Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1919-12-11

Pre-War Trade Balanced.
Before the war America was heavily
the debtor of the rest Of the world
and the interest payments she had
to make to foreign countries On Amer
lean securities abroad, the eXpendi-
lures Of American travellers abroad
and the ocean freight charges she had
to pay to others about balanced the
value of her pre-War favorable bal
ance of trade. During the war Amer
icas exports have been greatly stimu-
lated, and increased prices have in
creased their value. On the other
hand, she has purchased large pro-
portion Of the American securities
previously held abroad, has loaned
some $9,OOO,OOOO00 to foreign govern
ments and has built her own ships.
Our favorable balance Of trade has
thus been greatly increased and Eu-
rope has been deprived of the means
of meeting it heretofore existing.
Europe can have only three ways of
meeting the favorable 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 az the present time to ship
gold to us, nor could we contemplate
large further imports Of gold into this
country without concern.
Must Have Outlet for Exports.
The time has nearly passed for in
ternatiOnal governmental loans and it
will take time to develop in this coun-
try market for foreign securities.
Anything, therefore, which would
tend to prevent foreign countries from
settling for our exports by shipments
of goods into this country could only
have the effect of preventing them
from paying for our exports and there
fore Of preventing the exports from
being made.
The productivity of the country,
greatly stimulated by the war must
find an outlet by exports to foreign
countries and any measures taken to
prevent imports will inevitably curtail
exports, force curtailment of produc-
the country with credits to carry I'M
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 concern
ing tariff legislation, we must now ad-
just 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 world.
Isolation Policy Won't Do.
No policy of isolation will satisfy
the growing needs and opportunities
of America. The provincial stand
ards and policies of the past, which
a straightjacket, must yield and give
way to the needs and exigencieS of
the new day in which we live, day
full Of hope and promise for American
business, if we will but take advan-
tage of the opportunities that are ours
for the asking. The recent war has
ended our isolation and thrown upon
us a great duty and responsibility.
The United States must share the
expanding world market. The United
States desires for itself only equal op-
portunity with the other nations of
the world, and that through the proc
ess of friendly cooperation and fair
competition the legitimate interest of
the nations concerned may be success
fully and equitably adjusted.
Recognition and Relief to Soldiers.
There are other matters of impor-
lance upon which l urged action at
the last session OF congress which
are still pressing for solution. l am
sure it is not ne ,essary for me again
to remind you that there is one imme-
date and very practicable question
resulting from the war which we
should meet in the most liberal spirit.
1t is matter of recognition and re-
lief to our soldiers. I can do no bet
ter than to quote from my last mes
sage urging this very action:
"We must see to it that our return
ing soldiers are assisted in every prac-
ticable way to find the places for
which they are fitted in the daily
work of the country. This can be
done by developing and maintaining
upon an adequate scale the admirable
organization created by the depart
ment oil labor for placing men seeking
work; and it can also be done in at
least one very great field, by creating
new opportunities for individual en-
terprise. The secretary of the inte-
rior has pointed out the way by which
returning soldiers may be helped to
find and take up land in the hitherto
undeveloped regions of the country
which the federal government has al
ready prepared or can readily prepare
for cultivation and also on many Of
the cut-over Or neglected areas which
lie within the limits of the older
states; and I once more take the lib
erty Of recommending very urgently
that his plans shall receive the imme-
date and substantial support of con-