Columbia University Libraries Digital Collections: The Real Estate Record

Please note: this text may be incomplete. For more information about this OCR, view About OCR text.

September 23, 1922 RECORD .\ND GUIDE 389 Sanity Before Sentiment If Grover Cleveland, instead of Warren G. Harding, were present occupant of the White House, the nation would have expected from the President just such a vigorous and convincing message as President Harding sent to Congress on Tuesday vetoing the bonus bill. It makes no difference whether a person favors or opposes a bonus to the World War Veterans—the advocates, as well as the opponents, of the pending bonus plan must admit the logic of President Harding's position and the inexorable facts upon which he bases his veto. Entirely regardless of the merits or demerits of the bonus proposition itself, no satisfactory answer can be made to the President's position that the finances of the Government make this a most inopportune time for the undertaking. It will be difficult for any bonus advocate to make convincing answer to President Harding when he declares: "The passing problem of the Government is that of diminishing our burdens rather than adding thereto. It is the problem of the world. War inflations and war expendi¬ tures have unbalanced budgets and added to indebtedness until the whole world is staggering under the load. We have been driving in every direction to curtail our expendi¬ tures and establish economies without impairing the essen¬ tials of governmental activities. It has been a difficult and unpopular task. It is vastly more applauded to expend than to deny. After nearly a year and a quarter of in¬ sistence and persuasion with a concerted drive to reduce Government expenditure in every quarter possible, it would wipe out everything thus far accomplished to add now this proposed burden, and it would rend the commitment to economy and saving so essential to our future welfare. "The financial problems of the Government are too little heeded until we are face to face with a great emergency. The diminishing income of the Government, due to the receding tides of business and attending incomes, has been overlooked momentarily, but cannot be long ignored. The latest budget figures for the current fiscal year show an estimated deficit of more than $650,000,000 and a further deficit for the year succeeding, even after counting upon ali interest collections on foreign indebtedness which the Government is likely to receive. "To add to our pledges to pay, except as necessity com¬ pels, must seem no less than governmental folly. Inevitably it means increased taxation, which Congress was unwilling to levy for the purposes of this bill, and will turn us from the course toward economy so essential to promote the activities which contribute to common welfare." This war-wrecked world cannot recover, none of the nations—not even the United States—can recover, unless every effort is made to curtail public expenditures at the present time. To pursue any other policy can only result in bringing the United States dangerously near to the verge of bankruptcy which already threatens to engulf more than one of the foreign nations. It is the part of real statesmanship in this crisis not to be swayed by sentiment, and it is evident that President Harding's action on the bonus has the approval of thinking men in all parts of the country, regardless of politics. Coal Conservation Imperative Those officials who are working to adjust the distribu¬ tion of coal supplies to household demands and the needs of commerce have had sufficient time since they have taken up this arduous task to acquaint themselves with the several factors entering into the problem. It is noticeable that as time progresses and they become more familiar with their duties and responsibilities there is rather an increased in¬ tensity of warning than a diminution of pessimism in their utterances to the public. State Fuel Administrator Woodin has issued orders that no more than a two weeks' supply of anthracite in domestic sizes shall be delivered to any one consumer, and has out¬ lined regulations for distribution and penalties for infrac¬ tion of these rules. No prices at mines or at tidewater have been fixed, and dealers are predicting a scramble for the short supplies likely to arrive at terminals here. Confer¬ ences are being held at Washington between Secretary Hoover and the representatives of various commercial asso¬ ciations and of the railways, with other governmental chiefs in attendance, for the purpose of organizing voluntary cam¬ paigns to induce consumers of anthracite and bituminous coal to reduce their demands to a minimum. Coal adminis¬ trators along the Atlantic Seaboard are meeting rail opera¬ tives in the attempt to work out a just plan for the pro¬ tection of industries in the New England States and in New York and New Jersey. The miners are returning to work more slowly than was anticipated, and coal loadings have not }'et reached the average figures for the five last years. Railroads are still hampered by a diminished but steadily- increasing shop force, and by a shortage of cars and engines for hauling coal. Some passenger trains on the coal roads have been cut off and the engines and crews turned over temporarily to the freight departments. All these facts are symptoms of a disruption of the coal industry that betokens serious business ahead unless con¬ sumers generally fall in with the official recommendations for handling the situation and give the administrator and his aides hearty support. There are one or two encouraging signs—the announcement of Administrator Woodin that he believes there will be ample supplies of bituminous coal, being the one that promises most, and the increased sup¬ plies of British anthracite coming over-seas adding to the reassurance. What effect the shortage of anthracite in this city will have on the rental situation is an interesting question. With coal high in price and the drastic laws requiring certain degrees of heat for prescribed hours enforced, landlords cannot be expected to grant concessions in rentals. The fuel shortage may offset in large measure the effect of the exten¬ sive building operations since the Tax Exemption Law went into effect. It is for this reason, as well as to bring about reassurance on the part of the public generally, that there should be speedy decision by officials as to what regu-