The present trade expansion is of a fundamentally different order. Our dwindling exports reveal the fact that rising prices are due almost entirely to domestic demand, and not to foreign purchasing. It comes on a money market of vast unused resources and thoroughly deflated condition. Furthermore, all our Babbitts have learned the value of conservatism by bitter experience in recent years, and it is doubtful whether the unreasoning Moody and Sankey attitude toward increased production which swept the country the year after the Armistice will soon be repeated. A safe and sane rather...
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