The St. Charles herald. [volume] (Hahnville, La.) 1873-1993, 1919-05-24
Conditions Of Few Years Ago
Have Been Entirely Re-
versed by War.
DUTY NOW TO PAY OUR WAY
LOOKING to World Leadership in Ma
tionaI Ethics and international
Commerce Brings Uc Face to
Face With Problem.
Ely WILLIAM c EEOft6LO
SECRETARY o. Commerce.

Secretary o. Commerce.
ri,.e wears ago the United States
was q debtor nation. We had financed
many CT our largest enterprises VAN
+he aid Of European funds. The visible
balance of trade was in our favor pu'
was nearly or quite Offset by such uii-
seen items as payments fof !hlerest'
for services Transportation 1or the /
eyrandjtrres If Americans traNeiih- |
ahro.a ate We were as a whole an |
expendfDc rather than an investing
country. The work OF developing llF
fulI range Of our resources was lLcolH-
plete, We were far from beng niue
pendent in the economic sense uul
looked 70 the world outside our limits
FOR MANY essentials. viz: for credits
for materials and for many manulac-
tured products which we did not our
selves produce.
There were then three great com
petitors In the international market
Great Britain. Germany and the Cnlled
States-which ranked in the order
stated. The first two were lntfencheu
all around the globe with banking Ia
cilities and transportation systems
everywhere at their command. Great
Rritain nossessed the largest merchant
feet and the greatest aggregate OF
LIQUID capital in the world. Germany
based her Industries on science ana
her world commerce on research anu
hacked BETH by government ala. II
speaks volumes for the competing
mower IF American industry that
against competition of this nature she
was a close competitor in common
field.
Conditions Reversed by War.
These conditions are today reversed;
the war has changed them all. Ger
many has for years been excluded
from the world markets and has lost
her good Will in them Her fleets
have vanished. At home she IS disor-
ganized by deieat and civil STRIFE.
1 Abroad her methods have been dis
+ credited because the trail OF evil Is
/ over item all. The earlier years OF
/ the VOID war altered the currents OF
thnugbt and action so that Great Brit
! ain ard her allies looked TO Us TOT
credits and other essentials. FIRST
they recalled the investments MADE
here and we repaid them sum esti-
mated at from $4,000, 100000 TO So,oo,-
! 100000. Then while looking TO US Tor
further loans they called upon our nat
uraI resources and our industries LOT
vast volumes of raw and manufactured
materials. Thus the balance OF trade
In our favor grew immensely ana the
ordinary offsets against il were re-
moved. While others were fighting we
accumulated wealth. We paid what
we owed abroad and became in turn a
creditor nation. When we saw that
the great contest was one il which We
were vitality concerned and entered
the war. this process was accelerated
We loaned vast sums to the nations
with which we were associated 50 tha'
today not only has our foreign debt Il
Europe disappeared but debt IRON
Europe TO US of eight End half bill
lions has taken its place. We have
accumulated the greatest stock OF goIC
in the history Of the world. Now ina
the strife seems over the world HOOK
TO US for essential materials an(
continent with which to rebuild tina
8 which war has destroyed and TO re
: sumo the normal work Of life. W.
! must not only feed and supply tn
? world. but must furnish in large par
I the credits from which we shall b
2 Maid. Industries which we did no
] have are created and operated. W
are far more economically independen
] than ever before and have come I
: realize the danger of being dependen
Il on foreign sources Of supply for an
D essential factors Of commerce.
] Vast Change Is Wrought.
We may not, therefore, think in tn
present and of the future as
thought in and OF the past. Idea
which seemed remote have been COZ
densed into the facts. Relations ina
d seemed dreams are now realities ls'
n lation has been changed into Worl
r leadership. We can no longer comm
Thought and action to the three mi
aimit but have entered into the VIC
realm Of world activity. This calls Q
US for action and for finance on sea
enlarged to fl the time. the facts an
the duty. We cannot escape the r
sponsibility that comes with power
is not a talent we can bury in ma
kin: our power must be used. No OF
urges that we use it for Hive ca
only use it for good.
a First and foremost IN the futu
steps lies the duty TO pay our way.
e have fought the fight. we have ke
/. the faith. II remains TO pay the Oil
We who have given credit to othe
e must nov sustain our own. We wi
to look normally 10 world leadership
IL national ethics and international COZ
oil merce must base both upon payil
sr nromptly what we owe. The call, thei
fore 70 finance the government is
DR. insnirin. as vttaly necessary, a bas
u In it, demand Oh Judgment and co
science as were the calls of those pl
ran.s loans made in the stress OF WI