The Ely miner., 1942-10-01
INDUSTRY
AND BUSINESS
AFTER THE WAR

Every American knows that the
manufacture of. automobiles has
ceased for the duration of the war.
The great automobile industry
which in 1910 produced and sold
more than 3h million cars, has been
re-tooled to produce airplanes, guns,
tanks and munitions of war. Where
will these companies get the money
necessary to resume the manufac-
ture of automobiles when the war
is ended?
The automobile industry happens
to be important, and there are thou
sands of smaller industries which
will also face the same problem.
What will the millions of workers
do when the demand for war ma
chimes stops?
What will happen to the domestic
market for farm products when
those millions of war workers no
longer have jobs?
The stage seems set for an even
worse depression after World War II
than we suffered after World War I
unless right now we start to plan
about these surpluses.
It is comforting to learn that Con-
gress is now considering some plan
to prevent, or at least to ease, any
after-the-war depression.
War Profits for Peace-Time
Recovery.
The best plan seems to contem-
plate the dedication of portion of
war profits for the purpose of provid-
ing industry with the ready cash on
hand to quickly change to peace
time activity and thus lessen the
shock to manufacturing and agri-
cultural surpluses when the war is
ended.
A Recovery Bond program has
been suggested whereby each in
dustry, big and little, will be re-
quired to invest at least 20 per cent
of its war profits in Recovery Bonds
which do not bear interest until the
war is ended and which cannot be
sold by the purchaser until peace is
declared.
Such a plan would build, at the
rate of almost a billion dollars a
year, a huge recovery reserve to
convert war industries to peace pro-
duction, launch new products and
maintain employment. 1t would
place this reserve Immediately and
automatically in the hands of those
businesses and industries with the
greatest after-the-war needs.
The moment peace is declared the
"time lock" automatically releases
this recovery reserve, the bonds be-
come negotiable and begin to draw
interest. Purchasers holding them
will then treat them like any other
Government bonds, to be sold or
used to borrow money. There would
be no waiting for postwar Con-
gressional appropriation, no red
tape, and no delay in launching the
business and industry offensive that
may turn threatened depression into
unrivaled prosperity.
The plan is simple, practical and
fair.
During late years science and re-
search have discovered many new
uses for present major farm crops
and many new crops which can be
used in industry. A plan of this
character places Immediately in the
hands of industry the resources
which can be used to finance furth
er research and to plan for the con
version of surplus crops, surplus
factory buildings and the employ
ment of war workers in new anc
useful enterprises whenever this
war shall cease and normal peace
time industry, business and agricul
ture shall be resumed.
This problem deserves the thought
full consideration of every American
If we can have the assurance of rea
sonable security in the after-the-wal
recovery period we can throw our
selves into an all-out effort to vii
the war and feel that by so doing
we have secured "the blessings o
liberty to ourselves and our poster
ity."