Show Big Problems Facing t N Nation ion Can Be Solve With Wand of Just r Domestic Matters Include Law Lal a Finance finance Railroads and Commodity Ommo i Markets ar e s O ONE NE g of or the most impressive glances into int the immediate b o of this country has lias just been keen issued in letter form for by b Hen Heno Henry si C Co o bankers and brokers o of f New York lark And nd as ns a n whole whoM trio the situ situ 8 one which America may approach with both cheerfulness merca wih and c co borne born up by the impelling thought that the tha nation naton is in splendid 1 id a j nanc to lly physically and spiritually to meet and successfully tho problems The There c arc matters many r of moment and aa some are are serio serious s questions to be bc solved but met in a spirit of reason renon and nd m mor i all justice to all concerned it is but hut ni nI a question of a 3 little little- time a at great questions now agitating the may bo ho settled to tho the satin satis' o of the people in general Un Under tinder the tha er caption Looking Forward general t j n mw e n n L v HL n U I I Looking forward an and not backward should bo ho the tho slogan al for In 1319 1213 Today tho the world Is facing now new problems of ot the time most perplexing character over cr created ate and in hair solution tho the ex experiences ox- ox of ot tho tine closing year aro are unavoidably unavoidably un un- avoidably ably of ot little value For the next twelve months tho trio most abs absorbing questions will wi be bo those thORO relating to demobilization demobilization de de- de mobilization and reconstruction at homo home and abroad The return of at our army Is already being conducted upon a liberal scale and our fleet Is again main In waters both branches of ct tho the service h having completed glorious and victorious erran errands s. s Our most pressing dome domestic tc problems problem during tho the coming year rear will 11 bo be grouped un under er finance foreign trade labor shipping railroads a and d commodity markets American finances a ate ale e tin In better beter sh shape po than those thosa of ct any an belligerent belligerent bellig bellig- erent because tho the str strain ln has been boen less and resources relatively greater Great Britain has assumed a huge huso load which through h skillful handling an and the varied va va- nr varied r ried d resources of oC her great empire she sho Is abundantly able to sustain France too too Is equal to the tho heavy burden thrust upon her but both Germany German and Russia Rus Rus- Russia sia sin are aro overwhelmed o b by Inn inflation and threatened with repudiation and and There has hag a of course courso be bee Inflation In this count nt cO Is ls always tho the case oso In war but 1 to our federal era reserve system a rigid conservatism of ot our bank h have ve never nover crossed crosser tho the danger er The efforts cHarts for Cor raising such i n sums for ourselves and our allie ln he been n titanic naturally absorb In country's savings so complete little or no capital was or ordinary enterprises This scar money and capital must be bo endur some somo months longer owing to gency of or war after requirements will wil necessitate a I. I further of or new ventures When hon war dodo dei do do o cease a heavy rush for capita capia bo be expected and the only check chec Inor Inordinate development wl will be bo hi ht lorest rates and hl high h commodity conditions which are aro not likely tj appear at a n very early carly date w wA A 1 source of or considerable app slots at t this time timo Is la our national lature Drastic tax legislation daily In tho the matter of at excess p Continued on Following Pa P- PROBlEMS OF NATION CAN BE SQL SOl VEO VED Continued From Preceding Page Pago threatens to dry up th the tho chief source of or new now capital which is 18 tho the savings of ot th the tho well ft ell to do and If It the present measure Is la passed parsed In Its present form torm Its effect will Kill bo be to stop new enterprise and bring on business depression A moderate moderato bill Should be provided spreading tho the burden of or taxation over overa a longer period by bond issues and distributing distributing dis dis- more equitably in directions where taxes havo have thus fallen fC very cry lightly or escaped altogether There is also much concern over the tendency of ot tho government go to absorb the railroads railroads rail rail- roads shipping telegraph and other utilities which too effectually throttles enterprise in those directions Public opinion does docs not yet ct warrant any such move and anil these tendencies at Washington Washing Washing- ton aro are likely to arouse much opposition tion Great Labor Qu Question Tho The future futuro of ot our railroads Is 13 still uncertain No experienced Judge behoves be be- be- be lIoves hoves they can cnn possibly be bo run as well under government ownership as under private own ownership Besides public opinion as a whole is decidedly against such a n. remedy which is only wanted b by a n noisy minority It If satisfactory re regulations can an be bo put into effect the call caIl for tor public ownership ot would have no Justification Meanwhile the tho roads should bo ho returned to their owners as assO sO soon n as consistent Uh safety and in strict accordance with tho the promise made wh when n taken over by tho the govern govern- ment The labor outlook has caused much uneasiness tho the unsettlement induced b by high costs cost of ot living war wages beIng being being be be- ing tho the chief cause Probably the tho situation situation sit sit- will clear itself There is every likelihood of plenty p of employment at atgood atgood good wages and a shortage of or labor will be bc greatly relieved by return of ot otmen men from the front Employers recognizing recognizing tho the situation aro are generally willing willIng will will- Ing to mako make reasonable concessions Tho The movement to reach rench a a. better botter understanding understanding under under- standing on both sides through discussion discussion discus discus- sion getting s together considering theother theothor the tho other othor point of or view and bearing In mind tho the humanities of or the situation also alBo pr promises to aid the thc solution of or an otherwise threatening situation Certainly Certainly if it a 1 fair tall an and friendly friendly- spirit can bo be established between capital and labor la labor la- la bor ln including luding recognition of or their common common com cont- mon interest and operation co-operation to such uch ends there will bo be no serious trouble Among tho the