Evening star., 1928-11-10
BY JOHN r. SINCLAIR.

| the Hoover administration.
BY JOHN F. SINCLAIR.
Higher standards of living, continued
! prosperity and constant growth III
world wealth and Importance under the
engineering and organizing genius OF
President-elect Herbert Hoover is An
drew w. Melons vista OF the next Tour
years.
Seated in his blue and mahogany
Office on the second floor OF the Treas
ury Building, the tall, slight and in the
popular mind, enigmatic Secretary OF
| the Treasury today sketched for me his
| picture of Americas business and tlnan-
cial future.
| Talking with Mr. Mellon, one gains
| the impression of man with strong
emotions under complete control OF an
| iron will. His clear, blue eyes are lighted
with unusual vitality. His ruddy,
| healthy face bellies his 73 years. Yet
his speech and manner are mild. state
ments involving billions OF dollars slip
! from his tongue in a casual, unem-
phasized way.
I'm your speeches during the cam
| paign," I said to Mr.. Mellon, you
spoke of great economic forces by which
| the average mans welfare Is SO greatly
affected. Exactly what did you mean
| by that?"
THAT term" Mr.. Mellon replied,
means great many things.
. Affects Buying Power.
"I was referring, primarily, to such
things as production and consumption,
especially as affected by buying power
and the influence that go to increase or
decrease buying power"
High wages, of course" the secretary
explained, constitute the most import
ant element. And wages are affected
by the consumers demand for goods
which labor produces.
Quantity production and increased
efficiency, both In human labor and
machinery, have their effect.
Governmental policies or protection
afforded by tariff and immigration legis-
lation are important and sound policy
in the production and marketing Of
agricultural products will do much to
increase and sustain buying power"
"Do you think the general economic
factors of the business situation healthy?
In other words, is there anything to
indicate a let-down In present industrial
activity?"
"I see no indication of slowing up
of industry Most industries are able
to regulate production more or less ac-
cording to the demand. So long as
reasonable caution is exercised and there
is no undue piling up of inventories,
there is no cause for concern"
What in your opinion are the factors
which have made the unusual and
unique prosperity which industry has
been enjoying in America for the last
five or six years?"
Partly Due to War.
"It was partly due, of course, to con-
fAI1Ary{vAep
were Obliged to 90 through cleaning
| up period It was necessary to re-
adjust our inventories, to get rid OF
wartime taxes. to get the governmental
| debts, both domestic and foreign, IL.
.. hand and to help in stabiizing cur
rencies abroad. This has been largely
| done.
I'm the last two or three years the
| country has started in on a new con-
structive period. The time lost by the
war has been more than made up and
| from now on we can expect the natural
and inevitable growth of the country,
both in population and in wealth, to set
| new levels such as neither this nor
any other country has ever reached
| before"
"You already discern evidence Of
what may be expected?" asked.
Eyes" said Mr.. Mellon, "our national
income has passed 100000, 100000 and
is moving rapidly towards the $100, ,OO0,-
000, 900 mark. That means that at the
present time the per capita income fol-
each man, woman and child in this
country is already more than $765. O1
our national income, increasingly large
amounts go into savings. There Is nc
exhaustion of our national resources
and, leaving out of account wars and
other great calamities, can see no rea-
son why the present upward trend In
this country should not continue"
You think, then, that prosperity In
the United States will continue?"
IF by prosperity you mean contin-
uation of general well-being throughout
the country and a steady improvement
in our standard of living, there is nc
reason why it should not continue in.
definitely. OF course, that statement
is promised on the proposition that con-
Servative ard we'll tried economic pT1n'
ciples shall continue to be followed"
How can the Government be of the
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