The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-07

ents together In the notion that We can
avoid paying our share OF the expense Of
the war abroad or stimulate an artificial
trade boom to hold up values deprived Of
the support o. the normal interchange of
money and goods.
Our perspectives Of the war are too dis
turbed as yet for us to gauge the future
properly, but common sense tells us that
there Is distortion OF opportunity In some
OF the things that are being said and done.
There Is no question that because Of the
war the foreign trade of the United States
Is going to be greater some day, and
sooner than would have been the case
without this fearful disruption OF world
trade relations. II. however, we are go-
ing in for foreign trade development. ne
we assuredly will. we must recognize that
the war will have TO come - an end be-
fore there Is much chance for permanent
foreign trade expansion Europe may he
all but ruined then. but communications
will he reopened and trading facilities re-
stored and all efforts will be directed
toward reconstruction.
Foreign Trade in the Future.
What offers now In the way OF foreign
trade Is not something which can be re-
earded as reiinquished by the belligerents.
II Is not something that we can go out
and pick up. II is something which will
have 20 be built. which will have 10
make grow. To get whatever increase
OF the worlds normal trade we may ac-
quire In time we can and should begin
to-day to prepare TO obtain, but a word OF
caution is in order against an overcm-
phasis OF immediate possibilities. The
great volume OF international commerce
In recent years has been the product OF
ample means for rendering capital liquid
and supplying capital and credit freely
to borrowing nations In return for the
f,tNt IN
goods there has been a reciprocal move
ment OF merchandise. A resumption OF
activities IN the capital and credit mar
kets is absolutely Indispensable TO any
thing more than mere exchange or
necessary commodities between nations.
In South America for example. there
was extensive commercial prostration
months before the European war. Eu-
rope had been curtailing the pro-
vision OF capital and credit to the
Latin American countries and IN com
sequence trade had languished. The Ma
t'onal City Banks plans for branches in
Argentina and Brazil are tokens OF what
American business has got 20 do to Sc
cure a growth OF trade with South Amer
| lea The financial basis OF world trade
| generally must be reestablished. and Il !s
| doubtful II this Is yet appreciated AT
Washington. which Is exhorting the coun-
| try 40 much TO regard the foreign trade
opportunity and mourning danger ~ com
| hitting plumbers in connection herewith.
The ship registry hill which has been
passed is neutralized by the pending bill
! for the Government purchase OF merchant
vessels. II there Is any probability or
a Government merchant marine there Is
| no probability that a merchant marine
| viii be privately furnished 10 engage IN
| foreign trade Indeed. unless politics
| takes more thought Of the future. II IL
altogether probable that we never can
! have a merchant marine again except IN
a feet Of Government vessels. only the
Government with its power or enduring
excessively expensive operation through
resort TO taxation could meet under our
navigation laws the competition OF rore'sn
| ships in the ocean trade.
| As a matter ~ fact our best chance or
securing foreign trade to-day ~ throuen
such financial assistance as Ne can pro-
vide TO needy markets, There II no dehrtn
O., vessels In which to move exports ana
imnorts as long as Great Britain Keeps
control Of tho sea, and It must be remem-
hered also that despite the distraction or
war the British financial and mercantile
community, with Government encourage
ment will do all in its power 10 make use
OF British equipment and tacilitles 10 con
tinue IN do a. much commerce AS Is posi-
bile with other lands. Moreover, WIN
out AZ all ncglectng the foreign trade
promise OF the American future we are
not going TO he able to do much 10 realize
IT until we are able to finance the foreign
trade movement, and before We can &c
that We have Yet 20 readjust the comes
tic banking position and the domestic
money market so that better facilities can
he offered than at present for carrying
along a large domestic trade. Indeed
there IL more reason al the moment iot
considering the trade possibilities or ths
home market than OF tho foreign mar
ket.
Domestic Opportunity In the Presen
wbile forepxn trade has been only a
very small percentage OF American busl
, ness IN tho gross a rood deal Of domestic
business has been dependent on oNterha
commerce Nevertheless, there are 100
7 600, 900 OF people in the country WIN
| huge variety of demands ana producta hh'
I an excellent occasion has been furnlShet
20 discover 10 what extent the United
states is as s6lf-contsining and self-sup
nortlng AS has always been believed Iher'
Y is an enormous wealth of natural re-
I sources, agricultural and otherwise whicl
!. IL stilI unexpected in the United states
There il a great total Of enterprise TO h'
promoted for the production or new
= wealth. This country is FAR from nav
ing attained such a stage OF development
either in populatiou or enterprise. as ma
: compelled other nations 10 go abroad 10
] tiide or investment, and VIC have an es
uecial inducement now to cast about 10
ways to cultivate the large economic op
r portunity which stlll remains within on
I own borders,
o In the rough the task which the Euro
mean war has set for us IL at home, no
i abroad. and the direction In which imam
$ clal attention and business attention coul
g bs most profltably turned is toward tn
Y continuance OF such measures as will en-
& able the country TO capitalize and cor
70 vert into forms OF credit the resources
e Possesses in order to enable II TO beRi
= h,re and now a future OF domestic eS
n panslon. When the European war end
= there is going TO be great migrauo
e OF the peoples such as has built up In