The Carbon County news. [volume] (Red Lodge, Mont.) 1924-1931, 1931-09-24

III e :
R. C. STEPHENSON ~ - ~
have not been built up and it would
take years to do SO. At best this
plan could only become effective at
some indefinite time in the future
as against the return of another ca
tastrophe of general unemployment.
Others look upon unemployment as
purely an economic problem, hold
ing that the only fundamental pre-
ventive is in business stability.
1t may well be asked whether
either of these cures-namely the
creation of unemployment insur-
ance funds on the one hand or the
maintenance of everlasting bust.
ness stability on the other-do not
present in themselves bigger prob
lens than the problems they seek
to cure. However l am inclined to
the belief that the more practical
approach to the solution of such
problems and the prevention of
such situations as general unem.
ployment presents is along the lat
ter lines Of economic foresight
rather than social legislation.
National Foresight
Economic foresight is conceivable
not only for the individual but for
business as a whole. Millions of in.
dividuals and virtually all lines of
industry failed to practice 1t during
the recent prosperity.
The public welfare of the United
States demands that industry as a
whole vigorously and sincerely de-
vote itself to the development of
plans of economic foresight, aimed
to prevent repetitions of the present
unemployment situation. The gen
eral outlines for such plans are
clearly definable. They demand that
industry adopt a long range view.
point and lay out its production and
distribution plans with the thought
that it is far better to have a long
period of good sound business activ-
ity than short period of frantically
over-competitive endeavor. This
would tend to lessen over-produc-
ton in various lines, to prevent
over-expansion of plant capacity, to
avoid over-stimulation of public
buying and above all to avoid pc,
RODS Of slumps and stagnation.
For business, too, there is a part
In such a conception of economic
foresight. 1t should aim to cooperate
with industry in its endeavor to
avoid reckless over-production and
over-selling the public.
In this picture of national eco
nomic prudence, b mixing and
finance, too, have their place. Their
effort should be to influence the use
of credit and other financial facili-
ties into channels of sound public
economy consistent with the atti-
tude | have already sketched for In.
dustry and trade. All finance,
whether current commercial bank
ing or industrial investment bank
ing, should seek by their influence
in granting or Withholding credit to
build a sound economic situation.
The Individual Must Help
Finally, the individual too has a
place in any such plan Of sounder
economic future for the United
States. 1t is the duty of the indi-
vidual to make every effort to take
care of himself and provide for him
self. Neither government nor indus
try can do that for him. They can
give him the opportunity 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 life's
requirements and contingencies.
Individual determination to pro-
vide against sickness, accident and
death by insurance before indul-
gences in extra comforts and lux
uries are given place in the family
budget, and Individual responsible
ity to guard against the contingency
Of unemployment by means of q
sound program of thrift and say
ings are to my mind the true founda-
ton of economic stability for the
United States as whole.