Evening journal., 1916-11-07

AmEHitA AfIEh Iht WAN
N URING the political campaign Just closed there
- was much interest in and valuable discussion OF
the economic conditions which Will confront this coun-
try after the close OF the war in Europe.
This discussion perained principally to the foreign
competition which American producers will be com.
PEELED to meet because Of the pressing effort OF for
eign producers 10 sell their goods in our markets.
II is generally believed and apparently with good
reason. that the millions of women and children who
have been added 10 the producing forces of European
workers will continue in that capacity after the war
has ended, and that with the return OF the soldiers
to industrial pursuits the productive capacity in Eu-
rope particularly in manufacturing enterprises will
be so great that an enormous surplus products must
find an immediate market somewhere at whatever
price be obtained
Certain it is that Europe will be In need Of money
Gold has been flowing from practically all the nations
of Europe into the Golfers Of American commerce
The United States is the nation which now has the
greatest purchasing power of any nation earth To
US therefore. must Europe turn for ready market
for her products
But II is not in trade alone that likely to
meet and confront serious and monacng drain upon
our financial resources. It Is well understood fact
that prior to the outbreak of the in Europe Amer
can tourists were spending abroad from s350OOOOO0
TO $500 100000 a year Most of this spent in Eu-
ropean countries The outbreak OF the war shut of
foreign travel and caused people to spend their
money al home. This country has saved. therefore.
the years OF between StUUOVUVUu ana ST.
600 600 600 would otherwise have to Europe
II Is predicted by who have considered the
subject that as soon as the is there will be
not only renewal but great augmentation OF the
European tourist travel Not only will people travel
TO Europe for the same reasons that they have in the
past but large numbers will 20 there in order to ira
the battlededs view the destruction and study
economic and social conditions Many residents OF
tho United States who have relatives in the countries
that have been will there personally to visit
them send money for their relief The drain upon
finances because Of this travel in Europe will
doubtless be many times that which suffered he
fore the began It. will not be surprising if the
expenditures Of Americans who go to Europe send
their money there shall be from s75OOOOOOO to 81 OOO
100000 a year This will be net -outgo of money for
which shall have return whatever If there shall
he combined with this of purchases OF for
eign made goods that there shall be a balance of
trade against the expectations of gold from this
country TO Europe will be great and rapid as
to shake the very foundations Of industrial pros
perity
Shipments of gold from Europe to the United States
during the period of the European laid the ounda
ton for pyramid Of credits which created the indus
trial prosperity we have enjoyed for the last few
years With that industrial activity came imitation
of values and increase of prices. Because dollar Of
gold furnishes the foundation for several dollars Of
credit increase in industrial activity has been far
in excess of the actual importation Of gold. For the
same reason, expectation of gold to pay for foreign
goods or to pay the expenses of American tourists in
foreign countries will the contraction of credits
far in excess Of the expectation Of gold AS
sary consequence of such a contraction of credits we
shall have reduction Of values and a rapid fall in
prices
There are two things the American people do
to prevent such calamity this. One of them they
do by process of law. but the other he left
to the patriotism of the individual We can prevent
the taking away of American gold in return for for
oign goods by enacting protective tariff law The only
thing that can prevent tourists from rushing in inn
mense numbers to Europe and spending their money
Sightseeing is the patriotism of the individual which
should induce him to spend his money In this country
where It will build up American Industries. give en-
ployment to American citizens and cultivate taste
for and appreciation of the beauties of American seen
cry and the wonderful achievements Of American con
stTuctive genius.
Each voter should remember that both Senator du-
Pont and Congressman Miller in favor Of a protec-
tive tariff.