South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-08-12

get back to the par of 1866 within
the next decade at least
You must remember that this
a.0OG.o0O.oO0 transaction Is not the
only development tending 10 keep
dollar exchange at q premium Pre-
vious 10 this United States govern
Went loan 20 the allies there had
been borrowed here by foreion
countries something like S2,750,-
100000 vhile authoritative records
compiled 10y Pres't LOree of the
Delaware 4 Hudson r. Il. show
that European holders have liquid
ated American securities on such "a
scale that comparatively little IS
now held bV individuals abroad
We are already a creditor nation
on Iaree scale. and if the war
should be prolonged the pendulum
must swing still further and further
Inn our favor. This too. viii call for
a heavy demand for dollar eNchanse
abroad 10 meet interest and div
idend payments due us
Then We used 10 pay q very large
sum annually To- E"ropean steam
ship companies. Americas ship
ping plans are beins laid on a scale
that Will ultimately enable us 10
carry i'm our own bottoms the bulk
Of our oversee freight. Here again
the pre-war conditions will all be
upset. Thesa are matters OF meal
culable Importance. matters which
all bankers must ponder very care
fully in order to enable them TO en-
deavol lntelligently 20 adjust them
selves 40 the coming new order OF
things
Eject upon Foreign Industries.
How can Britain and our other
European creditors meet these bur
denS and at the same time pay for
the enormous amounts OF raw ma
teriaIs which they Will be obliged 10
purchase i'm the United states Re
member too. that taxation abroad
viii have 10 be very heavy in order
to meet the interest on war debts
and 10 reduce gradually the public
debts
We are destined TO see fiercerI
competition than anything dream
ed of i'm pre-war days. Govern
ments will either cooperate very
closely with or control the activities
of the more important industries
within their borders and thus re-
uuce vasteful domestic competition
and domestic costs 10 the rreduc-
ihie minimum.
We know that the belliSerents
have introduced labor saving de-
vices IN every line of INDUSTRY
while we know also that the
of labor has been in
creased enormously. The introduc-
ton OF women will go far 10 onset |
the loss of man power inflicted by
the war and IL Is questionable j. /
women viii be paid as high wages I
as men. the bread winners and TIE /
heads of families
OF course. we also viii have 10 /
bear more or less heavy taxation, Of /
which industry and capital appar- |
entity are COINS TO pay "a large part |
out ] nave not the slightest doubt !
that WAGES Nll have 10 be reduced /
iu this country this viii be lapor's /
share Of the burden Of taxation
Probable Peace Terms.
Ny opinion l. that future com
merce between the different nations. /
The major operations viii be dis
cussed when the peace conference !
IS held and that the allies viii draw ,
ap some broad. general plan calcu
lated TO keep Ger.aan competition /
in other countries within bounds /
i'm
mate rush 10 import all sorts OF \
goods M wrd prices brought about |
by the pell-meu competition. the /
governments viii retain supervision /
OF imports and exports for quite
some time and conduct their buyins !