The midland journal. (Rising Sun, Md.) 1885-1947, 1945-03-09
By PAUL MALLoN

private SpcuuAMS, Will INC tUWMS
holding much Of their growth
and the people retaining much
of their improved financial posi-
ton.
This divergence Of opinion ties In
precisely with poll Of national
business management, recently
made, showing also that about half
the employers are optimistic, half
pessimist.
The pessimist side, as find it, is
based upon logical reasoning rum
ming like this:
People have money in banks and
bonds in unprecedented amounts, it
Is true, but their very apprehension
about the future will keep them
from spending it to buy all the
things they need.
The constantly advertised attitude
of the labor union leaders who are
trying to pry big postwar spending
appropriations out of congress, has
strengthened the already latent fear
among the people that depression
must follow a war.
This is a new and true condition
which has not been noticed before,
and it makes more critical the pros
| poets that reconversion of factories
to peace production will lag. The
auto industry (which is the nations
foremost) win take at least six.
months to change over, they now
say.
But perhaps the most impress i,
sive line Of new thought ON
the subject is that our war pro-
duction has been SO greatly ex-
banded, this nation cannot pos
sibly absorb the products of its
own machines. have heard the
contention from a foremost in
dustrial leader that our airplane
factories in one week can make
enough planes for a whole
year Of our postwar needs.
Some means must be found Of
selling our production abroad, but
no foreign nation has much with
which to buy or barter and it takes
a long time to build up an equalized
foreign trade, not founded on credit
(which in most instances would
amount to giving our goods away
at the American taxpayers ex-
pense.)
Can Avoid Depression.
These are powerful and unques-
tionably true analyses Of the prob
lem ahead. Nevertheless the fore
I cast can and should be avoided.
The divergence of opinion, in the
first place, does not represent con-
fusion. These authorities and en-
ployers are thinking of their own
businesses. '~v
Their split, therefore, seems to
forecast that perhaps half the bust
nesses of the country will suffer
unemployment and depression, but
that the other half logically can
anticipate good business.
Then, furthermore, this much is
true:
Il There never has been SO much
money In the hands Of the
people and never a time when
people needed everything for
living. The government has CON-
troll over the release Of men
from the services, control over
business rec0nversi0n through
war contracts, control over ev-
cry aspect Of the economic
situation.
/ cannot bring myself to believe
that there could possibly be depres-
sion in this country during the "a
i years following peace unless the
government makes bad job Of this,
too.
Every ingredient for success Is
present. Wisely managed capital
ism, working under imaginative,
clear minded leaders, should GER
tainly make all these ends meet.
The trouble today is no one has
taken hold to furnish that leader
ship. The propaganda from Wash
ington has been wrong in disturb
ing confidence. An inspiring leader
there, who thought he could do the
| job, could soon correct this condi-
ton.
AS for the reconversion Of men
and machines, good business brains
certainly could work this out. If
men of proven success were put to
this task (as Knudsen, Nelson and
all business was put 70 the war task
at the outset) the technical features
of reconversion would justify conf
dence, certainly this is no tougher
than the war task.
The only real cause for pes
sinism then lies in the fact that
Washington has shown no signs of
furnishing the proper leadership.
Politics and personal enmities
should be dropped for this business.