Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1917-11-27
AMERICAN INDUSTRY
MUST Be QUICkENED
TO FULL STRENGTH

NEW YORK, Nov. 26.-American
industries must be stimulated to high
production and Americas foreign
trade must develop to enable khis
country to use its full strength in win
ming the war. declares the national
foreign trade council in a report sub
mitted today to President Wilson.
Practically all the money in the
allied portions of the world and most
of that held by neutrals. in time can
be made available for our war emeng-
encies if our production constantly
provides proper basis for foreign
rade." says the council.
The report was prepared by Lewis
Z. Pierson. chairman OF the board of
directors of the Irving National bank
of New York. II will be submitted
to the ways and means committee of
the house of representatives and to
the finance committee of the senate.
1t was drawn up in an effort by the
council to aid the government in the
fixing of commodity prices and in the
taxation of business profits. These
problems are described by the coun
Gil as perhaps the most serious and
difficult the government has ever en-.
countered in its relation to business
interests.
Asserting that in an ideal plan for
price fixing and profit taxing. high
production 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 'consid-
cradle extent by the relative economic
power of the belligerents-and, of
course, it will be os measured-the
existence of the things which money
can buy will be of far greater i'm
portance than the possession of money
itself"
That leads up to the statement that
most of the money in the allied and
neutral world can be made available
for our emergencies by proper main
/ tenance 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. ami
from which our national gold reserve
will derive its greatest security. For
eign trade also provides the posi-
bility of keeping the entire national
energy at all times employed in profit
able production by creating a foreign
demand for products for which there
would be no demand at home.
Effectiveness of American partici-
patton in the war. says the national
foreign trade COUNCIL demands the
maintenance of production in prac.
tically all lines at the maximum ca
paci.y. and the maintenance of for
eign trade during the war is a most
efficient means of preventing disturb
ance of credit. insuring funds with
which to meet the needs of govern
ment in taxation or loans: stablizing
conditions of industry and maintain
ing the ECONOMIC structure of the ma
ton.
For these reasons the council
recommends to the administrator and
congress the coordination of its eff
forts at price fixing and taxation upon
principles that will stimulate produc-
ton. insure the fullest maintenance
of foreign trade and so provide a
/ steady source of funds for the vigor-
Gus prosecution of the war. The "only
really big thing in the world today"
continues the report, lis to win the
war In winning the war, the big
! 'hings apart from securing the fight
ing men, are ito produce and con-
serve" In such situation we should
not become so obsessed with the
idea of the value of money as to be
blind to the value of other things"
The part which money plays is not
If the greatest Importance.
ct is easy to imagine a condition
IN which no amount of money would
secure the men and materials neces
sary in an emergency-it is hardly
possible to imagine a condition in
the securing OF the men and materials
required would depend entirely upon
he PROFESSION of money. We firmly
believe that it is only by careful and
faithful application of sound economic
principles that we can carry through
lat