The sun., 1919-10-24
D. W. Morrow Tells Trade
Conference America Must
Buy in Europe.
REDFIELD HITS TARIFF
Administration Spokesman
Saws Commercial Isolation
Must Vanish.
spsussy Dss,ssoA to TIE sux.


mass league Of nations launched at
ths International trade conference here
n ro,nr TO demand the sacrifice Of the
American tradition Of commercial iso-
htten expressed In the protective tariff
Hst a. the political league Of nations
n a>msndins the subversion Of Amer
tcsn political individuality.
This assertion was unblushinsly put
forward to-day by the first spokesman
for the Wilson Administration to add
dress the conference. William C. Red
neld. the retiring Secretary of Com
mercA
n found echo in the speech of
Dwight w. Morrow Of ]. P. Morgan
4 Co. tonight. It Is rapidly being de-
ysloped as one Of the important fac
tors In the scheme to correct a balance
Of trade In favor Of tho United States
yariously estimated az from two to
four billion dollars annually. All of
the American speakers at the confer
snce to-day saw evil in this enormous
and apparently permanent excess of
American exports over imports. All
Of the speakers insisted that European
goods must be admitted to the United
States on such terms as will enable
Europe to pay partly. II not wholly. In
kind for the tremendous demands
which her return to a peace basis ia
making on the American markets.
The increase Of European imports will.
however, by no means meet the emerg-
ency presented. That must be met, &C.
oording to Mr.. Redfield and Mr.. Nor
~, by a fotation OF European deben-
lures comparable in sise and popular
extent to the liberty loans. According
TO Mr.. Redheld's estimates this issue
would be about the size Of the largest
of the liberty loan issues. the fourth
or six billions Of dollars. II would re-
Quire an organization to place these
securities In the hands OF every Ameri.
can who can save something of what
he makes
Up to the Man who saves.
In fact Mr.. Morrow pictured the sal.
walton Of the world as In the hands OF
the ''old fashioned man" who saves.
Justification for such an appeal lies In
the fact that the fortunes Of the United
States are inextricably tied UP with. the
fortunes of the rest of the world, both
speakers said.
Are we gougers? Are we cutters!
Or are we Christian gentiemen?" Mr.
Redfeld concluded his appeal for the flo
tation OF such a loan at a moderate
rate.
without these steps. the speakers
ayerred, there will be no chance for
American business to expand abroad
to pay. There will always be the pos.
slbllity Of catastrophe In Europe
through the failure of her masses &c
get back to work Not to take them
they declared. would be to desert ouI
one time allies at stage Of the wal
no less perilous than the most frightfu
days OF the German pushes
So far as their public expressions are
concerned the European Representatives
are leaving the solution OF this problem
strictly to their hosts here. They have
confined themselves to q statement oil
their needs and to assurances Of the
stability Of their political and industrial
state in proof of their worth as debtors
This morning Mr.. Redfield estimated
the total obligations Europe will owe
here In the course Of the coming period
OF reconstruction at Si8.500. 000. 900. Thi.
sum includes the credits Of $4,000, 000, :.
900 already extended to European Gov.
ernments plus a billion and a half fol
deferment OF interest payments. 1t In
cludes a balance Of trade against Eu
rope estimated by the Secretary as high
as $4,000, 100000 a year. To this sum h,
estimated that there must be added, unles,
means are taken to eliminate It, tn,
ha fr-s
change, another billion dollars.
Favors Lowered Tariff.
Tonight Mr.. Morrow estimated tina
the balance OF trade In favor OF tn,
United States might be cut to $4,000.
100000 through increase OF imports from
Europe and decrease OF exports plus tn,
so-called invisible" factors OF tourists
money spent abroad and remitances o
immigrants. But he based his predic
lion Of such q reduction FIRST OF all OIL
the breaking down OF the American
tariff walls to permit the return now o
european goods.
The summaries prepared by tn
various Industrial groups OF tho need
o. European buyers and the American
facilities for meeting them indicate tina
these needs must be financed upon
big comprehensive plan in every cas-
with the possible exception Of the ol
industry. That industry Processes itsel
able to take care Of its own European
credits.
The size OF the problem presented b,
these committees and summed up b,
MI Morrow and Mr.. Redneld has giveI
tremendous impetus to the contentio
mat the problem cannot be solved with
out the hotation OF a tremendous issu
OF pooled debentures. such as contain
plated IN the Edge bill now In Con
gress.
Both pictured II as but the logica
ana necessary completion OF the furrov
which America started to plough whe
she declared war.
Mr. Morrow said In part:
When the final balance OF trade be
tween two countries Is reached that bal
ance must be settled In gold or cred
ports from the United States over I'm
ports into the United States from July
1914, to July 81. 1919. amounted to az
Fortunately $4,000, 900. 900. We kno'
mat during the same period there wer
net exports Of about s3se, 600, 900 of oil
Ner' This made an export balance In Nv
years or the enormous total OF 1880
Voo'OOO, which had to be settled in on
way or another. How was that bal
Snce settled? approximately $4,000
wv was paid by net imports OF golt
approximately t12.1s0 100000 was GOV
.fed by credits. or these credits 1856
soV'oOO was loaned by the United State
Government TO foreign Governments an
'.'b1S 100000 was loaned by the peopl
OF the United States TO foreign Govern
nents or to private enterprises abroa,
hisleaves unaccounted for approximate
1850 900, 900 as the amount apparehti
settled by invisible items