The Dolores star., 1919-12-19

anced the value of her prc-war favor
able 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 a large proportion of the Amer
ican securities previously held abroad
has loaned some $4,000, ,OOO.OOO TO for
ign 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 il 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 10
ship gold to rs nor could We '-.nt.m-
plate large further imports of gold into
this country without concern.
The time has nearly passed for in
ternational government loans and ii
will take time to develop in this coun-
try n market for foreign securities.
Anything, therefore, which would tend
To prevent foreign countries from set
ding 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 ut 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 prnduc-
tion, load the banking machinery of
the country with credits to carry uu-
sold products and produce Industrial
Stagnarion and unemployment. II 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
1T legislation, we must now adjust
our own economic life 10 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 will satisfy
the growing needs and opportunities
of America. Tie provincial standards
and policies of the past, which have
{ I..l1 -,
straight jacket, must yield and give
way 10 the needs and eXigcncies 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-
| lation and thrown upon us n 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 ad-
| justed.
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. | am sure it *
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 n 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:
"We must see to it that our return
| ing soldiers are assisted in every prac-
ticabe 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
prepared or can readily prepare for
cultivation and also on many of the
cutOver or neglected areas which lie
within the limits of the older states
and I once more take the liberty of
recommending very urgently that his
plans shall receive the Immediate and
substantial support of Congress"
| In the matter of tariff legislation. !
beg to call your attention to the state
ments contained in my last message
urging Legislation with reference Ia
the establishment of the chemical and