The Penn's Grove record., 1919-12-12

during the war Americas exports
have been grea ly S imulated, and n
ere scd prices have increased the r
va.uts On the O.ler and, she has
purchased a large proportion of the
American securities prev o-sly he d
abroad, has loaned some $4,000 0 o.
to foreign governments, and has built
her own ships.
Europe can have only three ways f
meeting the favorable balance # t-ace
in peace times: BY imports into this
country of gold or of goods, or by es-
tablishing new credits.
Europe Can't Ship Gold.
Europe is in no position at the pres
ent time to ship gold to US nor coGld
we contemplate large fur her imports
of gold into this country withou con
Germ. The time has nearly passed 70
international governmental loans and
it will take time to develop in this
country a market for foreign securi-
ties.
Anything, therefore, which would
tend 20 prevent foreign countries from
settling for our exports by shipment
of goods into this country could only
have the effect of preventing them
from paying for our exports and.
therefore, of preventing the expo T.
from being made.
The productivity Of the country,
greatly stimulated by the war, must
find an outlet by exports to fore III
countries, and any measures taken to
prevent imports will inevitably cur
tail exports, force curtlilment Of pro-
duction, load the banking mach merry
of the country with credits to carry
unsold products and produce indus
trial stagnation and unemployment.
If we want to SCI, we must he pre-
pared to buy. Whatever. therefore,
may have been our views during the
period of growth of American business
concerning tariff legislation, we must
now adjust our own economic fe 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 world.
Isolation Policy Anticipated.
No policy Of iso'at.oa will satisfy
the growing needs and opportunities
of Amer'c ca. The provincial standards
and policies of the past, which have
held American business as if in a
straightjacket, must yie'd and give
way TO the needs and ex gencies of
the new day in which we live, a day
full of hope and promise for Ameri-
can business, if we will but take adj
vantage of the opportunities that are
ours for the asking.
The recent war has ended our iso-
'ation and thrown upon US a great
duty and responsibility.
Must Share in Trade Expansion.
The United States must share the
expanding world market. The United
States desires for itself only equal
opportunity with the other nations of
he world and that through the pro-
cess of friendly cooperation and fair
competition the legitimate interests of
iIt IdllOIS OliIt e may JIG SutCCSS-
fully and equitably adjusted.
There are other matters Of import
ance upon which I urged action at the
last session of congress which are still
pressing for solution. / am sure it is
not necessary for me again to remind
YOU that there is one immediate and
rery practicable question resulting
from the wal which we should meet
n the most liberal spirit.
1t is a matter of recognition and re-
lief to our soldiers. 1 can do nc bet
-er than to quote from my last mes
sage urging this very action:
Assist Returning Soldiers.
1--WE must see to it that our re-
urning soldiers are assisted in every
practicable way to find the places for