Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1915-05-05
Theodore H. Price Says InfIa.
ton of Labor and mmod
Prices In Europe Will OBJ
viate Necessity.
BIG TRADE GAINS SHOWN
Secretary Redfield Says kmeri.
cans Are Reaching Out For
Business Belligerents
Are Losing.

EIillaQoipnla, May l.@CIfeaC com
mercial expansion for the United States
as the result of the European war. was
forecast by Secretary w. c. Redfield,
OF the department of commerce. in a
speech here before the American acad-
envy of political and social science. 1t
will not be necessary to increase the
tariff in America to meet foreign com
petition after the war. Theodore III.
Price. a noted economist. told the CON
vention. The clamor and political pro
Daganda already set in motion to bring
about am increase in tariff rates are not
based on sound economic facts, he said.
Secretary Redfield. whose subject was
"America's International Trade as At
fected by the European War" reviewed
commercial conditions in the world pri-
that Great Britain. Germany n the
United States ranked in the order
named in competition for foreign bust
ness. He said that the United States.
when hostilities began, found itself un-
prepared to meet the situation, either
Foreign Debt Paid.
"a floating debt of perhaps $500, 000,-
600 has been paid in goods. and not in
gold. Some of the gold we had export
ed to pay what we owed before the
war has come back to us in pay for
debts due us. 1t amounts since the first
of December to over $500, 000, 900. We are
saving money as a nation at an aston
fishing rate. The nations of the world
turn to us for cash. The nations turn
to us. both belligerent and neutral, not
only to furnish them goods, but to loan
them h money with which to pay for
the foods they buy from US. We are
lending the world money and we are
selling the world goods, and both to
such an extent that our foreign finan-
cial outlook and the condition of our
export trade has taken on within 10
months an onfirnlyr rnoW Stopifffs0 700 A
new spirit has come into our CONNER
cial life-a. new sense of relationship to
Others, and OF our power to help them,
and of our ability to supply them
Business men. he said We're awaken
ing to the opportunity and accepting
the necessity for efficient development.
He mentioned the establishment Of
American banks abroad as a forward
step.
Competition Vanishing.
1T is doubtless risky" he continued.
Ito ~foretell What the ultimate effects
of the current war shall be upon our
We know where we We're
before the war began-a great and
growing competitor of Others who had
many advantages Over us. We know
where we are now while the war goes
on-the great industrial and COM
mercial country which is at peace and
certain to remain so. These things we
know and we are glad that they are so.
one OF our great competitors has been
for eight months out of the market.
No n has suffered from her compe-
tit1on during that period. Another and
lesser competitor also has been exciud-
ed. A third great competitor has been
so intensely occupied in the struggle as
to De unable to sustain at highest pitch
in other fields the commercial enter
prises which have made her great. and
a fourth, having much of her Industrial
territory occupied by hostile troops is in
a measure crippled thereby in the for
eign trade.
Two factors will affect America ia
vorably in the coming days. One is
the loss of good will by her competitors
through enforced absence from
business. The other is the injury to
her competitors through broken or sus-
pended organization. This is not all.
The organization in many cases has
been not only broker or suspended. but
the units which composed it nave been
slain. Bad as are the loss Of the good
Will and the disruption of business, far
worse is the loss of the skilled hand
and the trained mind.
Path Leads Upward.
what the effect of all these condi-
tons upon American international
trade Is to be cannot be limited or de-
fined. but itvwould seem plain that our
are undiminished. our capital
secure. our labor safe. that we are saw
ing where others are losing. that we
are living where others are dying, that
with US the path Is upward, and with
them it is in a large measure down
ward. 1t is certain that one result will
be our own greater industrial independ-
ence."
Initiation in Europe of the prices OF
both labor and commodities will prob
ably follow the war and, as a conse-
quence, this country need not fear that
its manufacturers will be unable ia
meet the competition OF the 'pauper
labor of Europe" when the wal is over,
said Theodore H. Price, economist. in
an address today at the annual meet
ing of the academy of political and so
cial science.