New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-01-04

ana lNfUi' W w" w."
ties and other devices. 60 secure and
extend their markets.
Tncy have dumped scientifically.
Germany has sold in South America,
i'm England and in the Orient for lO3
20 liO marks her iron sold ODD Germany
for loO marks. In Italy, at times. she
has lowered the price TO 80 marks.
With formidable competitors she has
divided territory. Their work has been
done on an intelligent, scientific basis.
II We are TO meet their competition
wisely. we must put our legislation ana
administration Of tho tariff on set
ruuGc basis. Ii Is quite probable that
some rational form Of "anti-dumpiuG
legislation of rather narrow apphca-
uou such as that Of Canada or OF
Australia. will be better than higher
tariff. but u scientific commission lS
needed 90 study the whole situation.
g. The large balance OF trade m
favor OF the United States during the
period Of ,he war which has brought
u> tno largest supply of gold iu our
history, making the money market easy.
wiil Move tendency toward increase
of prices and speculation. From our
history We have been leG 20 expect "a
commercial crisis about Cncc every
C''S"e ~ 'Hs ""n
fronts as now. ] the war continues.
the likelihood OF such q crisis VIII ln-
crease.
Two factors are I'm our favor. First.
the rCW monetary laws of ile United
States olglt 10 be very hc.pIu b. .u-
abIiug MS TO tide over 'be evil Effects
of any special failures leading 10 a
sudden paric and contraction OF cred
i,s Tb.ro car he lttlo doubt Cha. the
pola,aI psservo hanks will I'm such an
-,srt overcisa o. stlbililing influence
second -ha leading husiness men and
bortcrs of tbe cour+ry arc already
forewar,ed and the speculqticn in the
war stocks has led them 10 be ON their
-ua-d With ths warning. there can
be little doubt TINT the most influential
OF the hanks are ALREADY scanning with
care .hc status Of their creditors. and
as rho sDeculqtive tendency increases
they will doubtless become more and
more rigid iu their insrect on irto the
financial condition OF borrowers Rigid
care ,n The rart Of bankers, and OF
business men as well who are asked
20 Give credit. will 90 fan toward les
SEEMING the danger Of over-speculation
with a following crisis.
fo,o-,,.o.,t ,,,io, poo,,irod
,.,
ray" III S'e"NIHS o. '"e com
non rom ioLt'|h countries Do"hd 10
come q, me close OF the war attention
was called TO- the deslraollltE OF certain
oFe4".i.e"'aI action ~ CoHneclIoh WIN
the tdlld. As result OF the war gov
ernentai action VIII De I0uoIy ue-
manded ln other directions. u - worm
while 10 take note OF these condltlons'
Ial There u.s. strong and well JUST
FED demand AZ the present time Tor
preparatiOn for national defence.
Doubtless large majority Of the
American people at the present time
are lu favor oil prompt ana IttheI e.
direction. An increase in the navy ana
army viii call for an increase - our
building facilities. as well as Tor
roodly added supply Of munitions for
American use Our shlpyardS arc al
the prescut running 10 their full capa-
80, ~, nr;vate orders. The govern
,,o,+ ,ards and our leading private
,.ards win i'm all probability have much
~ do for the Government for some
,.sers 70 come. That will tend 70 keep
~, business prosDerity in that special
Ea1d
m tho other hand. the close of the
nor will bring back Immediately into
+bo competitive carrying trade the Ger
man merchant feet and considerable
mart Of the English merchant marine
To-, ,no,,;sitionSd nv the English gov
-,',,,,l,t 10, var purposes This re-
I ,o,yod competition is likely TO lessen
Materially the private demand for hip
buiIdiuc Should the war last another
wear and our government demand M
C~eaee unless care Is taken We shall
80 onr ebinvards so expanded that
,bo cloee of the war with q sudden
cessation OF demand from private com
NAMES will leave some Of them unem-
Iloved
lbt Tho roports Of our army and
,e,.,, boards show clearly that the gov
o,,,,o,t oyrenditurcs have not always
.bcer made on wise plan 10 their
t,l(,r,opt our Government navy yards
arc too numerous and the small ones
not well enough equipped. All this
means waste. and if we are TO avoid the
evils succeeding the war and make the
hest use OF the advantages that come
from the war. the government shouI9
put its production o. "t Nv S I'D go" ~
,'.C'.,.'o'' - be carried on strictly on
k,siress nrinciples and not with refer
80 ~ local nolitical interests. which
- w econ i'm tho mast been 90 i'm
ia. -, In determining naval
poi '' -. olnerditurcs
ana am, IT. ,o bas doubtless been some
.lor,bio oround for complaint
Ooi'5.' a. oc,;one Of come Of the great
"s"'"S. ,'IV A~d ,.ot IL is now quite
COZ Poi 0.,,,,,iad bet much Of the So
gene any ,-,.l..;o, loo boou