The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1931-07-31

IL WOulQ 4 .
years to do so. At best this plan could
only become effective at some indefinite
time in the future as against the re-
turn Of another catastrophe Of general
unemployment. Others look upon unem-
ployment as purely an economic prob
lem, holding that the only fundamen-
tai preventive Is in business stability.
It may well be asked whether either
Of these cures-namely, the creation OF
unemployment insurance funds on the
lasting business stability on the other
do not present in themselves bigger
problems than the problems they seek
to cure. However I am inclined to
the belief that the more practical ap.
proach to the solution Of such prob
lens and the prevention Of such situa-
tions as general unemployment pre-
sents is along the latter lines of eco
nomic foresight rather than along
lines of social legislation.
National Foresight
Econ omic foresight Is conceivable not
only for the individual but for bust.
ness as a whole. Millions of indi-
viduals and virtually all lines of in.
dustry failed to practice it during the
last stages of the recent prosperity.
The public welfare Of the United
States demands that industry as a
whole vigorously and sincerely devote
itself to the development Of plans Of
economic foresight, aimed to prevent
repetitions Of the present unemploy-
ment situation. The general outlines
for such plans are clearly definable.
They demand that industry adopt
long range viewpoint and lay out its
production and distribution plans with
the thought that it is far better to
have long period Of good sound bust.
ness activity than a short period OF
frantically over-competitive endeavor.
This would tend to lessen over-pro-
duction in various lines, to prevent
over-expansion of plant capacity, to
avoid over-stimulation of public buy
ing and above all to avoid periods Of
slumps and stagnation following Pc
RODS of over-stimulation with their
disasters of unemployment
For business, too, there Is part
in such a conception Of economic fore
sight. 1t should aim to cooperate with
industry in its endeavor to avoid reck-
less over.production, over-stocking and
over-selling the public.
In this picture of national economic
prudence, banking and finance, too.
have their place. Their effort should
be to influence the use Of credit and
other financial facilities into channels
Of sound public economy consistent
with the attitude I have already
sketched for industry and trade. All
finance, whether current commercial
banking or industrial investment
banking, should seek by their influ-
ence in granting or Withholding credit
to stimulate and build up balanced
economic situation.
The Individual Must Help
Finally, the individual too has a place
in any such plan of a sounder eco
nomic future for the United States.
It is the duty Of the individual to
make every effort to take care Of him
self and provide for himself. Neither
government nor industry can do that
for him. They can give him the OPP
portunity to succeed but they can't
succeed for him. He must out of his
own initiative and effort earn and
create his own means and defenses
against the requirements and contin-
gencies Of life.
Individual determination to provide
against sickness, accident and death
by insurance before indulgences in
extra comforts and Injuries are given
place in the family budget, and indi.
vidual responsibility to guard against
the contingency Of unemployment by
means of sound program Of thrift
and savings are to my mind the true
foundation Of economic stability for
the United States as Q whole.