difficult questions ahead is that of ot shipping We Ve havo have built an nn enormous tonnage and though the war warIs warIs waris Is over the tho present schedule when built will give gl us a fleet of or about tons of ot government owned ships What to do with them when finished in is a n vexed problem Tho They have hac been built at extraordinary cost from two to three times that of ot equal ships in Europe Europe Europe Eu Eu- rope and the tho government could not sell them except at nt a heavy lo loss s. s As s about havo been appropriated appropriated appropriated for this purpose it will be seen the tho loss must be heavy If It tho the ships bo be chartered to American concerns tho the latter will bo be handicapped by heavy he costs of ot operating under tho the American flag Ia It is proposed therefore to compensate compensate compensate com com- tho the American owner by ade- ade subsidies which however would only aggravate the tho already excessive burdens bunIons of ot tho taxpayer r. r who must then pay for r tho tiro losses d of t operation after alter supplying funds for tor building That Is 15 anything but good business for tor either government or people 1 For business men tho the outlook Is promising though confused by tho the many uncertainties referred to Monetary Mono Mono- tary restraints will havo to be carefully carefully care caro- fully tully considered since bince there thero is an on un unusual unusual unusual un- un usual degree of ot Inflation in lr In both financial finan cial elal and commercial affairs Commodities ties are aro upon a hazardously high level owing to worldwide scarcity and high costs of ot production n. n and s some somo me recessions recessions recessions reces reces- must bo ho expected Should the declines de declines declines de- de clines come gradually tho result will willbe willbo willbo bo be stimulating to business by aiding a partial return to more normal condi condi- In tho the agricultural regions there hero Is Js much prosperity resulting from prevailing prevailing prevailing pre pre- high prices and d in manufacturing turing districts tho the same samo is true owing owing ow ow- ing inco to high wages in consequence thero there should be a wido distribution of or orall all tho ordinary necessities What is most needed is a strict conservatism in all Important business ventures also ubo a 1 wide economy among tho the public at large If these simple sale safeguards guards aro are carefully followed for the coming year tho tiro effect will bo bl to strengthen confidence confidence I dence and pave pavo tho ho way for or a safe saCe and certain recovery Tho war quickly changed this countr country country coun coun- I tr try from a a. debtor nation to next the chief creditor nation of ot the tho world stimulating our foreign trado trade to such 8 sucha a degree t that t 1 in n l ss than five years ears our exports increased per cent and our imports 50 CiO per cent In even loss time than that wo we absorbed net 3 securities and have also loaned to o our allies about net Our national wealth Is estimated estimated estimated esti esti- mated to havo increased about 40 per por percent percent cent centi our bank deposits f about bout 50 60 per percent percent percent cent and and our bank clearings nearly 90 per cent As a maritime power wo havo have leaped almost from the tho bottom to toa toa toa a good hood second paving tons al already already already al- al ready completed and tons projected In spite of ot tho the diversion of or our economic energies and the consequent consequent consequent conse conse- quent dislocation of ot labor we wo produced more than half halt tho the worlds world's supply of ot copper and oil Of Ot steel and cotton we wo already alread produce o vastly more than any other nation We raised larger quantities quantities quan quan- of ot grain and cattle than ever in our history and Mr Hoover has told us that wo we 10 must send not less than tons of ot food this year ear to starving star Europe which can safely bo done dono without causing any scarcity at home In truth the tho tho United States has found round Itself Internationally In foreign trade trado wo we are arc sure sura of or great development Immense quantifies of ot commodities crude products and buildIng buildIng building build- build Ing materials will bo be wanted in Europe Europa for reconstruction France and G-cr- G erman er- er man many can supply but little Britain is I already well prepared and Is making a prompt start but much of her greatly I revitalized energy r will 1111 be consumed Inthe in inthe inthe the new development of her own em em- pire Tho The United States StateN will will therefore como come In for tOle a liberal sharo share of ot this new demand Industrial demobilization Is j proceeding proceed proceed- ing even more mora rapidly th than m the tho mili mili- military military tar tary and the government s t will nl have I taken Itself very Yen largely out of ot business b by y January For or months past practically practically ally all aU finance commerce and Industry industry Indus indus- try have been under stringent public control for tor purpose of or winning tho the warBy war By Dy means of ot price fixing licensing am and other methods tho the government assumed supervision of or nearly all forms of oC production production pro pro- distribution transportation and finance Upon man many occasions sue such rules pressed hard upon all branches of ot Individual and corporate enterprise and business men naturally grew restive rest rest- Ivo ive un under er tho the delays delas and uncertainties thus incurred not to speak of ot the i friction and trouble caused b by Inex inex- Inexperienced I p and arbitrary t officials All Al I such sueh drawbacks were however cheerfully cheer cheer- I Cull fully endured for tor patriotic reasons an and i I I now our manufacturers bankers ers and ancl merchants after aCter real experience as to what it means to to have hav the government In business aro are rejoicing reJoicing- over tho the prompt approach to normal conditions At tho ho close of tho the year Clr the railroad shipping telegraphs and telephones r re remain remain re- re main under government control and a measure of ot regulation over over foreign foreign ex exchange exchange exchange ex- ex change gold goM and bank credits la is still sun In existence The government also holds immense quan quantities of ot merchandise dise which must be sold old and still ex exercise exercise ex- ex moro more or less control over or wheat and meat prices In other respects however public regulation has almost completely disappeared |