Prosperous Era For the Entire U.S.

"Not because of politics and tariff tinkering, but in spite of them, we are at the dawning of an era of the greatest prosperity this country has ever known," said Frank C. Letts, former well-known resident of Evanston and president of hte Grocers' Association and head of the reorganized fish trust, of which many north shore people are stockholders.
"Of all the blunders that of a war tax was the most unwarranted and the most outrageous. There was no need for it. We were not at war or likely to be. Just before the war the European coucntries liquidated a large amount of our stocks and threw the balance of trade, $100,000,000 against us. How to pay the indebtedness was a grave question with the money interests of the country, but it has been solved.

Balance in Our Favor
"Our exports in September gave us a balance in trade in our favor of about $32,000, wiping out about one-third of our foreign indeptedness, and you can see, if this keeps up in November and December the United States will have paid her indebtedness to Europe."
"What would have been the financial condition of the country if the war in Europe had not occurred? Mr. Lett was asked.

Tariff Bill Huge Blunder
"That is a very deep and serious question," he replied. "It is a subjec on which there is a wide difference of opinion. Every man must speak from his own point of view, and that is naturally confined to his own busines experience. The tariff bill was a huge blunder. It cut off revenue without doing any one any good.
"Take my own case, for instance. I am at the head of twenty-three wholesale grocery concerns. The removal of the tax on sugar reduced the revenue of this country $45,000,000 a year. It has benefited none. I stated before the congressional committee in Washington, and I state emphatically and fearlessly, that this country will pay the highest price for sugar that has been paid next year. That will fall on every one."

Grocery Business is Test
"In the grocery business, which is the pulse of prosperity, we are getting a good many declines on many lines of merchandise at the present time, but that was to be expected. A great many items advanced too rapidly; then war came on, money was scarce, banks were crowding everyone to sell everything they could realize on, and naturally we caught the declines. I believe we are going to get further declines between now and January 1, or say, February 1. By that time I believe this country will have liquidated to a certain extent. I believe money is going to get easier. The new government banks will be open for business soon. It is said that the opening of these banks will put into circulation immediately between $3500,000,000 and $450,000,000. I believe that this will relieve the situation throughout the country very materialy."
As far as the effect of the war on this country is concerned, Mr. Letts views the situation through rose-colored glasses.
"I do not see how the situation in Europe can fail to be of great benefit to this country. We are at peace. We are neutral. A short time ago the English government bought from the North American Construction company of Bay City 600 houses, each 20 X 60 feet, which it is presumed are to be used by that government for housing Belgian refugees. These houses are to be complete, ready for erection, all lumber cut to shiip, nails, paint, glass and all the rest. This order came to this company by cable voluntarily and they think it the forerunner of others. It requires 7,000,000 feet of lumber, besides other materials. If these houses were placed end to end they would make a line nearly seven miles long of solid buildings. They will furnish homes for a city of 12,000 people.
"Thousands of horses are being bought throughout the United States by the foreign governments. I understand the price has gone up to $370."
"The French and English governments have just bought 100,000 barrels of flour. I know of a very large order for salmon that has just been sold to Europe. I was told by a gentleman just from New York that the National City bank has $10,000,000 in gold which has been deposited with them by the English government to pay for supplies. The foreign governments are paying cash for everything they get. A bank in Chiago has $5,000,000 to pay for supplies. They are buying immense quantities of automobile trucks, blankets, canned vegetables, shoes, underwear, clothing, and in a few months all this is oing to relieve the situation, but that is not because of any foresight or wise management on the part of the administration in Washington."