Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1919-12-02
Text of Presidents
Message to Congress
[Continued from First page.l

increased prices have increased their
value. on the other hand, she has
| purchased a large proportion of the
American securities previously held
abroad, and loaned some $4,000, ,000,-
600, to foreign governments and
has built her own ships. Our IA
vorable balance of trade has thus
, been greatly increased and Europe
has been deprived of the means of
meeting it heretofore existing. Eu-
rope can have only three ways of
meeting the favorable balance of
trade in peace times:
Must Find Outlet
BY imports into this country OF
gold or of goods, or by establish
ing new credits. Europe is in no
position at the present time to ship
gold to us nor could we contemplate
large further imports of gold into
this country without concern. The
time has nearly passed for interna-
tional governmental loans, and it
will take time to develop in this
country a market for foreign securi-
ties. 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 preventing them from paying for
our exports and therefore of pre-
venting the exports from being maic.
The productivity of the country,
greatly stimulated by the war, must
find an outlet by exports to for
eign countries, and any measures
taken to prevent imports will inevi-
tably curtail exports. force curtail-
ment of production, load the bank
ing machinery of the country with
credits to carry unsold products and
produce industrial stagnation and
unemployment If we want to sell,
we must be prepared to buy. What
ever. therefore. may have been our
views during the period of growth
of American business concerning
tariff legislation, we must now ad-
just our economic life to changed
conditions growing out of the fact
that American business is full
grown and that America is the great
est capitalist in the world.
Against Isolation
No policy of isolation will satisfy
the growing needs and opportuni-
ties 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 ext
gencies of the new day in which we
live. a day full of hope and prom
Use for American business, il We will
but take advantage of the oppor-
tunities that are ours for the ash
ing. The recent war has ended our
great duty. The United States must
share the expanding world markets.
The United States desires for itself
only equal opportunity with the
other nations of the world and that
through the process of friendly CO.
operation and fair competition. the
legitimate interests of the nations
concerned may be successfully and
eQuitably adjusted.
Urges Soldiers Relief
There are other matters of inn
portance upon which 1 urged action
at the last session of Congress which
are still pressing for solution. 1 am
sure it is not necessary Tor me again
to remind you that there is one i'm
mediate and very practicable ques-
ton resulting from the war, which
We should meet in the most liberal
spirit. 1t is a matter of recognition
and relief to our soldiers. l can do