The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-12-31
MONDAY. DECEMBER 81. 1884.
A HAPPIER NEW YEAR
"A sCRIPPS-HOWARD NEWSPAPER

WE seem headed for happier new year.
W The millennium is not lust around the
corner-far from it-but we are very definitely
moving forward
The index of general business activity is up.
It has been climbing steadily since September
Now it is 30 per cent of estimated normal,
compared with rs year ago. Fortunately this
is not limited to consumer goods. Steel and
some other basic industries also are gaining.
Can we hold and increase the gains? If
we don't. it will be our own fault. Certainly
the chances of sound recovery are much better
now than they have Deen before.
Here are some of the hopeful factors:
Banks, though needing more reform, are
much stronger.
The agricultural situation. with billion
dollar increase in farm income this year, is
much healthier.
The conservation and use for the public
welfare of natural resources, including hydro
electric power. viii create and distribute new
wealth.
Five years of depression have consumed
industrial SURPRISES and left a rich natural
market for all kinds of goods and plant re-
placements.
The morale of the people is better-an ex-
ceedingly important factor in success or fail
ure.
New Deal President is in the White
House. with more experience and more po-
Htical power in Congress and in the country
than he had a year ago.
OF course there are obstacles and dangers
ahead. Very serious ones.
One danger is currency imitation, scourge
which would iniure all but fall heaviest on the
working classes. This danger does not come
from any desire OF the Administration. The
danger, rather, is that empowering Govern
ment deficits and debts may lead to the use OF
the printing presses. There is an increase In
unemployment and the relief burden. Even
with gradual business recovery and with states
and communities carrying as much Of the re-
lief load as they can, the Government relief
expenditures will be large for some time.
That road leads to currency initiation unless
the Government has the political courage to
increase taxes especially on income. The
amount of increased revenue from taxation,
which is necessary, will depend upon the speed
with which private industry puts the unem-
Moved back to work. The unemployed have TO
be nut back to work. Unless private indus
tries and individuals with money use it for
productive Jobs, the Government will have to
take their money through taxation and use 1t
to make jobs.
The second danger is capital-labor strife
Denial of the right of collective bargaining
and widespread evasion of Section IA have
created an explosive situation which may
wreck the hopes of 1885 unless there is new
snirit of capital-labor cooperation under the
law and new strength of policy in washington.
The greatest danger Of the new year is the
drift toward war. Suspicion and friction null
tinlv in the Far East and Europe. A destruc-
tive armament race is threatened by Japans
withdrawal from the naval limitation treaty.
Unless the United States makes another ana
stronger effort to save the worlds peace ma
cbinerv. through cooperation with the League
of Nations or otherwise, the drift toward war
probably will continue.
But none of these difficulties is insurmount-
able Honesty and courageously facing them
is half the battle And the assets of 1885 out
weigh the liabilities. We have better chance
to make it better year.