New Administration Will Improve Business
By ROGER W. BABSON
It is true that conditions, are
a greater factor in making our
Presidents, than are Presidents
in making conditions. On the
other hand, Presidents can do
much to help or hinder, to speed
up or slow down activity. Politics
are like a dam with a sluiceway
built across the stream of busi
ness activity. One administration
nfey close the sluiceway and dam
the water; while another political
party may open the sluiceway
and let the flood pass through.
Although neither political party
has increased nor decreased, by
..even a teaspoonful, the amount
of water in the river, yet the
amount flowing down the stream
differs very decidedly according
to the control of the sluiceway.
Thus the conditions of the
country differ very decidedly ac
cording to the motives and wis
dom of the man in control of our
government at Washington. I am
convinced that the motives and
wisdom of the man inaugurated
today are the highest type. More
over I say this without regard to
parties or politics, because I voted
for Wilson twice .during the
strenuous years of 1912 to 1919.
One of the chief factors in up
setting business during the past
few years has been the attempt
of politicians to stimulate busi
ness, change wages, or reduce
money rates by artificial and un
economic methods. These poli
ticians recommend stimulation
for our business, labor, and
financial difficulties when these
difficulties are primarily due to
the fact that they were already
over stimulated. Take the farm
situation, for instance. Everyone
acquainted with the farm situa
tion knows that the farmer has
suffered unduly during the past
few years and that we cannot
have real prosperity any length
of time unless his troubles are
corrected. To have real pros
perity in America, the farmers of
America must be prosperous as
they are the great basic producers
of wealth. On the other hand, the
difficulties of the farmer cannot
be eliminated by giving the farm
er more of such things as were
primarily the cause of his diffi
culties. The same rule applies to
the labor situation. What the
wage earner really wants is to
get more of the comforts and
necessities of life for his week’s
labor, and to have better"hours
of work with better conditions
under which to work. These aims
are right and just.
President Coolidge is anxious
to help both the farmer and the
wage earner. He, however, is
wise enough to know that it does
the wage earner no good to get
more money in his pay envelope
if this money does not buy as
much in rent, clothes, and com
forts as the former wage pur
chased. The Federal Reserve
Board has been subject to violent
attacks by certain politicians.
Doubtless some of these criticisms
have been justified, but most of
them have been unjustified. Presi
dent Coolidge will do everything
possible to keep business and
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prices on a normal and sane
basis, aiming for a gradual im
provement. He will not allow the
Federal Reserve Bank to be used
to stimulate what is already over
stimulated, neither will he let the
bears use it for selfish purposes.
Capital is notoriously timid.
Someone has said that there is
only one thing which is more
easily frightened than a banker
and that is “a pair of bankers.”
It always has been so and al
ways will be. Furthermore,
whether we like it or not, capital
is necessary for the construction
of cities; the erection of factories,
offices, and homes; the building
of railways and steamships; and,
in fact, for almost all develop
ment. When capital is timid,
building ceases, development
stops, unemployment is common
and we have a general period of
depression. When capital has
confidence, the reverse happens;
building expands, factories start
up, and general prosperity fol
lows. Whether we are Republi
cans, Democrats, or real red
radicals, all must admit that we
want capital to have confidence so
that prosperity will follow.
Capital has confidence in Presi
dent Coolidge and the men 'whom
he himself selects. Capital believes
that he is morally right, economi
cally sound, and has a remarkable
foresight. Many good people do
not care for his party or for all
of those who surround him; but
those who know President
Coolidge believe in him; in his
honesty, his industry, his wisdom,
and his fearlessness. He' is right
in his economics. These facts in
spire confidence and this confi
dence lays the basis for distinctly
■better business conditions.
In this connection it may be
interesting to know what happen
ed to the Babsonchfrt for the
years following previous inaugu
rals. March 4, 1905 the Babson
chart stood at just normal when
Roosevelt Jwas inaugurated, and
in the two years following, with
a sound and harmonious adminis
tration, we had an almost con
tinuous climb. On March 4, 1909
when Taft was inaugurated, a
Republican president faced a
Democratic House; the Babson
chart stood at 2 per cent above
normal and the following two
years witnessed a general decline
of business. March 4, 1913 when
Wilson was inaugurated, the
Babsonchart registered 6 per
cent above normal -and the years
immediately following showed a
decline. On March 4, 1917, when
Wilson was again inaugurated,
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“THE SUN NEVER SETS”
Englishmen are proud of the
fact that British dominions reach
so well around the globe that
there is no hour in the twenty
four in which the sun does not
shine on one of them, and we
are all familiar with the saying
that “the sun never sets on the
English flag.”
It was not with the English,
however, that this assertion had
its origin, less justified in geo
graphical fact though previous’
claims may have been. For the
first recorded use of the idea was
in 1590 when Guarini referred to
Catherine of Austria, as “the
monarch on whom the sun never
sets.” Next, in 1648 the English
man Gage wrote, “It is said of
the Hollanders that the sun never
sets on their dominions.”
And Spain, too, at the height
of her glory comes into .the
history. “Why' should nbt the
brave Spanish soldier brag—the
sun never sets on Spanish domin
ions?” Schiller quotes Don
Carlos in the German play as
asserting that “The sun, in my
dominions, never sets.” And Sir
Walter Scott wrote: “The sun
never sets on the immense empire
of Charles V.”
this time with a solid.backing, we
were in the war boom and the
Babsonchart was 14 per cent
above normal and for the two.
years following business went on
its reckless , spree. ■ In March,
1921, when Harding took office
with a Republican Congress, the
Babsonchart registered 23 per
cent below normal^ at the bottom
f the depression, and in the years
following conditions were improv
ing and bringing us nearer
normal. Now the Babsonchart
stands at 5 per cent above
normal, and present indications
are that it will average higher
rather than lower during the
months ahead of us. This is why
I feel optimistic about the In
auguration today.
ssL-LBU—
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