The Ronan pioneer. [volume] (Ronan, Mont.) 1910-1970, 1916-05-12

indeed would show strong recup-
erative power.
Our average exports for the
five fiscal years ending with 1905
were 81, 453, $685. 900. This is
more than $4,000, 100000 less
than in the twelve months end
ing Dec. 81, 1915, or so per cent.
Of course both totals include our
trade with the whole world. But
we can forsee the diminished de-
mand upon our markets, Esti-
mates based on the size of our
war orders will no longer apply.
The volume of our trade with the
fighting nations has, indeed,
grown much larger, but it's per-
centage of our total foreign trade
has varied but little. Our ex-
ports to the United Kingdom,
Austria Hungary, France, Ger
many and Russia in 1915 were
SIS per cent Of our total exports;
in 1918, under normal conditions,
they were 46.1 per cent.
1t is wise to consider the case
of those who will be at the same
time our customers and COMPETE
tors. Today in England, France
and Germany, every man who is
not at the front is at work and
earning higher wages than he
ever received before. In Eng
land the average increase in
wages is probably twenty per
cent. And most of this is not
being saved for the future, but
consumed in a more liberal scale
of living and in drink. Many
women are at work who never
earned before. Governments are
distributing large sums to the
families of men in the field.
When war is over, millions of
men of all the waring nations
must return and find places in
the ranks Of peaceful industry.
Others must be supported in their
helplessness. Wages will come
down, and painful saving be the
rigid law of life. People must
practice rigid economy in order
to live and save. Already the
Importation of many luxuries has
been prohibited. That policy
will be continued and extended
to the limit. Income and other
taxes will rise to unknown heights
A grinding regime of saving to
live, and that the state may live,
must overspread not only Eng
land but France, Germany and
Russia. And it is with these
people that the bulk of our trade
must be done. 1t is they whom
we must meet in competition in
all the other markets of the
world, which we now look upon
as given over to us without great
effort for a long time to come.
Not only is there the artificial
stimulus of a war demand un-
derneath our present activities,
but business every where is liv-
ing on an expansion of credit
such as the world never saw be-
fore. The widest period of cur
rency initiation never contem-
plated anything like the intro
duction of practically unlimited
credit issues into the medium of
the worlds capital and exchang-
es. The work of today is being
done by spending the as yet un-
created capital Of the future. 1t
will not continue on that scale
after a declaration of peace. The
slowing down will affect all our
industries and occupations.
The lessened demand of Eu-
rope upon our markets cannot be
averted. These countries. it is
true, will have need of many
things to rebuild their shattered
industrial machines. But they
can no more buy these things
than they could buy war supplies
without the wherewithal to pay.
Their present resources are their
national credits, which will cease
when the war ends. What are
they to exchange for the comodi-
ties we have to sell? Not one OF
them can send gold away with
out inviting it's own financial dis
tress. All of them have based
not merely loans, but paper cur
rency issues, on their gold stocks
to an extent that had never been
done before. That foundation
cannot be undermined without
inviting bankruptcy.
In this they cannot help one
another. for all are in the same