The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1915-10-01
New York, Sept. Is, 1915.

New OIkJ OSpt. ESI l1AI.
Perhaps unduly has. our attention
been diverted in recent weeks from
domestic to foreign financial condi-
tions. The coming of the foreign fin
ancial commission and the rather ex-
traordinary proposals made by them
as the basis upon which credit should
be furnished the belligerent nations
by American capitalists have empha-
sized the enormous scale upon which
the financing of this world struggle
must be conducted. New York dur
ing the past two weeks has in reality
been a miniature battle-ground, upon
which the conflicting opinions of
those who favored orr opposed the
granting of this great loan, wrought
for supremacy. Mails and telegraph
systems and newspaper comments and
interviews have covered the subject
exhaustively, and doubtless have ex-
erted a great influence upon our in
ternational financial leaders.
There are those who opposed the
loan as sincerely and as vehemently
for economic as we'll as for sentiment
tai reasons, and forsaw in its con-
summation not only a breach of our
neutrality, but also the means for pro-
longing the great struggle indefinitely.
They predict other and similar loans
to follow this one, each succeeding
loan further complicating the whole
situation. On the other hand, men of
unquestioned integrity, wisdom and
patriotism have advocated the loan as
the only possible solution to our in
creasing complicated trade and for
eign exchange problems only through
this method will the European coun-
tries be enabled to make payment for
the American modities-exclusive
of munitions of war, so urgently
needed abroad.
A glance at the records of our for
eign trade in recent months will
throw some light on this important
subject. Notwithstanding that since
January first there has been a trem-
endous influx of gold and securities
from Europe, we have exported such
an enormous quantity of American
goods that the trade balance in our
favor has risen to an unwieldy figure.
The excess of exports over imports
on June 80 of this year was we'll over
one billion dollars, and at present rate
~ 40 CoiiAlidlSu lll1l dl tic Cllu Vi Tic
calendar year OUR exports would ex-
coed our imports by over two bill
lions of dollars. Contrary to cur
rent belief, this trade is represented
only to small extent by the sale of
munitions of war. According to the
official records of the Department of
Commerce the total export of fire.
arms and explosives during the year
ending June 80 was less than fifty
million dollars, or five percent of the
total Breadstuffs, on the other hand, |
amounted to nearly six hundred mill
lions, or sixty percent, and meats and |
animals Seventy-seven millions, or
seven and one-half percent. 1t will |
easily be seen that a loan of half or
quarters of a billion dollars |
will of itself be inadequate to the task
OF providing a permanent adjustment |
of our trade and exchange situation;
and that however unwilling Europe
may be to export and America to re-
ceive further shipments of gold, this
method of payment must still be made
use of to large extent if trade be-
tween Europe and America is to con-
tinue. The only alternative would |
be discontinuance of these trade re-
lationships, which would be as dis
astrous to American producers as it !