New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-28
SAYS PROSPERITY
DRUNK GRIPS U. 5.
William S. Kies, of Ma
tional City Bank, Urges
Tariff as Salvation

prediction tina. unless protective
legislation IS provided before the ter
mination Of the European war, Amer
can manufacturers will find both their
.xpor, and domestic trade in the
hands OF foreigners, was made oy
william s. Kies, vice-president OF the
National City Bank, II an address yes,
,erday before the Queens Chamber o.
Commerce. ,y .ho
Sound economic leadership" the
banker declared, alone could avert eco
nomlc disaster 20 the country, whlen
ne described as drunk with abnormal
prosperity"
He urged his hearers to solemn
consideration Of the situation, as.
sorting the Wilson Administration mao
made mo real effort to develop 10Y
the future any scientific economic pro-
gramme national in its scope, re
stristivo and hampering Legislation
alone had been passed, said Mr.. hles,
and. while war conditions had enabled
business 10 thrive, despite these Cd
stacles, their effect, after peace is de-
clared, would be DISASTROUS >
"In 1914 we were in the depths OF
industrial prostration and financial de-
spair," he continued. Now we are
commercially prominent and man.
cially Independent. No one disputes
that our exceptional prosperity mas ma,
been born of the war. But what VIII
happen when the war is ended!
"Our present export figures are i'm
pressive-over four billions In 1910
but half of this was war material. II
we deduct from the value of our ex-
ports the value of these war materl'
ais and make due allowance Tor IN.
fated values, the actual quantity OF
our normal exports for 1916 Will be
found to be less than for l9l4-one
of our poorest years.
"Do you realize what the war has
done to our export trade? Here are
a few figures: ,
an 1914. exports Of steel billets
were valued at 100000. In 1916
they were S42,000,OOO; steel bars in
creased in those years from s7,O0O.00O
to S37, 100000; brass tubes used for
shells from 100000 to sl25,00O,00O,
and explosives from 100000 to
S4S7 ,O00,O 900.
That's where our prosperity Is
coming from. Whore will It como from
after peace is signed?
THE rehabilitation OF the countries
now at war-countries now deeply in
debt-wil depend upon their ability
70 manufacture and sell goods in the
markets of the world The entire
machinery Of government will be be-
hind them in this task; increased eff
cheney learned through war will help
them, and the competition which we
could not always meet before the hos
tilties, even with the help of a pro-
tective tariff. will be keener by far.
at is a common idea that the num-
bers killed or permanently incapaci-
tated in the war are so large as to
affect the producing power of Europe
after the war. The fallacy of this is
clearly demonstrable. Latest figures
say total losses are conservatively g.
100000 persons. The net European
gain in population averages 100000
annually, so the actual number OF per-
sons available for industrial pursuits
after the war will be greater than be-
fore il.
"The best OF economic leadership 4,
necessary and the wisest of protec-
tive legislation absolutely essential il
the United States is to hold its own
in the universal maelstrom OF indus
trial competition which will follow the
adyant Of neacav