Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1919-09-24
OUR " BUSINESS

we are often told that We Of the United States
should attend to our own Affairs and let Europe attend
to her. Just now Europe iss buying vastly more from us
thansshe y selling to us, and the balances Of trade IN our
favor rises to enormous proportions According to the
theory that We are not concerned with what goes on be-
yond our own borders It makes no difference to Us
whether the trade conditions which now prevail are good
for Europe OF not We are selling the goods and wa may
let the other fellow look out for himself.
It happens, however. that because Of fired principles
which none OF us can change, trade cannot long remain
one-sided. Europe cannot continue to buy unless she
sells And If the process Of buying on credit continues
long without indieations Of purpose Ind ability to make
salable things and sell them. grave questions win arise
as to the. ability Of Europe to pay for what she ha. al
ready bought. I
Questions Of this kind have arisen already, and the
fact that they are being asked is reflected in the worlds
exchange. Foreign money 10 deprecated. With the credit
Of all the leading nations on a sound and recognized ba.
sis, and with trade proceeding normally, the money Of
one country is exchanged for that of another on a basis
experimenting its metal value. The pound, franc, lire
and other money units are worth a dennite number of
dollars or cents OF American money, and that relAttve
value fuctuates but slightly. But Just now thu value Of
European money in American dollars is away below the
normal and is steadily shrinking. A part of this deprs-
citation is due to the fact that under present conditions
the credits are all moving one way. Another part is the
redecton Of doubts az to the solvency Of some of our
customers.
Unless there is an early change Europe must cease
buying from us heeanse she will have no money With
which TO make payment. and because we cannot safely
extend credit to her any longer. That viii be bad for
Europe. But it Will not be good for u. We need Europe
N our business. We need there a market for billions OF
dollars worth Of our goods. the products Of every indus.
try that We have. And We not only need Europe in our
bustnss1, but, We need a busy and prosperous Europe, We
nesd Of Europe that her fields shall again be made to
produce % their utmost, that her factories shall be run
at fusi speed, that there shan b turned ont BY her peo-
pie Ne Thousands Of things that W need. and that
EusoDs can produce to better advantage that wel can.
Whsn thst condition comes to pass the theoretIc.1 bal.
Anessef trade IN orr favor will not be 50 large, but the
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