The Barre daily times. (Barre, Vt.) 1897-1959, 1917-11-26
AMERICAN INDUSTRIES
MUST BE STIMULATED
Declares National Foreign Trade Council
in Report to President Wilson
Just Submitted.

| New York, Nov 26.-American indus
tries must be stimulated to high produc
ton and Americas foreign trade mus
develop to enable this country to use it
full strength in winning the war, declares
the national foreign trade council in
report submitted to-day to President
Wilson.
Practically all the money in the alice
portions of the world, and most OF that
held by neutrals, in time can be made
available for our war emergencies if oul
production constantly provides proper
basis for foreign trade" says the council
The report was prepared by Lewis T.
Pierson, chairman of the board of direc.
tors of the Irving National bank Of New
York. 1t will be submitted to the ways
and means committee of the House OF
Representatives and to the finance com
mittee of the Senate.
1t was drawn up in an effort by the
council to aid the government in the fix
ing of commodity prices and in the taxa
ton of business profits. These problems
are described by the council as perhaps
the most serious and difficult the gov
ernment has ever encountered in its re-
Asserting that in an ideal plan for
price fixing and profit taxing high pro-
duetion and not low prices should be the
controlling consideration the report says:
IF the final determination of the war
is TO be measured to any considerable
extent by the relative economic power of
the belligerents-and of course, it will
be so measured existence of the
things which money can buy will be of
far greater Importance than the posses
sion of money itself"
That leads up to the statement that
most of the money in the allied and neu-
trail world can be made available for our
war emergencies by proper maintenance
Of foreign trade For it is foreign trade,
says the report, that lis the source from
which the greater portion of our gold
must come, and from which our national
gold reserve wills derive its greatest Sc
curity. Foreign trade also provides the
possibility of keeping the entire national
energy at all times employed in profit
able production by creating foreign de-
mand for products for which there would
be no demand at home"
Effectiveness of American participa
lion in the war says the national foreign
.rade council demands the maintenance
If production in practically all lines at
he maximum capacity, and the mainte-
nance of foreign trade during the war is
most efficient means of preventing dis !
mbance of credit, insuring funds with |
which to meet the needs of government |
n taxation or loans stabilizing condi- |
ions of industry and maintaining the
structure of the nation
For these reasons the council recon- |
nends to the administration and Con.
'ress the coordination of its efforts at t
rice fixing and taxation upon principles
hat will stimulate production, insure the
ulest maintenance of foreign trade and
o provide a steady source of funds for
he vigorous prosecution of the war The
only really big thing in the world to-
ay,' continues the report. is to win the
var" In winning the war the big things
part from securing the fighting men are
to produce and conserve In such a
ituation we should not become so OBJ
essed with the idea of the value of
loney as to be blind to the value of
Their things" The part which money
lays is not of the greatest Importance.
ut is easy to imagine a condition in
-hich no amount of money would secure
he men and materials necessary in an
is hardly possible to mag
he a condition in which the securing of
ne men and materials would depend en- ,
rely upon the possession of money, We !
rmly believe that it is only by careful
nd faithful application of sound eco :
omie principles that we can carry !
rough successfully the enormous bur :
m laid upon US, a