The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-05-02
HAS NOT INJURED BUSINESS

Business men will be interested to note the
attitude of leading American bankers re-
Gently assembled at Augusta, as respects the
Washington investigations, delay in income
tax revision and political conditions in gen.
eral. AS a rule, n presidential election year
is not one of business activity because of the
uncertainties arising out of the possibility of
party change in national administration
This rule does not appear to hold good this
year, though there is ground for believing
that the government for the next four years
will be under Democratic auspices. Economic
conditions are favorable; the outlook for con-
tinued and even increased prosperity is re-
assuring.
Nor has the delay in revision of the in
come tax produced perceptible retarding eff
fects on the business situation. Perhaps
that is because business interests have been
changes that are likely to be made and to
discount such influences as might otherwise
have been exercised There has not been
enough uncertainty from that source to have
any material unfavorable or disheartening
effects.
With these two elements and influences
disposed of, so far as they influence bust
ness, the reaction which some predicted from
the congressional Investigations has not ma
terialized, according to the almost unanimous
expressions of leading bankers. They dis
cussed the industrial situation from this
standpoint, and nearly all of them took an
optimistic view of the present and the future
as affected by these investigations. An i'm
portant banker from the West, declaring
that the Washington investigations had no
material effect on business conditions
throughout the country, significantly added ::
Honest business and honorable business
men-and this includes the great majority
have nothing to fear from such investiga-
tions" The foundation of business is con-
fidence. The more effective the investiga-
lions and the wedding out of questionable
methods or wrong doing in high government
circles, the greater the public confidence and
the more encouragement to legitimate bust
ness. 1t matters not what questionable bust
ness may CnlnK or say OF sucn 1nVeeClgaClonS.
The point is that the higher the plane of in
dustrial and commercial ethics, the greater
the progress and prosperity in business that
is worth WHILE fy..
Not long ago Judge Gary, of the Steel Cor
poration, exrFessed the view THAT business
conditions were more or less uufayorably
affected by The congressional investigations
1t is reassuring to note that leading bankers
of the country do not subscribe to that view.
There could be no more stimulating influ-
ence upon the country's economic situation
than assurance that the congressional in
vestigations will result not only in wedding
from the government service high officials
who have been unfaithfuI to their trusts, and
all who are incapable of performing the
duties of their positions, but in giving as
surance to the people that their government
will be conducted on honest economic and
productive principles. Such situation
growing out of the Investigations would be
tonic to business the country over.