The Idaho Springs siftings-news., 1919-12-05

tlought-the one believes in prorec-
ton OF American Industries. the other
believes in tariff for revenue only
must be subordinated TO the single
consideration of the public interest in
The light of utterly changed condi-
tions
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 Ameri-
can securities held abroad, the expen-
ditures of the American travellers
abroad and the ocean freight charges
she had TO pay to others, about bal
anced the value of her pre-war favor
ible balance of trade. During the
war Americas exports have been
greatly stimulated, and increased
prices have increased their value.
On the other hand, she has pur-
chased large proportion Of the Amer
lean securities previously held abroad,
eign governments, and has built her
own ships. Our favorable balance of
trade has thus been greatly Increased
and Europe has been deprived of the
means of meeting it heretofore exist
ing.
To Develop Market.
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 at the present time to
ship gold to us nor could we contem-
plate large further imports of gold into
this country without concern.
The time has nearly passed for in
ternational government 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 set
fling for our exports by shipments of
goods into this country could only
have the effect of preventing them
from paying for oar exports and
therefore 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
tion, 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
America Greatest Capitalist in World.
Whatever, therefore, may have been
our views during the period of growth
of American business concerning tar
IF legislation, we must now adjust
our own economic life to Il changed
condition growing out of the fact that
American business is full grown and
that America is the greatest capitalist
in the world.
No policy of isolation viii satisfy
| The growing needs and opportunities
Of America. The provincial standards
md policies of the past, which have
held American business as if in n
straightjacket, must yield and give
way TO the needs and exigencies of
tiit new u;lt Ill Mnitn we i've. ttits
full of hope and promise for Ameri-
can business if we will hut take adj
vantage of the opportunities that are
ours for the asking
The recent war has ended our iso-
lation 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 opportunity with
the other nations of the world, and
the process of friendlq co operation
and foreign competition so the legit-
innate interests of all nations concerned
may be successfully and equitably adj
iusted.
Must Give Relief to Returned Yanks.
There are other matters of import
ance upon which | urged action at the
last session of Congress which are still
pressing for solution. l am sure it is
not necessary for me again to remind
YOU that there is one immediate and
very practicable question resulting
from the war which we should meet
in the most liberal spirit. 1t is a mat
ter of recognition and relief to our sol
diers. / can do no better than to quote
from my last message urging this very
action
1--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 organiza-
tion created by the Department of La
bor for placing men seeking work and
| it can also he done, in at least one
very great field, by creating new
opportunities for individual enterprise
Urges Support for Secretary's Plans.
"The secretary of the interior has
pointed out the way in which return
ing soldiers may be helped to fund
and take up land in the hitherto un-
developed regions of the country which
the federal government already has