Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-11-16

10 per cent from 1870 to 1895. The
same report shows that the monthly
total average pay roll Of wages declined
SOL per cent during the same six years
The Bureau of Labor Statistics In It's
monthly report for May, 1927, reported
that the quantity for manufactured
| goods per wage Garner employed has
increased - per cent In the preceding
| seven years. The average workman IN
! the mills and factories was in 1927
giving his employer yearly product 81
| Der cent greater than he was seven
years before. The drop of 80 per cent
In labor's share Of the national income
was due TO the drop of 10 per cent in
| employment because during the same
! time the average working employee had
an increase In wages Of 8 per cent On
ence on Unemployment in It's report,
Recent Economic Changes" shows that
after paying dividends Of preferred
| stock, interest on bonded indebtedness
| and other expenses, corporations en-
| joyed an increase in dividends on COM
mon stock from l64 in 1928, with 1918
Is q basis Of 100, TO 230 in 1925, an
increase Of 66 points. or 40 per cent.
| This disparity Of income could, in the
end, bring only disaster to industry be-
cause industry cannot buy its own prod
ucts Industry must look for . mar
ket for It's products to the 10 millions
| of people working on the farms and in
| industry, but with their income declin-
| ing ~ per cent and 30 per cent re-
| spectively they cannot buy and indus
| try is now suffering from the back
wash Of the resulting economic up
heaval.
If industry Is TO have q market for
| its products In It's natural field, which
is the American producers, wise indus
trial leaders win see that they must CO.
| operate in enacting legislation TO place
agriculture on q par with industry now
In order that agriculture and labor may
share in the national income with In
dustry in proportion to the value Of the
services rendered. This Is necessary If
we are TO have q balanced economic ma
tional life. Industry can also help 70
abolish, In part. this disparity Of income
by one Of two ways or both. Either by
increasing the aggregate income to labor
through wages, q shorter labor week OF
by reduced prices for Manufactured
goods to the consumers. The tnequAli
tiles Of the tariff law should be illunnin.
ated and the tariffs on agricultura
products not now effective should be
made effective BY enacting legislation r.
put into operation the debenture plan o.
farm relief, or some other method BY
which tariffs on agricultural products
Of which we now export . surplus, car
be made effective.
Seeks Transportation Relief.
I believe relief from high transports
ton charges to and from the sea Is al
imperative need for the land-locket
territory Of the Mississippi valley: De- ,
velopment Of the inland waterways WI
give this relief.
The railroad alternating formulas o.
the Interstate Commerce Commission
under the Esch- Cummins act and thu
devastating effect on the landlockec
Midwest of the construction and opera
ton Of the Panama Canal are In large
part responsible for the dislocation O
Industry and the prcstration Of agricul'
ture in this great inland region. The
consequent decrease In invested capita
and In men employed has resulted in
corresponding loss IN home markets Y
Midwest agriculture. These are no
conditions to be remedied by the SLOW
working Of time. Their correction rest
In 20 far as that Is possible with TIT
Government that helped TO create them
They represent issues which face thos'
Of US now active In commercial ans
public affairs.
Congress has in aid Of trade, industry
and agriculture authorized the develop
ment Of q system OF inland waterway
for the Mississippi Valley, the cost O
which will approximate $685., O0O, 900
The amount, however, required TO b.
appropriated for the completion OF al
river and harhor projects now author
lied Is about $500, 900 900. It Is Of thu
utmost national importance that al
these projects be completed in thu
shortest time possible, not IN excess o
Ave years. This opinion Is based upoS
the following considerations:
First. The depressed condition %
trade, industry and agriculture calls 70
relief now through the savings which
viii be available from transportation OF
improved waterways.
second. Economy in Government
financing. The present piecemea
method Of prosecuting the work on
these projects under the handicap o
uncertain annual appropriations WI
require 20 years tcr tnear compiet tsa
piecemeal methods OF the past increases
the cost ct least 40 per cent ovel
original estimates and authorizations
witness the Ohio River, which was eett.
mated to cost SIS. 1000, 900 and actually
cost after 20 years OF p1ecemeal worl
in excess Of 100000, 900. A five-yeal
program on already authorized river anc
harbor projects would, therefore; say az
in first cost approximately $3.50, O00,O0
Third. Savings in interest on capita
invested and unproductive during thu
average period Of construction OF som'
40 years under present piecemeal meth
DDS will amount to 9l62,S0O 900.
Fourth. We are facing serious un'
employment problem Private capita
can help but cannot remedy the presen
situation. Industry Is already over
expanded. The present state OF business
and securities calls for retrenchment
The whole river and harbor program
which Is a reproductive public work
should h pressed to completion, Directl!
or indirectly 100000 men would thereby
be given employment during the mex
fve years. 49,.
Financial Program Needed.
Fifth. Industry would, II a definitl
short term Of years was ofiicially estab.
! lished for the completion OF our inland
waterways, anticipate their completion
as It did on the Ohio, and construct
plants and facilities now, thus employ
ing added labor and capital.
There remains for consideration {
, financial program. Two methods sug.
gegt themselves to me. We are retiring
a our war debts ct the rate Of $1,000.
, 000, 900 per year. We can postpone THU
, retirement program for one year and
apply o sufncient amount thereof r.
complete our entire river and harbOl
bond issue. Is was done to build thu
Panama Canal, for the immediat.
prosecution OF all approved river and
harbor projects to be completed IN flvs
: years. Great iiquidations Of our wal
4 debts are throwing back upcn tia hand