Tensas gazette. [volume] (St. Joseph, La.) 1886-current, 1919-04-11
US. NO LONGER
ON DEBTOR LIST
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 erInos Us Face to
Face With Problem.


Commerce Brings us Face to
Face With Problem.
BY WILLIAM c REDFiELp.
Secretary Of Commerce.
Five years ago the United States
was q debtor nation. We had financed
many Of our largest enterprises with
the aid Of European funds. The visible
balance of trade was In our favor but
was nearly or quite Offset BY such I'M
seen items as payments for interest.
for services (transpOration) for the
expenditures of Americans travelling
abroad. etc. We were a. . whole an
expending rather than an investing
country. The work Of developing the
full range Of our resources was incom-
plete. We were far from being indie
pendent in the economic sense. but
looked to the world outside our limits
for many essentials. viz: for credits.
for materials and for many manufue-
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 United
States-which ranked In the order
stated. The first two were lntrenched
all around the globe with banking ia
cilities and transportation systems
everywhere at their command. Great
Britain possessed the largest merchant
feet and the greatest aggregate OF
liquid capital in the world. Germany
based her industries on science and
her world commerce on research and
backed both BY government aid. 1t
speaks volumes for the competing
power Of American industry that
against competition Of this nature she
was q close competitor in q common
6eld..
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 win in them. Her fleets
have vanished. At home she IL disor'
eanized BY defeat and civil strife
Abroad her methods have been dis
credited because the trail Of evil u
over them al. The earlier years Of
the world war altered the currents o.
thought and action 20 that Great Brit
ain and her allies looked to % To-
credits and other essentiala FRS
they recalled the investments mad
here and we repaid them q sum est
mated at from $1,000 O0a. 900 to 5000
100000. Then While looking 70 % to
further loans thGy called upoo or ne'
/ ursl resosrces and oar tndustTsee 10
vast volumes q raw and manufacture'
materials. Thus the balance Of trad
In our favor grew immensely and tn
ordinary offsets against It were n
moved. While others were lighting "
accumulated wealth. We paid whs
we owed abroad and became 10 turn
creditor nation. When We saw ths
the great contest was one In which "
were vitality concerned and entere
the war this process was accelerated
We loaned vast sums to the nation
with which we were associated 30 ths
today not only has our foreign debt
Europe disappeared, but q debt fro
Europe to US Of eight and half 81
lions has taken its place. We ha,
accumulated the greatest stock OF go
In the history Of the world. Now thu
the strife seems over the world Ioo'
TO us for essential materials ar
equipment with which to rebuild tn
which war has destroyed and to =
sumo the normal work Of life. "
must not only feed and supply Il
world. but must furnish In large pa
the credits from which we shall
paid. Industries which we did u
, have are created and operated. v
are far more economically independe
than ever before and have come
realize the danger Of being depende
on foreign sources Of supply for a
essential factors Of commerce.
: vast Change 10 Wrought.
: We may not, therefore. think In {
r preser: end Of the future ~
1 thought ia and Of the past Ide
Z which seemed remote have been ct
r densed into the facts. Relations III
!. seemed dreams are now realities. 4
' lation has been changed into wol
. 4 leadership. We can no longer conn
o thought and action to the three-m
e limit but have entered into the wi
Z realm of world activity. This calls
!. M for action and for finance on a SCI
Q enlarged to flt the time. the facts q
e the duty. We cannot escape the
y sponaIbIlity that comes. with power.
u Is not Q talent we can bury In q n'
d kin: our power must be used. No Z
o urges that we nee II for ill-we Z
only use It for good.
First and foremost In the fut'
. steps lies the duty to pay our way
!, have fought the fight. We have 3
= the faith. II remains to pay the b
We who have given credit to 9th
" must now sustain our own. We Y
~ look normally 10 world leadership
!" national ethics and international &
y merce must base both upon pay
" promptly what we owe. The call. the
fore. to dnance the government ID
inspiring. a. vitality necessary. as ba
in its demand On Judgment and c
lie science a. were the calls Of those {
$. cious loans made In the stress Of y
re