South Bend news-times. (South Bend, Ind.) 1913-1938, 1916-06-12
CLENS EXPECTS
HEATED CAMP AIGN
Patriotism and Preparedness
to be Only Live Issues,
FinanCier Says.
BY Henry CIews.
News Times Special Service

News-Tlmes Special Service
Not in many years has the pres
idential campaign been so tame and
free of excitement. 40 great polit-
ical. economic or social issues are
at stake-at least no radical diff
ferences Of opinion exist-and the
whole campaign thus far has been
one Of men rather than Of issues.
Patriotism and preparedness seem
to be the only live subjects; and
REGARDING these, the differences are
mainly I'm degree. That the whole
country believes in patriotism as
well as in preparedness goes with
out saying. and, since there can be
no great conflict of opinion about
the degree OF either. it follows that
no very heated campaign can be
based upon such issues The tariff
viii probably become more promin-
ent later on, because the country
will need a much larger revenue
to meet the inevitable cost OF pre-
.paredness. and the tariff can read
iIy be made a larger source OF rev
enue il not pushed too high. When
nominations are agreed upon and
the issues more clearly defined in
party platforms. a more intelligent
opinion can be formed as tc the
outcome. During the next six
months more or less heated discus
sion must be anticipated although
the present campaign promises 10 be
much less disturbing than usual.
Eorpiou Trade Coed
our foreign trade in April show
ed splendid results. Imports were
valued a, $217.7OO. 900. OF So, COO
coo in excess OF the same month
last year. Exports were 1899, $780,
600. or sos. 00.00 more than a year
ago. The excess of exports was
$4,000. 900. compared with $134,-
600. 900 in 1915. This * usually
the season of declining exports when
crop movements have passed the
naximum. and the increase must he
largely attributed to munition ship
ments, especially as the British
blockade has materially interfered
with exports TO neutral countries
contiguous to Germany In april
the exports of foOdstuhs dropped
-
S105.O0O.OO9 a year ago, while the
shipments of manufactures rose TO
S257. 900. 900. against s12S,0OO 900
i'm 1915. For 10 months of the fis-
cal year, imports have been S1.722.-
600. 900, or $34S.OOO,OO0 more than
last year; while exports we're S3,-
$4,000 goo. an increase of $1.17O.-
900. 900. The excess of exports in
these 10 months was $1.673. 00Q, 600
compared with $S51.0OO.OOO a year
ago. 1t should not he forgotten
that our foreign returns have been
much inflated by the rise in values.
In a few instances a rise i'm values
has been double the rise in volume.
In the majority OF cases the advance
in values has been much greater
than in quantities, and i'm only a fe,y
cases has the value gained less than
quantity These fluctuations are al
most entirely due Ia the war. which
revolutionized foreign trade. Lit
tie prospect exists of a return 10
former conditions. New openings
are being made for American prod
uCts i'm foreign markets. owing 10
withdrawal Of some OF the belIiger-
ents. Some OF these markets we
viii hold permanently, others may
return TO former channels after the
war Foreign purchasing power.
aside from sheer necessities, viii
undoubtedly be curtailed for a per-
iod. and foreign countries will have
smaller surplus of products to
sell the United States ON the other
hand. the various belligerents may
reCuperate more rapidly than gem
orally expected and IL SO the de-
preston after the war will be less
prolonged than sometimes anti
cipated Doubtless there viii be
sharp competition for the world :
markets during the next decade. and
the end OF the war viii find the
United States i'm better condition FOR
the struggle than any other nation
SO far as unimpaired strength as
factor is concerned our chief
handicaps viii be high costs OF
production. inadequate banking and
transportation facilities and un-
familiarity with foreign require