The Chanute times. [volume] (Chanute, Kan.) 1897-1913, 1901-05-03
WHAT'S FAIR TRADER
SCHEME TO CUT DOWN OUR
BIG TRADE BALANCES.
Economic Theorists Urge Increased fuF-
chases of Foreign Goods In Order That
Our Exports and Imports May Counter
balance Each Other.

Free trade newspapers are quotlhs'
with emphatic approval the views eX'
dressed in the speech of the Hon.
George +. Roberts, director oil the
mint delivered recently before the
Bankers Club. of Chicago. Their FER
vent admiration of Mr.. Roberts UNI
doubtedly springs from the BELIEF on
their part that he is an eX-protecuoh-
list who has seen the error or ms ways
and is now anxious to be enrolled as
an ardent advocate of freer trade, II
not of absolute free trade. the lac'
that in his Chicago speech Mr. Roberts
said not one word which directly or Dy
Implication could be construed as IN
anv manner recognizing the part
played by protection in bringing ABOUT
return of prosperity seems 10 nave
been accepted by the free trade ana
COMMUNICATIONS press as sure PROOF
of his altered economic opinions III
this it is possible that too much Is
taken for granted. 1t should not ne
forgotten that Mr.. Roberts was taxi
ing to an assemblage OF hnanclers
and men who make money by dealihs
in money. 1t was pleasant lot tiie
bankers to be told by the director ol
the mint that "our success has Deeh
obtained by the superior use OF capt.
tai by the massing of capital, by the
substitution of invested capital for Ia
bor wherever an economic gain could
be made"
If Mr.. Roberts did not think it nee
essary to add that the reclamation Vi
the home market to the control OF the
domestic producer had been factor
of some potency in the problem Oh
building up the greatest prosperity 'he
world has ever known, it was, perhaps
because he thought that it was not
worth while to state thing SO Cd
yiously and Enthusiastically true. Stlli'
when we are engaged in writing MS
tory II is sometimes thought desirable
n make mention of facts and events OF
even so trivial inconsequencea theparl
plaved in our economic TRANSFORMATION
NV the election in 1896 of a protection
ist president and the swift enactment
of a protective tariff law. Although
speaking to financial men only, MI.
Roberts might have been pardoned hau
he permitted himself to allude 10 these
immaterial details. But he did not take
the risk.
The portion of Mr.. Roberts Chicago
address which has set the nerves Oh
free traders tingling with agreeable
eycitation is that in which he said:
Our exports last year exceeded
those of the United Kingdom, and no
other country approached either our
trade balances are so great that to at
temptto collect them in cash would ruin
our customers and involve the world
including ourselves, in disaster. In the
last three years their aggregate mas
eoualed the sum of all the gold in all
the banks and treasures OF Europe,
including the British Isles. NO wonder
foreign governments have come here 10
Mace their loans. A nation with the
power to amass such credits as these
becomes of necessity trader and IN
weston in all parts of the world. we
are out to say, for we never can bring
our belongings home. This is an eX-
pansive and cheerful outlook. 1t is
assuring and inspiring. 1t means
broader footing under our industries
and security from the reactions or
restricted market. 1t means more in
innate relations abroad and a larger
part in all the affairs of the world.
Such a development of national i'm
portance has moral and intellectual
benefits as WE'LL it will enlarge the
national view; it will broaden the ma
tional character; it will dignity the
national life. AS we strive to extend
our trade we shall meet prejudices, ana
in overcoming them surrender some OF
our own. We shall arouse antago-
nisms and have to conciliate them; en-
counter stubborn foes and have to
placate or retaliate, as the occasion
seems to require. In the long run, the
policy of a great commercial and eX-
porting people must be fair trade and
reciprocity"
Fair trade and reciprocity. That is
the doctrine, is it? Truly it has a
pleasing sound and may be spoken
trippingly on the tongue. Quite capti-
waiting as an idea it is, too, on the face
of it. Fair trade has been phrase to
conjure with. Sir Robert Peel used it
fetchingly. and so did Richard Golden.
Does the director of the mint. former
adherent of the school which believes
that free trade is the farthest possible
thing from fairness, accept fair trade
in the British sense: Buy in the
cheapest and sell in the dearest mar
ket." Mr.. Roberts did not stop to
explain what he meant by fair trade
and reciprocity. Another unimportant
detail not thought to be worthy of
attention, presumably. If fair trade
and reciprocity mean anything in a
country situated as the United States
is. II means that we must buy from
foreign countries as much as we sell
TO them. 1t means free interchange of
products and no tariff. except for rev.
enue and on articles which we do not
produce; certainly no tariff for pro-