Daily capital journal. (Salem, Oregon) 1903-1919, 1915-12-04

shipments of war munitions within a
few weeks or months will become less
urgent. The Allies now report that
they are we'll supplied with explosives,
and in view of the tremendous increase
in the capacity for British output Of
munitions, it is likely that in future
the volume Of orders placed with Am
erican manufacturers will be material
ly reduced. No early end of the war
is in sioht, but the emergency orders
for the Allies are being satisfied, and
their continuance on the recent scale
is improbable.
One of the most significant and sat
isfactory results of the war is its stim-
ulating effect upon American enter
prise. More than anything else it has
forced upon us recognition tnat we are
q world power, commercially and in
dustrially as well as politically, We
have too long considered ourselves self
sufficient, and labored under the delu
sion that we could indefinitely shut
ourselves in and others out. We must
awaken to the fact that we are g ma
tion of grown-ups; we must take our
place in the world IS affairs accordingly
and adapt ourselves to the new oppor-
tunities and new obligations that are
fast pressing upon us. With the growth
of population the United States is
rapidly changing from an agricultural
nation to o nation of manufacturers.
The past generation has seen big
changes in this direction, and the next
will see further changes OF vastly more
consequence. We urgently require for
eign markets for our surplus manufac-
tured products, and if we intend TO sell
to others, we must be prepared to buy
from them in exchange; for the simple
reason that all foreign trade in the
mass is nothing less nor more than
barter, even though in detail the oper-
ations may be highly complex and deli.
cate. From this it follows that if we
wish to export we must be more ready
to import; and an enlightened public
opinion will in due course of time cease
placing obstacles in the way Of i'm
ports, the only method by which our
customers can pay for what they buy.
Among our reading manufacturers and
merchants there has been a steadily
widening recognition of these facts for
some years past; and yet in spite of
their efforts it required the great Eu.
ropean war to really awaken public
opinion here to the opportunities that
lie outside Of our own borders. That
calamity imposed demands upon Ameri-
can resources beyond all previous i'm
agination. II created gap which tenn
porarily at least, only America can
fill. These demands fell first upon
American financiers, and were met
with n skill and resourcefulness which
astonished the world and ourselves al.
so. The giant Of the wetern hemis.
phere has at last awakened to the new
door Of opportunity opened by the dec.
laration of war in August, 1914; and
already occupies considerable place
in the sun, which Is fortunately big
enough for all. AS just said, American
manufacturers, merchants and bank.
ers are fully conscious Of the new open
ing and are already demonstrating
their faith in the future. Our cham
bers Of commerce, our leading business
organizations, our big exporters and
big bankers are taking the initiative;
and as an illustration this week $780,
100000 corporation, backed, differed
and directed by number Of the ablest
and strongest business men in the coun.
TRY, completed plans for the develop