institutions that the peopl,
should own the government and no
that the government should own tn
people. This policy cannot be mai.
tanned unless the people continue t.
, own and. control their own property
The most important property Of tn
country is transportation and water
. |power. 1t is not only very lar.:e j,
amount, but is of the creates
, strategic value. 1t could be used il
such a way as to assume ''virtua
control of all other business Of an,
. Importance. 1t is proposed tina
these properties should be brough
! under public ownership.
, Irresponsible public commits
sions have valued these 1t about
$4,000, 100000. Such . cost would
more thxn double aiI our public
debts. Any deficit in earnings
would have to be made up out