Evening Republican, Volume 21, Number 18, Rensselaer, Jasper County, 30 January 1918 — History Proves That War Will Bring Prosperity to United States [ARTICLE]

History Proves That War Will Bring Prosperity to United States

By RICHARD A. FOLEY

Any man who can read may learn for himself that history proves every war has stimulated trade. God knows we would be willing to banish that stimulant along with the others by an act of congress, but the fact remains that after the shock of 1861, the greatest years m business-the highest prices for stocks and bonds—came in ’62 and ’63. And in 1864 and 1865 business had big years. In 1861 New York’s bank clearings were $6,000,000,000. In 1862 they were seven billions; 1863, fifteen billions; 1864, twenty-four billions; twenty-five billions in 1865, and twenty-nine in 1867. In 1861, the bad year of the Civil war—possibly corresponding to the period we are now going through-there were s 2o '’ o^ ures in the United States, and this had dropped to only $23,000,000 m ’62, and to seven and eight millions in ’63 and ’64 respectively, while there was but little increase in the succeeding several years. The reason for this, according to Senator Theodore Burton, was tha “the great demand incident to the war, and the enormous employment of labor, plus the withdrawal of a large body of men as soldiers, prevented the possibility of depression.” We are in a better position today than our country was during the Civil war, because, prior to our own entrance into the present war, Europe poured hundreds of millions into our business treasuries, and we became a creditor instead of a debtor nation.# And now all the money that has been loaned the allies is being spent here in addition to billions for our own military purposes. It makes no difference what fallacies of economy may be enumerated by men in high or low position, you cannot affect the unalterable laws of supply and demand, and men in business may confidently count upon ? '’rowing demand for their products and upon growing prosperity. They should not be discouraged by small setbacks or by reactions that will occur in a sensitive country during a time of war. We will soon get*' rumors, true and false, and our system nationally will become immune to the shocks.