The circle banner. [volume] (Circle, Mont.) 1914-1939, 1919-12-12

i
| energy. remove the incentive to
| enterprise, encourage extravagami a
penditures and produce indu. q
| stagnation. with consequent Il
pioyment and other attendant evils.
Tariff Legislation.
The problem Is not an easy one. 4
fundamental change has taken plac1
with reference to the position Of Amer
lea in the worlds affairs The preju
dice and passions engendered by de
cades of controversies between TIVE
schools of political and economic
thought-the one believers in protec
ton Of American Industries, the othel
believers In tariff for revenue only
must be subordinated to the single
consideration of the public interest II
the light of utterly changed conditions
Before the war America was heavily
the debtor of the rest of the world anC
the interest payments she had to make
to foreign countries on American Sc
curities held abroad. the expenditures
of American travellers abroad and the
ocean freight charges she had to pay
to others, about balanced the value OF
her pre-war favorable balance OF
trade. During the war Americas ex-
ports have been greatly stimulated
and Increased prices have increased
their value. On the other hand, she
has purchased large proportion of
the American securities previously
held abroad, 1}ps loaned some $1,000
100000 to foreign governments. and
has built her own ships.
Trade Balance Increased.
Our favorable balance of trade has
thus been greatly increased and Eu-
rope has been deprived of the means
of meeting 1t heretofore existing. Eu-
rope can have only three ways of
meeting the favorable balance of trade
in peace tines Imports into this
country of gold or goods, or by es-
new credits. Europe is in no
position at the present time to ship to
us nor could we contemplate large
further imports of gold into this coun-
try without concern.
The time has nearly passed for in
ternal government loans and 1t will
take time to develop in this country
Il market for foreign securities. Any
thing, therefore, which would tend to
prevent foreign countries 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 made.
The productivity of the country, great
y stimulated by the war, must find
IN outlet by exports TO foreign coun-
-ries. and any measures taken to pre-
7ent imports will inevitably curtail
Exports. force curtailmenr of produc-
ion, load the banking machinery of
he country with credits to carry I'M
sold products and produce industrial
'tagnation and unemployment. If we
want to sell, we must be prepared to
)uy. Whatever. therefore, may have
,een our views during the period of
,rowth of American business concern |
ng tariff legislation, we must now
ldjust our own economic, life to a |
hanged condition growing out of the
act that American business is full |
.rown and that America is the greatest |
apitalist in the world.
New Day for Business.
No policy of isolation will satisfy |
he growing needs and opportunities
f America. The provincial standards
nd policies of the past, which have
cid American business as If in a
traight- jacket. must yield and give
1ay to the needs and exigencies of the
ew day in which we live. day full
f hope and promise for American
usiness. if we will but take advantage
t the opportunities that are ours for
he asking. The recent war has end-i
4 our isolation and thrown upon us
great duty and responsibility. The
nited States must share the expand
liz world market. The United States
asires for itself only equal opportu-
ity with the other nations of the
orld and that through the process of
iendly cooperation and fair COM
the legitimate interests of
lie nations concerned may be success
lily and equitably adjusted.
There are other matters OF impor-
nee upon which I urged action at the
st session of congress which are still
.essing for solution. / am sure 1t is
1t necessary for me again to remind
III that there is one immediate and
Try practicable question resulting ,
ON the war which we should meet ,
the most liberal spirit. 1t is mat /,
r of recognition and relief to our /,
ldiers. I can do not better than to ]
tote from my last message this very
ton.
Must Assist Returning Vets.
eve must see to it that our return :
g soldiers are assisted In every prac-
able way to find the places fort I
1ich they are fitted in the daily work
the country. This can be done by de-
Looping and maintaining upon an ade-
ate scale the admirable organiza-
IN created by the department OF e
Dor for placing men seeking work, v
d it can also be done. i'm at least one L
ry great field. by creating new OPP y
rtunities for individual enterprise. =
e secretary of the interior has !,
lnted out the way by which return u
soldiers may be helped to find and >
Re up land in the hitherto undevel- y
I'd regions of the country which the I,
leral government has already pre- =
red or can readily prepare for cuI- =
alton, and also on many of the cut 2
sr or neglected areas which lie y
hin the limits of the older states IL
I I once more take the liberty Of u
very urgently that his rt
ms shall receive the immediate and p
,stantial support of the congress-" ~
Protection Of Dye Industry. u
n the matter of tariff legislation, q
,eg to call your attention to the &c