Carrizozo outlook. [volume] (Carrizozo, N.M.) 1910-1945, 1919-04-25
Conditions Of Few Years Ago
Have Been Entirely Re-
versed by War.
DUTY NOW TO PAY OUR WAY
Looking 10 World Leadership In Ma
tionai ethics and international
Commerce Brings We Face to
Face with Problem.
BY WILLIAM c. REDFiELp,
Secretary Of Commerce.


was n debtor nation. We had financed
many OF our largest enterprises with
tho aid OF European funds. The visible
balance Of trade was In our favor but
was nearly or quite Offset by such I'M
seen Items as payments for interest,
for services transportation for the
expenditures Of Americans travelling
abroad, etc. We were as n whole an
expendlng rather than an investing
country. The work OF developing the
full range OF our was incom-
plete. We were far from being indie
pendent In the economic sense, but
looked to the world outside our limits
for many essentials, viz. for credits.
for materials and for many manufac-
tured products which we did not our
selves produce.
There were then three great com
petitors In the international market
Great Britain, Germany and the United
States-which ranked In the order
stated. The first two were intrenched
all around the globe with banking IA
cillties and transportation systems
everywhere at their command. Great
Britain possessed the largest merchant
fleet and the greatest aggregate OF
liquid capital In the world. Germany
based her Industries on science and
her world m on research and
backed both by government aid. II
speaks volumes for the competing
power OF American industry that
against competition OF this nature she
was n close competitor in n common
field.
Conditions Reversed by War.
These conditions are today reversed ;
the war has changed them all. Ger
many has for years been excluded
from the world markets and has lost
her good will In them. Her fleets
have vanished. At home she Is dlsor-
gnnlzed by defeat and civil strife.
Abroad her methods have been dis
credited because the trail OF evil Is
over them all. The enrller years OF
the world war altered the currents of
thought and action so that Great Brit
ain and her allies looked 10 us for
credits and other essentials. First
they recalled the investments made
here and we repaid them n sum estl'
mated Mt from $4,000 900, 900 TO $4,000.
100000. Then while looking to us for
further loans they called upon our nat,
urnl resources and our industries foI
vast volumes Of raw and manufactured
materials. Thus the balance OF trade
IN our favor grew Immensely and the
ordinary offsets against It were re
moved. While others were fighting We
accumulated wealth. We paid what
we owed abroad and became In turn
creditor nation. When we saw tina
the great contest was one In which W,
were vitality concerned and entered
the war this process was accelerated
We lanncd vast sums TO the nations
with which we were associated so tina
today not only has our foreign debt (,
Europe disappeared, but n debt from
Europe TO us of eight and n half bin
lions has taken It's place. We huv,
accumulated the greatest stock ~ gol,
I'm the history Of the world. Vow tina
the strife seems over the world look
to us for essential materials an,
equipment with which 20 rebuild tina
which war has destroyed aud 10 re-
sumo the normal worn Of life. W,
must not only feed and supply IN,
world. but must furnish In lnrge nnr
the credits from which we shall b.
paid. Industries which We lid no
have are created ana operated. w
nre far more economically independent
than ever before ana have come I,
realize the danger Of being %dencnden
on foreign sources Of supply for an.
essential factors of commerce.
Vast Change Is Wrought.
We may not, therefore, think In III,
present and Of the future as ",
thought I'm and Of the pnst. Iden
which seemed remote have been con
donscd into the fncts. Relations thu
seemed dreums are now realities. Iso
lntlon has been changed into worl,
leadership. We can mo- longer coniin
thought and action 90 the thrce.mll
limit hui have entered into the avid
renim Of world activity, This calls oI
MS for action and for finance on a seal
enlarged to M the time. the fncts nm
the duty. We cannot escape the r.,
sponslbillty that comes with power.
o. not q talent we cam bury IN q mar
KIM our power must be used. No ON
argos thnt we use II for lll-we en-