Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-11-20


the elimination Of waste in the con-
duct of the National Government
and of the business of the country,
prices went down while wages went
IN. The wage Garner receives more,
while the dollar of the consumer will
purchase more. The significance and
Importance of this result can not be
overestimated.
This is real and solid progress. NO
one can deny that 1t represents an
increase in national efficiency. IT
must be maintained. Great as the
accomplishments have been, they
are yet but partly completed. we
need further improvement In trans
portation facilities by development
of inland waterways; we need rail-
read consultations; we need further
Improvement of our railway terni-
nails for more economical distribution
of commodities in the great con-
pested centers; we need reorganiza-
tion of Government departments; we
need still larger extension of electri-
fication; in general, we need still
further effort against all the various
categories of waste which the De- ,
partment Of Commerce has enumer-
ated and SO actively attacked, for IN
this direction lies not only increased
economic progress but the mainten-
ance of that progress against foreign
competition. There is still plenty OF
work for business to do.
To Whom Should Loan
BY these wise policies, pursued
with tremendous economic effort. our
country has reached its present
prosperous condition. The people
have been willing to work because
atI1tnO RI work
for. The per capita production has
greatly increased. Out of our sur
plus savings we have been able to
advance great sums for reflnancing
the Old World and developing the
New. While Europe has attracted
more public attention, Latin Amer
lea, Japan, and even Australia. have
been very large participators In
these loans. If rightly directed, they
ought to be Of benefit to both lender
and borrower. IL used to establish
industry and support commerce
abroad, through adding to the wealth
and productive capacity of those
countries, they create their own |
security and increase consuming
power to the probable advantage OF
our trade. But when used in ways
that are not productive. like the
maintenance Of great military estab-
lishments or to meet municipal eX-
penditures which should either be
eliminated by government economy
or supplied by taxation. they do not
appear to serve a useful purpose and
ought to be discouraged. Our bank
ers have a great deal OF RESPONSE
bility in relation to the soundness
of these loans when they undertake
to invest the savings Of our country
abroad. I should regret very much to
see our possession of resources which
are available to meet needs in other
countries be the cause of any senti-
ment of envy or unfriendliness
toward us. 1t ought everywhere to
be welcomed with rejoicing and con-
sidered as a part of the good fortune
of the entire world that such an
economic reservoir exists here which
can be made available in case of
need.
What We Did For Europe
Everyone knows that it was our
resources that saved Europe from a
complete collapse Immediately fol-
lowing the armistice. Without the
benefit of our credit an appalling
famine would have prevailed over
great areas. In accordance with the
light Of all past history. disorder and
revolution, with the utter breaking
down of all legal restraints and the
1oosing of all the passions which had
been aroused by four years of con-
flict, would have rapidly followed.
Others did what they could. and no
doubt made larger proportionate
sacrifices, but It was the credits aid
food which We supplied that saved
the situation
When the work Of restoring the fs-
cal condition of Europe began, lit was
accomplished, again with our assist
ance. When Austria determined to
put her financial house in order. we
furnished a part Of the capital. When
Germany sought to establish a sound
fiscal condition, we again contributed
large proportion OF the necessary
gold loan. Without this. the repara-
lions plan would have utterly failed. I
Germany could not otherwise have
paid. The armies of occupation would
have gone on increasing international
irritation and i'll will. 1t was our
large guarantee Of credit that assist
ed Great Britain to return to a gold
basis. What we have done for France,
Italy. Belgium, Czechoslovakia, Po-
land, and other countries, is all piece
Of the same endeavor. These efforts
and accomplishments, whether they be
appreciated at home or received with
gratitude abroad, which have been
brought about by the business inter-
ests Of our country, constitute an enor-