The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1917-12-15
SAN Holds
BIGGEST RESERVE
OF GOLD COUNTRY
HAS EVER KNOWN
United States Just Com
mencing to Make For
eign Investments
NEED OF FREE
PORTS Is SEEN
Visible Balance of Trade
In Favor of u. S. Over
Three Billion

Washington, Dec. 15.-Measures
for making the most OF Americas
world trade opportunity are foremost
in Secretary Redfield's report Of the
many activities Of the department Of
commerce presented today to con-
gress. The department probably
conducts more different phases OF
government work than any other
and while all are touched upon in
the long report. measures for pro-
noting foreign trade and an account
Of the years commercial operations
stand at the top Of the list.
THE visible balance of trade in
favor Of the United States on mer-
chandise transactions for the fiscal
year ended June 80. 1917. was 49,
634, 450,9O5," says the report. THE
total of our merchandise export trade
was $6.293,s06 900 and Of our import
trade S2,659, 1856, 1S5. During the three
months period from the close OF the
fiscal year to October the mer-
chandise exports have been $685.
2I3,625, the imports $729,978,O17,
and the net visible balance $5S9,2S5.-
sos.
The department earnestly hopes
for the passage early in the coming
session OF the so-called Webb bill,
now pending in the senate. This
measure will have an important
bearing in promoting our foreign
commerce. It will strengthen one Of
the weakest points in our foreign
trade and will give confidence to
many a manufacturer and merchant
to undertake foreign business from
which now. for lack Of the authority
this measure will give. he feels him
self excluded.
"This country now holds the
has ever seen. It IS a great economic
prize. On ii. as a secure base. rests
our national, state, municipal, cor
porate and private credits. Let II be
seriously diminished and the volume
OF credits that we can give is there
by diminished also. There are but
few ways in which this reserve, bas-
ed on which our credits depend. can
be adequately protected from econ
omic attack. Among these methods
are loans abroad. investments abroad,
sales abroad. services abroad. BY
one or another Of these methods or
by combinations OF them we can
Keep the current OF exchange so flow
ing that our gold reserve may resist
serious diminution. In so doing we
conserve our power to give credit,
which is to say our power to do busi-
ness on a large scale. This means
employment, activity, occupation. We
are becoming accustomed to loans
abroad. We are beginning, but as
yet only beginning. to make invest
ments abroad on any considerable
scale. We are not yet rendering SER
vices abroad on a large scale, such as
insurance or transportation.
1--WE must hold as fully as we can
the volume of our foreign commerce
intact. If we fail to take these econ
omic movements at their true value,
the result win be upon our own
heads and we shall only have our
selves to. blame. We may, indeed.
continue as a going concern, but we
can not hold a, place Of financial and
industrial and commercial power in
the world unless we keep the credit
giving power. This situation is COM
paratively new to Americans; it has
come upon us suddenly; 1t has risen
out Of the shock of war. 1t is the
more necessary therefore to make 1t
plain that If we would prosper to the
full we can no longer think the
thoughts Of former days OF relative
isolation. We are in the family of a
financial and commercial world, and
If we would keep our place and in
huence therein we must play our due
part as one of the family.
''The establishment Of free ports
at strategic points on our coast
would be a potent factor in main
tanning and extending our foreign
trade. Properly placed, constructed,
equipped, organized and operated,
they would add to the employment of
a. qsekR Of AnN
1Cnntinned on Parn 1n-N