Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1915-05-01
UNCLE SAM NEED
NOT FEAR COMPETITION
AFTER WAR ENDS
(By Associated Press.)

labor and commodities Will PROBABLY
follow the war and as a consequence
this country need not fear that its
manufacturers will be unable to meet
the competition of the "pauper labor
of Europe" when the war is over, said
Theodore H. Price, economist, in an
address at the annual meeting of the
Academy of Political and Social Sci
ence.
Mr.. Price said that because of this
fear-which included anxiety over the
possible loss of what international
trade the United States may have been
able to develop because of the military
pre-occL patton of the European ma
tions-the voice of the protectionist
was already heard urging that a high
tariff be enacted so that our home de-
mand may at least be preserved for
American industry" ..
While it was difficult to say whether
this apprehension was justified, Mr..
Price thought that a study of the pos
sible economic effects of the war
might dispel the fear. If the war con-
tinues until Aug. 1, ne estimated that
the national debt of the belligerent ma
tions and their political subdivisions
would approximate $5O,OOO,OO0,OO0, or
a per capita Indebtedness of $3.50.
This would compare with a present
corresponding Indebtedness in this
country of $4,S5O, 100000, or per capita,
$48.5O.
Are the people of Europe willing
and able to submit" he asked, "to
the heavy taxation which will be nee
essary to support the integrity of the
enormous debt with which the war
has saddled them and their posterity
If not, a partial or entire default will
occur and the result will be general
financial Generalization which will
restrict trade throughout the world
Mr.. Price did not think that the ma
tiCns would repudiate their debts out
right, should they find themselves I'M
able to meet them, but would adopt
the method of issuing irredeemable
paper currency, which gradually
depreciates in value as compared with
real property and so defers or gradu-
ally wipes out the obligations of the
issuing government to it's creditors. u
Unless this currency be ultimately re-
deemed in gold, the effect, he said
was the cancellation of the obligation
of the debtor to the creditor class and
the confession of practical bankrupt
cy.
LAS matter of fact" he continued
gold is now at a premium in all the
countries of Europe, and although spe-
Gle payment is nominally maintained
in Great Britain, it is conceded that
unless the war is soon ended, a sus-
pension of the Bank Act will be neces-
sary to protect the reserve of the Bank
of England, which is already down to
less than 10 per cent"
The speaker cited the imitation that
occurred here after the civil war
through the issue of paper money.
IF the experience of the United
States" he continued, during the
time when gold was at a premium here
is a precedent upon which we may
base a prophecy as to the effect OF
similar conditions in Europe, it seems
reasonable to expect that the next
four or five years will be a period
of advancing prices for both commod-
tiles and labor in Europe and tina;
this advance will enormously stimu-
late speculation in the purchase OF
both necessary and unnecessary things
1T may, therefore, be possible, an ]
it seems not improbable, that the effect
Of imitation in Europe will he to per-
minently raise wages there, and SO
dispel the fear that we shall be una,
bic to meet the competition of the
'pauper labor of Europe in supplying
the domestic, as we'll as the foreign
demand for our manufactured goods.