The independent-reporter. [volume] (Skowhegan, Me.) 1909-1955, 1914-12-17
WHERE WAR HAS TORN DOWN At TERRI
FIG SPEED, PEACE BUILDS SLOWLY
DR.. George Otis Smith Gives Evidence of Bust
ness Betterment--" why Optimism?

Of course optimism is apt to go to
extremes. Already We are hearing
such expressions as " trade BOOM or
opportunity unparalleled in history"
and avalanche of prosperity and
even hardheaded business men are
quoted as thus characterizing the
present situation. All this kind of
talk indicates hat a period of over
stimulation may threaten US, a con-
dition that is somewhat symptomatic
of the American temperament. The
flour months record, however, can be
summarized thus. While European
countries have been modifying their
armies and calling to the field of
battle their reserves of soldiers. Amer
lea has modified its credit and begun
to send forward to the market place
its vast reserves of food-stufs and
mineral products.
Secretary Redfeld recognizes three
periods of business conditions as ma
turally following the declaration of
war on August last-those of shock,
stimulation and readjustment. These
three must be expected to affect in
the same order all branches of Amer
lean business, though the transition
from one period to the next may not
be simultaneous in all branches. Thus
Tor several weeks after war WAS de-
clared, the expectation of wheat felt
the shock and thousands of carloads
accumulated at Eastern ports. With
cotton the period of shock has been
longer, but stimulation of export has
now begun. With copper the re-
sumption of sales to Europe seems
SLOW in coming, but come it must, for
in the modern world, whether a war
or at peace, the red metal is a neces-
sary of life.
As We look toward the south We
find that our commerce with South
America for the last four years has
been one-sided to the extent of an I'M
favorable annual trade balance aver
aging more than so millions of dol
lars. The fact that the balance of
trade is against the United States in
two of the three "A B C" countries
should be taken only as an invitation
to export more. and that 50 millions
suggests the chance for further de-
velopment of trade relations. We
need meat and hides from Argentina
tin ore from Bolivia, rubber and COT
fee from Brazil and Venezuela, nj
trate from Chile. platinum from Co
lumbia, cacao from Ecuador, wool
from Peru and Uruguay. What can
We export in exchange?
To increase industrial prosperity
this country needs to export finished
rather than crude products and TO
import raw materials rather than
manufactures. Betterment of indus
trial conditions can come best through
expansion of manufacturing. The
increase of the element of labor In
the product exported will mean that
we are not bartering away our herit-
age of natural resources but rather
that we are using these as
a basis simply for the expenditure of
labor, which renews itself.
Coming down to bottom facts, the
United States will profit by the Euro
pean war only as the nation makes
larger and wiser use of its mineral
resources. Foreign markets in the
main can be won and held only as
the quantity or quality of the Made
in America product rivals that of the
goods offered by the other producing
nations. The buyer, whether he be
in the Far East or in South Ameri-
ca, wants the most and the best for
his money. Yet it would seem a safe
rule of national conduct that indus
try should begin at home, and there
fore every industrial opportunity in
America should be improved. If
these opportunities are recognized and
grasped every one of us can indulge
in optimism.