The Idaho recorder. [volume] (Salmon City, Idaho) 1886-1927, 1919-12-12

came pe"ee times high rates OF in
ana" anu profits taxes discourage
49,, remove the incentive 10 nar
,as,, prise encourage extravagant ~.
.nui.ufes and produce industrial
,asnauoh' with consequent mem
'''' "'eh' ana other attendant evils
Tariff Legislation.
ne problem Is not an easy one A
,,.,,, in nm change has taken place
49, n ieiefenee tn the position of Amer
az, III 'ne worlds affairs. The preiu-
- uiu passions engendered nv da-
as u controversies between two
enoois OF political and economic
.noueht-the one believers i'm protac-
uon OF American industries tho otha.
pehevers In tariff for reyenne on,v-
us. ne subordinated to the single
~ ,' OF the public interest in
,e nsht OF utterly changed conditions.
49, me war America was heavily
-. .,ic ueptor OF the rest of the world and
INC interest payments she had to make
70 ioreign countries on American se-
.ii'ies heid abroad. the expenditures
Vi american travellers abroad and the
ocean freight charges she had to nav
10 others, about balanced the yalue If
iier pre-war favorable balance of
trace During the war Americas ex
ports have been greatly stimulated
ana increased prices have Increased
iheir value. On the other hand. she
mas purchased large proportion of
me American securities previously
ielu abroad, has loaned some SO 900
Uo'o@ 10 foreign governments. and
mas built her own ships
Trade Balance Increased.
our favorable balance of trade has
mus been greatly increased and En-
rope has been deprived of the means
OF meeting ii heretofore existing. Eu-
rope can nave only three ways of
meeting the favorable balance of trade
IN peace times: Imports into this
country of gold or goods, or by es-
taDllshing 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 II will
take time to develop in this country
a 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
erect OF preventing them from paying
for our exports and therefore Of pre-
venting the exports from being made
The productivity of the country, great
ly stimulated by the war. must find
an outlet by exports to foreign coun-
tries. and any measures taken to pre-
vent imports will inevitably curtall
exports. force curtailment of produc-
ton, load the banking machinery of
the country with credits to carry I'M
sold products and produce industrial
stagnation and unemployment If we
want to sell, we must he prepared to
buy. Whatever, therefore, may have
been our views during the period of
growth of American business concern
ing tariff legislation. we must now
adjust our own economic life TO II
changed condition growing out of the
fact that American business is full
grown and that America is the greatest
capitalist in the world.
New Day for Business.
No policy of isolation will satisfy
the growing needs and opportunities
of America. The provincial standards
and policies of the past, which have
held American business as If in a
straight jacket, must yield and give
way to the needs and exigencies of the
new day in which we live. a day full
of hope and promise for American
business, If we will but take advantage
of the opportunities that are ours for
the asking. The recent war has end
ed our isolation and thrown upon us
a great duty and responsibility. The
United States must share the expand
ing world market. The United States
desires for itself only equal opportu-
nifty with the other nations of the
world and that through the process of
friendly cooperation and fair com
pensation the legitimate interests of
the nations concerned may be success
fully and equitably adjusted.
There are other matters of impor-
lance upon which | urged action Mt the
last session of congress which are still
pressing for solution. | am sure II 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 mat
ter of recognition and relief to our
soldiers. | can do not better than to
quote from my last message this very
action:
Must Assist Returning Vets.
1--WE must see to II that our return
ing soldiers are assisted in every prac-
ticahle way 10 find the places for
which they are fitted in the daily work
of the country. This can he done by de-
veloping and maintaining upon an ade-
uuate scale the admirable orgnniZa-
tion created by the department of
labor for placing men seeking work,
and IL can also be done. In ~ least one
very great field. By creating new OPP
for individual enterprise.
The secretary Of the interior has
pointed out the way by which return
Ing soldiers NAV be helped 10 find and
take up land in the hitherto undevel-
oped regions of the country which the
federal government has already pre-
pared or can readily prepare for ctii-
tivation. and also un many Of the cut |
over or neglected areas which lie
within the limits Of the older states !:
and I once more take the liberty of
very urgently that his
H. I'll 60 a