The Bridgeport times and evening farmer., 1919-12-02

purchased 8 large proportion of the American securities previously held abroad. has loaned some 5000, ,O00,- 900 to foreign governments, and has built her own ships. Our favorable balance of trade has thus been great " increased and Europe has been de- prived- of the means of meeting It heretofore existing. Europe can have only three ways of meeting the fa- vorable balance of trade in peace times:
 By imports into this country of gold or of goods, or by establishing new credits, Europe is in no position at the present time to ship gold to Us, nor could we contemplate large fur ther imports of gold into this country without concern. The time has nearly passed for international governmental loans and it will take time to develop in this country a market for foreign securities. Anything, therefore, which would tend to prevent foreign coun- tries from settling for our exports by shipments of goods into this country could only have the effect of prevent ing them from paying for our exports and thereof preventing the exports from being made.
 
 greatly stimulated by the war, must find an outlet by exports to foreign countries, a q any measures taken to prevent imports will inevitably curtail exports, force curtailment of produc- ton, load the banking machinery of the country with credits to carry un- sold products and produce industrial stagnation and unemployment. If we want to sell, we must be prepared to buy. Whatever therefore, may have been our views during the period of growth of American business con- corning tariff legislation, we must now adjust our own economic life to a changed condition growing out of the fact that American business is full grown and that America is the great est capitalist in the worl1.
 No policy of Isolation will satisfy the growing needs and opportunities of America. The provincial standards and policies of the past, which have held American business as if in a strait jacket, must yield and give way to the needs and exigencies of the new day In which we live, a day full of hope and promise for Aneri- can business, if we will but take ad- vantage of the opportunities that are olrs for the asking. The recent war has ended our isolation and thrown uuon us a great duty and reSponsi- 1 biHty. The United States must share the expanding world markets.
 The United States desires for itself cnlv equal opportunity with the other nations of the world and that through the process of friendly cooperation and fair competition, the legitimate interests of the nations concerned may be successfully and equitably ad- justed.
 There are other matters of import ance upon which urged action at the : last session of Congress which are 1 still pressing solution.
 I am sure it Is not necessary for me 1 a gain to remind you that there is one 1 immediate and very practical ques- ton resulting from the war, which we 1 should meet in the most liberal spirit l It is a matter of recognition and re- | lief to our soldiers. I can do no better 1 than to quote from my last message 1 urging this very action:
 ''We must see to 1t that our return 1 ing soldiers are assisted in every | practical way to find the places for 1 which they are fitted in the daily ! work of the country. This can be [ done by developing and maintaining 1 upon adequate scale the admirable 1 organization created by the depart | ment of labor for placing men seek 1 ing work; and it can also be done, in l at least one very great field, by cre- l ating new opportunities for individual i 
 The secretary of the interior has pointed out the way by which return ing soldiers may be helped to find 1 and take up land in the hitherto un- 1 developed regions of the country which the federal government has al- 1 ready prepared or can readily pre- pare for cultivation and also on many which lie within the limits of the old i CT states; and I once more take the l liberty of recommending very urgent {, ly that this plan shall receive the 1 immediate and substantial support of | the congress-
 In the matter of tariff legislation. 1 beg to call NIT attention to the 1 sta atements contained in my last mess age urging legislation with reference | to the establishment of the chemical l and dyestuffs industry in America:
 Among the industries to which | special consideration should be given 1 is that of the manufacture of dye | st1Iffs and related chemicals. Our 1 complete dependence upon German | supplies before the war made the in- terruption, of trade a cause of excep- tional economic disturbance. The | close relation between the manufac- tu1 of dyestuffs on the one hand, and of explosives and poisonous gases on the other, moreover, has given the industry an exceptional significance and value Although the United States will gladly and unhesitatingly join in the program of international disarma- ment it will nevertheless be . nohov