The Elbert County tribune., 1919-12-05

fion OF American industries. the other
believes IN fariff for revenue only
must be subordinated TO the single
consideration of the public interest in
the light OF utterly changed condi.
lions
Before the war Americn 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 expcn-
ditures OF the American travellers
abroad and the ocean freight charges
she had to pay to others. about hal
anced the value OF her pre-war favor
able balance of trade. During the
war Americas exports have been
greatly stimulated. and increased
prices have Increased their value
On the other hand, she has pur-
chased u large proportion OF the Amer
lean securities previously held abroad.
has loaned some S9.0OO, 100000 to for
eign 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 IL heretofore exist
ing.
To osvsiep 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 at 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
ternational government loans and il
will take time to develop in this coun-
try a market for foreign securities
Anything, therefore, which would tend
to prevent foreign countries from set
Ting 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 10 foreign
countries and any measures taken TO
prevent imports will inevitably curtaii
exports, force curtailnent of prodnc-
tion. load the banking machinery of
the country with credits to carry UNI
sold products and produce Industrial
and unemployment If we
want to sell, We must be prepared 10
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
condition growing out of the fnct that
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 If in II
straightjucket, must yield and give
way " titt utttiS uilu cAiEtiitltS VI
the new day In which we live, day
full of hope and promise for Ameri
can business. ii we will hut take adj
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
The United States desires
for itself only equal opportunity with
the other nations of the world. and
the process of friendlq co operation
and foreign competition so the legit-
innate interests of all nations concerned
may be successfully and equitably ad-
justed.
Must Give Relief to R-turneo ranks.
There are other matters of import-
ance upon which urged action Mt 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 a mat
ter of recognition and relief to our sol
ders. l can do no better than to quote
from my last message urging this very
action:
I'VE must see TO it 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 be done by
developing and maintaining upon an
adequate scale the admirable organiza-
tion created by the Department of La
bor for placing men seeking work; and
II can also be done, in Mt least one
very great field, by creating new
opportunities for individual enterprise.
Urges Support for Secretsry's Plans.