The Bridgeport times and evening farmer., 1919-01-22
PROBLEMS OF A CREDITOR NATION

~ FORGE E. ROBERTS, who has the title assistant to the N president The National City Bank of New York; delv- cred address before the Investment Bankers Association of dsignation "A Creditor Country The ad dress reproduced and laid upon the desk of The Times Farmer The contents calculated to make an old fashion high devotee like the late E. J. m turn in his grave But the truth of the things stated is within purvew of the least informed upon economic matters MT Roberts is banker who has escaped the thradom of conventional at least grasped the rudmens of the mic and financial changes made by Americas state of being a creditor nahon
 Through that been made to foreign natons that will be made the United States has interest charg against Europe of approximately $5O0OoO0O year. Says MT. Roberts,
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 vear And even these governments were reinquisa
 mSn 't the effe of adding gold
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 That is to say United States cannot and will not take its pay in gold There isn't gold enough; if there gold enough would be necessary to refuse it, because too much of that particular commodity in one place. would make the gold cheap.
 But for the present Europe need, and goods must flow the United States to European countries For the present and for time to Europe will not be in position many goods to this country So Mr Roberts.
 Which means reasoning of The Times Farmer that the trade of the United Sates must be much greater before is smaller in which the ultimate annual interest payments from Europe must be much larger
 If America is to be paid and cannot take gold America must take goods
 Mr. Roberts proposes an alternative country take neither goods gold. It will charge account with Europe will put it's principal into le European tries and the interest there also.
 The United States and American investors would instead European enterprise This then is MT Roberts pro- pQsa to meet present conditions Again The TimesFarmer ~reasons
 But the remedy would not in the end the original necessity Repayment could not in gold it would have to in goods and these goods would represent of European imports American exports vast Thus would the United States to condition when it's exports would be enormously greater than it's imports the don which economists of the Hill type always declared ab horren for the effect high tariff very purpose to keep European goods out of the United States
 The consequence of being creditor nation is that goods cannot be kept unless the debt is be forgiven
 Europe must pay in goods not at all The longer tt payments delayed and the greater the charge the European goods will be required to settle the account.
 There is nothing mysterious about international trade operates much like individual trade in the main factors creditor gets the other fellows goods long they until the debt is forgiven.
 It will be interesting little later, when the of fashioned high tariff orators begin to reconcile the of Uncle Sam, international creditor with the they for merly hed when they begin to explain consequences a must follow upon influx of European goods shipped the United States decade after decade to dividend est payments due American investors European industries