The Ely miner., 1937-09-30

has known, great many people,
including bankers, have become
fearful of what they might get for
United States bonds that they now
hold. It is obvious that this infu-
ence adds to the general uncertainty
although it is difficult to measure
the exact influence of this condition,
or to see whether it is a major or
a minor factor.
Having enumerated a few OF the
influences known to be at work, we
come now to that
Business condition w h C h
Conditions heretofore always
has been basic.
refer to general business conditions.
New Deal press agents have tried
valiantly to make it appear that
business is booming; that prosperity
is here instead of around the cor
ner; and that the country has moth
ing to fear. Careful examination Of
official figures, however, show the
prosperity statements to be true
only in parts. The official statistics
disclose very definitely how some
lines of business are enjoying vol
ume of trade or production higher
even than 1929. They show on the
other hand a vast number Of fail
ures, an increasing number of big
businesses which are barely getting
by-which can continue providing
their present volume of business is
maintained. If the volume of busi-
ness slips, however, that category
of business is going into tailspin
as sure as the sun shines. It a
part of the business of the country
begins to sink-well, a part of it
began to sink in August, 1929, and
within two years the whole struc-
ture had fallen like house of cards.
I am not saying that we are con-
fronted with another depression. I
do say, however, that we are facing
a condition that is not at all salts
factory-a condition that can lead
to a depression as easily as it can
lead to sound prosperity in COM
merce and industry.
Astute observers and business
men in the larger centers decide
their courses upon the outlook for
the whole country, not for any par
ticular line of business or any par
ticular section. The number of in
dividuals who see the picture have
attempted to outline in the above
paragraph is increasing. AS that
number increases obviously the
wave of uncertainty expands. As
the uncertainty expands, there de-
velops logically and naturally re-
luctance on the part of these trus-
tees of money to take any chances
that will cause them to lose the
money of the people who have in
vested their savings in business
shares or business ventures.
So, if one is compelled to make a
guess why Wall Street is so con-
cerned or so jittery, it would seem
that the explanation must lie in the
combination of circumstances. No
one of them, except possibly the ad-
verse business outlook, could ac-
complish as much doubt about the
future.
Anyone talking with a hundred
different individuals will hear these
various factors and influences men,
toned. He will hear different
weight given by each individual to
each factor.
I think no one has the gift or
the power to calculate the relation
ship of the various factors COM
pletely but that does not alter my
definite conviction or feeling that
caution must be exercised among
government officials as well as
among those in private life if we are
to avoid a repetition of the crash
of 1929.
We have been dealing with causes.
Let us look at possible effects. It
:, will be remem-
NotO, as bered how Presi-
to Effects dent Hoover was
blamed for the de-
preston. He and the Republican
party were punished on that ac-
count and badly licked in the elec-
tions. It ought to be said in Mr..
Hoover's behalf that the conditions
which led to the depression had
their beginning long before he was
elected President. Indeed, they had
their real beginning in the World
war.
President Roosevelt came into Of
flee as a result. He started doing
things and gaining the confidence
of the country to such an extent
that he was reelected last year.
Probably he was reelected largely
because of the bulk of the voters
feeling he was restoring prosperity.
I doubt, however, that Mr.. Roose-
velt was any more responsible for
the return of a superficial prosper.
ity than Mr.. Hoover was RESPONSE
BILE for the depression.
But we are coming to another
election. If conditions should be-
come worse and business should de.
cline perceptibly again, Mr.. Roose-
velt will be held responsible just as
definitely as was Mr.. Hoover. He
will be charged with having made
mess of government and any at
tempt on his part to prove the con.
dition was natural will be regarded
as an alibi. The whole thing seems
to be in the lap of the gods and no
amount of political strategy or at
tempts to amend the law of supply
and demand will alter events.
g Western Newspaper Union.
Okapi of Giraffe Family
Okapi is the native African name
for an animal of the giraffe family
(Ocapia johnstoni). The okapi is
about five feet high at the Withers.