The evening world., 1919-12-02

place with reference 20 the position
of America In the worlds affairs.
OLD CONTROVERSIES ON TARIFF
ARE sIpETRAcKEp.
The prejudice and passions engen-
dsrsd hy decades Of controversy be-
tween two schools Of political and
economic thought-the one believers
in protection of American industries,
tho other believers In tariff for reve-
nus only-must be suboriinated TO
the single consideration Of the pub
ljc interest in the light OF utterly
changed conditions.
Before the war America was
heavily the debtor OF the rest OF the
world and the interest payments she
had 60 make TO foreign countries on
American securities held abroad. the
expenditures OF American travellers
abroad and the ocean freight charges
80 had to pay TO others, about bal
,anoe the value OF her pre-war favor
able balance of trade.
During the war Americas exports
have been greatly stimulated, and in
creased prices have increased their
vaiue. On the other hand, she has
purohasod a large proportion Of the
American securities previously held
abroad, has loaned some $1,000. OOO, 900
70 foreign governments, and has
bult her own ships. Our favorable
balance OF trade has thus been great
ly Increased and Europe has been de-
prived OF the means Of meeting It
heretofore existing.
Europe can have only three ways
Of mootlnk the favorable balance OF
trade IN peace times: BY Imports
into shis country Of gold or OF goods
or By establishing new credits. Eu-
rope is In no position ut the present
time 10 ship gold to us nor could we
ooutampiate large further imports OF
xo,a into this country without con-
icsrn. The time has nearly passed FOR
-,ntDrnational governmental loans and
az win take time 90 develop-ln tn'S
county a market for foreign seour-
itios.
-AnvthinR, therefore, which wou'd
ge,d 20 prevent foreign countries trO"
.,ttl,nx for our exports by shipments
o. ~oods into THIS country cou'o only
have the effect OF preventing 'he'n
ae,o,n paytng for our exports ana
ah,roeore Of preventing tho eNpofts
from bcing made. The productivity
~ the country. greatly stimulated py
the war, must fnd an Quiet py- eN
-ports 10 foreign countries ana any
measures taken to prevent Imports
,x,u inevitably curtaIl expor>s' force
.curtaiiment Of production, load the
ebAniring machinery OF the country
NTH credits 10 carry unsold products
ana produce Industrial stagnaoon anu
unemployment.
MUST De PREPARED TO BUY IF
WE WANT TO SELL.
II No want 20 sell, VIC must DC pre-
nared To buy. Whatever. therefore,
may have been our views during tho
period OF growth of American busi-
ness CONCERNING tarifr legislation We
must now adjust our own economic
IN 10 a changed condition growing
ont Of the fact that American business
ia full grown and that America Is the
greatest capitalist in the world.
mo policy Of isolation will sat-
Istv the growing needs and op-
.portunitiss Of America. The pro-
vjoelaI standards and policies OF
the past. which have held Amer
loan business - II in q strait
Jacket, must yield and give way
20 the needs and sxissneies OF the
new day in which we live, day
full Of hope and promise tor
American business, II we will but
take advantage Of the opportun'-
ties that are ours for the asking.
The recent war has ended our iso-
Iation and thrown upon US a great
duty and responsibility. The United
states must share the expanding
world markets. 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
petition, the legitimate interests OF
the nations concerned may be sue
cessfuily and eauitably adjusted.
ASKS FOR RELIEF OF THE
RETURNED SOLDIERS.
There are other matters OF I'M
vortance upon which / urged action
at the last session OF Congress which
are still pressing for solution. am
sure II Is not necessary for me again
10 remind you that there is one imme-
diate and very practicable question
rssuIting from the war, which we
should meet In the most liberal spirit
tits q matter OF recognition and reliei
10 our soldiers. / can do no better
than TO quote from my last message
urging this very action:
1--WE must see TO II that our return
ing soldiers are assisted in every
practicable way to find the places fo
which they are fitted in the daily worl
OF the country. This can be done b!