The Detroit times., 1916-07-11

ment upon the surplus wealth Of our
foreign competitors. which we had
TO borrow TO supply our needs.
As We look about us the scene is
all changed. The debtor has be-
como creditor. The borrower then
Is the lender now. Great nations
oficially gather American securities
owned by their citizens that they
may use them to pay the debts they
owe us. There has been great
gain In the good win OF American
business In the foreign field. There
has been a vastly greater gain In
the good VIII OF American business
toward the foreign field.
We speak Just after the close OF
the fiscal year. The details for the
final days OF that year are not COM
plete. but II is safe TO say that our
export trade In that year has been
$4,000, 100000. with an import trade,
chiefly OF raw materials for our
busy mills. OF over $4,000. o0O. 900.
We have what we call visible
trade balance OF nearly or quite "a
000. 5000 These are unprecedent-
ed facts.
We had two years ago almost no
banks abroad. Now they are begin
ming 20 dot the earth. and re-
| cent legislation will enhance their
growth. Two years ago the govern.
ment had no permanent force
abroad exclusively given TO promot-
ing American commerce. Now that
force is in full vigor and is sup
ported BY new and powerful or
ganixation at home. Two years ago
we borrowed: today we lend Amer
lean trade follows the American In.
| yestment
What shall the future be- Ger.
tainly that future will be what We
| Americans make II. II will not be
the result OF legislation but OF ac-
ton. II will be as large as our own
by a stern purpose 10 make that
power real and keep II powerful
II Is perhaps not without reason
that the word "salesmanship" has
the word man" in the very center
OF H. You do not need here any
or your TO be told the value Of
man Look back 90 years and see
what men have done here In Detroit
meanwhile. You have seen man
! power triumphant over dificulty.
| Hfafa
I'll. were each product OF Detroit 20
carry a flag with the city name
| upon IL, the banners OF Detroit
would decorate the highways OF the
world. Man power has here maids
| false and pitiful the power OF
phrases. Small need TO worry over
! the rate OF wage as con-
trolling factor in competition when
the cheapest goods In great In
dustry are known by all 10 be made
| by the men who are paid the most.
II is horrible to think OF the waste
in the pas, years OF American in
| dustry. We held business conven.
| tons and let the eagle scream and
cnthused over the greatness OF
! America. while others grew rich on
what we were neglecting. II Is I'M
! doubtedly true that half a million
available horsepower In hot gases
escape from our wasteful coke
ovens. Everyone knows II to be
true that the great German dyestur
industry has been built up out OF
| the scientific use OF materials OF
which we were at once the largest
| producers OF the raw stuffs and the
| largest consumers OF the finished
sturYs. We cheerfully burned and
otherwise destroyed many thousands
OF tons OF paper-making material
and imported nearly half OF our pa
| per stock from abroad Indeed, II 10
true that these men needed protcc-
ton, but II was protection from
themselves they needed.
We shall see. no doubt, when the
war shall end. and in a measure de-
pending upon when that end shall
come. an apparent reaction In our
foreign trade, The mere recession
OF prices normal to the coming OF
peace will affect the volume In dol
lars OF that trade; yet with equal
confidence look for a second re-
action upward in that foreign trade
when American industries. con-
scious OF their power because II
rests upon searching study. shall
send their men abroad into the in
spring contest OF brains and char.
acter (for It will be no less) which
will wage between the nations.
We may not let our foreign trade
60 by the board for II is linked up
In a peculiar way with the prosper
| ity Of our domestic commerce.
We have a vast supply Of gold TO-
day. the greatest In the world. a
tempting treasure which the nations
will eagerly seek when once they
are through destroying one another.
Everybody knows this. Ask your
banker How are we going 70 keep
that gold supply intact? II 10 rath-
er important we should. for the abil.
ity OF our domestic banks to give
credits TO you and TO your fellows
ell over America. farmer and mer-
chant alike. rests. in the last an.
u