The state herald., 1919-12-12

thOught-the one believes In proteC
ton Of American industries, the othe
believes In tariff for revenue only
must be subordlnated to the singl,
consideration Of the public interest IL
the light Of utterly changed condl
tions.
Before the war America was heavil!
the debtor of the rest Of the world
and the interest payments she had t
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 Americas exports have beer
greatly stimulated, and increased
prices have Increased their value.
On the other hand, she has pur
chased large proportion of the Amer
ican securities previously held abroad
has loaned some $4,000. 900. 900 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 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 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 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 IN outlet by exports to foreign
countries and any measures taken to
prevent imports will Inevitably curtail
exports, force curtailment of produc-
tlon, load the banking machinery of
the country with credits to carry un-
sold products and produce Industrial
stagnation and unemployment. II 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
III legislation, we must now adjust
our own economic life to changed
condition growing out Of the fact 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 IL In a
straightjacket, must yield and give
way to the needs and exigencies Of
the new day In which we live, q day
full OF hope and promise for Ameri-
can business, II 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 n 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 frIendlQ co operation
and foreign competition SO the legit.
innate interests of all nations concerned
may be successfully and equitnbly ad-
Justed.
Must Give Relief to Returned vanks.
There are other matters OF import
ance upon which urged action Mt the
last session OF Congress which are still
pressing for solution. I nm sure II II
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. It is mat
ter OF recognition and relief to our sol.
dlers. ! can do no better than to quote
from my last message urging this very
action:
ave must see TO II that our return.
Ing soldiers are assisted In every prac.
ticnblc way 10 find the places for
which they are fitted In the daily work
Of the country. This cnn be done by
developing and maintaining upon nm
adequate scale the admirable orgnniza-
,ion created by the Department OF La.
Dor for placing men seeking work; and
II can also be done. In Mt lcnst one
very great field. by crcnting new
opportunities for individual enterprise.
Urges support for secrstary's Plans.
THE secretary OF the Interior Inns