Cheyenne record., 1919-12-11

thought-the one believes in prOtec-
tion 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
able balance of trade. During the
war Americn's 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 $1,000 100000 to for
elgn 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 1t 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 ut 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
| tGrnatiOnal government loans and 1t
will take time to develop In this cOun-
try market for foreign securities.
Anything, therefore, which would tend
to prevent foreign countries from set
tling 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 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-
ton, loud 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
iff legislation, we must now adjust
our own economic life to II changed
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. The provincial standards
and policies of the past, which have
held American business as IL in n
straightjncket, must yield and give
way to the needs and exigencles of
the new day In which we live. day
full of hope and promise for Ameri-
can business, If we will but take ad-
vantage of the opportunities that are
ours for the asking.
The recent war has ended our isO-
latiOn and thrown upon us 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 frendlQ co opera tiOn
and foreign competition so the leglt-
innate interests of all nations concerned
justed.
Must Give Relief to Re1urned Yanks.
There nre other matters of import
ance upon which urged action at the
last session of Congress which are still
pressing for solution. am sure 1t 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 n mat
ter of recognition and relief to our sol
diers l can do no better than to quote
from my last message urging this very
action:
1--WE must see to 1t 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 he done by
developing and maintaining upon an
adequate scale the admirable Organiza-
ton created by the Department of La
Dor for placing men seeking work; and
1t can also be done, in at least one
very great field. by creating new
opportunities for individual. enterprise.