The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1936-12-15
SHAM PROSPERITY


The National Association of Manufac-
turers presents the figures to show that
private industry is now employing more
people than at any previous time in the
history of the country. The present en-
ployment index is LOG per cent. above the
index of 1929.
But-there are approximately 10000
less concerns doing business now than In
1929. The conditions of the past half doz-
en- years have put this vast number of in
dustries out of the running. They have
been forced to quit doing business.
The big question that confronts business
and industry now is the problem of con-
tinuing to do business in the face of gov
+, eminent competition and interference and
a tax burden that is rapidly becoming in
tolerable and impossible. If present poll
cies are continued for FIVE or six years
. longer many times forty thousand of the
! country's business concerns and industries
will be forced out of business. If the radi-
Gals have their way and additional oppres-
sive laws are enacted and dangerous con-
ditions are rapidly intensified, an economic
cataclysm will occur in less than half a
dozen years.
Of course, the superficial thinker and
the uniformed will want to know upon
what grounds we base this prediction in
view of present employment in industry
that is six per cent. greater than employ
ment in 1929 and the seeming condition of
increasing prosperity which the country is
at present enjoying. The answers are not
difficult to ascertain.
First of all, do not overlook the fact that
in spite of increase of industrial employ
ment, millions remain unemployed except
for the employment supplied by the fed.
eral government at public expense. A jour.
nal as conservative as The United States
News refers to this vast unemployed army
as eight to nine million persons.
Industry, with employment rolls the
highest in the history of the country, can.
not be charged with responsibility for the
great number remaining on relief. The re.
sponsibility evidently, at least in large
measure, rests elsewhere. 1t is certain
however, that permanently normal condi
tons and. prosperity cannot exist in this
country so long as millions are without EN-
ployment and the cost of relief is TWO
BILLION DOLLARS ANNUALLY; thi
being the rock-bottom estimate for 1887 o
Mr. Hopkins and his satellites.
Again, with reference to much bally
hooed business profits, dividend payments
wage increases and the hike, which whe
given superficial consideration, take on tn
appearances of prosperity, the beginnin
of another boom, and that sort of thing
The fact is that only the most favore
business enterprises are in position to pa
dividends or raise their expense accounts
and the number is exceedingly small com
pared with the total number of businesse
in this country. We hear of those that ar
raising wages and paying dividends; W
never see anything in print about thou
sands Of business concerns that are NO
paying dividends, that under present cor
ditions could not pay dollar on dividen
accounts; the concerns that are small, lac
capital, and are struggling to continue or
erations.
And if any of these concerns show
profit for the year 1886, regardless of col
porate financial condition, which unde
state laws may make it impossible TO
them to pay over anything to stockholders
they are still caught in the federal govern