Evening star., 1926-11-29
The Nations Balance Sheet.

Balancing the Nations books for
the fiscal year 1925-26, Secretary
Hoover in his annual report finds
practically no losses to write on and
a large net profit to record. In the
broadest terms, prosperity prevailed
during the twelve months at a rate
never before equaled in the United
States. The volume Of production
and consumption was never higher,
there was practically no unemploy'
ment, the standard Of living was main
tatned at the highest point in the
history of the country.
This picture Of general good times
IL substantiated by the details OF the
years work. Both mills and stores
were active. the former in the maxi
ing and the latter in the selling Of
products. Financial conditions were
sound, with the banks maintaining
their balances and the rates Of ex-
change continuing favorable. In the
price levels there was only one group
of exceptions to the rule, in the agri
cultural lines Of production. Yet the
disparity between them and the in
dustrial groups was less than hereto
fore. A steady advance in prices of
farm commodities has been main
tanned since the depression Of five
years ago.
In q country as large as this. with
such a wide variety Of activities, 1t
Is impossible to maintain a uniform
standard Of what is called prosperity,
affecting every interest and group.
Climatic conditions that contribute to
the advantage of one industry may
depress another. Financial stand
ards f1uctuate according to the state
OF the foreign markets. Employment
may be slack in one section and ac-
tive in another.
In Secretary's Hoover's report there
is assurance that the general aver
age of the national conditions has
been remarkably high, despite these
difficulties, incident to the immense
expanse of the land and the wide va
riety of conditions and interests
There are more home owners and
there is better housing. There are
moro wage earners, and at better
wages. There are more buyers and at
better prices. There are more pro-
ducers, and with greater profits.
Thus stands the equation, and 1t is
decidedly gratifying. 1t serves as a
severe check upon the communistic
clamor for a change of management.
Equalization of opportunity and of re-
ward, the object of that propaganda,
ts discounted by such showing of
general and practically uniform pros
perity. The radical who would revo-
lutionize society for the benefit of the
so-called proletariat is heard with lit
tie sympathy when such conditions
prevail. 1t Is only in times of dis
tress. when employment is slack and
pay is poor and trade is stagnant,
that the "soap box orator. finds a
ready audience.
These present conditions, as re-
ported for the fiscal year just closed
and which are continuing generally
during the first half of the current
year, are based upon fundamentally
sound factors of national well-being.
More industry and thrift, greater in
teiligence in the management of af.
fairs. a better understanding of the
laws of economics and trade. wider
concept OF the scheme of national
business, all make for the satisfac-
tory balance which the Secretary of
Commerce now reports. Disasters
may befall the people, and period
OF hard times may come. but not for
long and without destroying the
foundations upon which this structure
OF national prosperity stands.