The daily Gate City and constitution-Democrat. (Keokuk, Iowa) 1916-1922, 1919-12-02
MESSAGE READ TO
CONGRESS TODAY
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American securities held abroad,
\ the expenditures of American tray
elers abroad and the ocean freight
charges she had TO pay TO others
about balance the value OF her pre-
war favorable 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 purchased
large proportion OF the American
securities previously held abroad. has
loaned some nine billions OF dollars to
foreign governments and has built her
own ships Our favorable balance OF
trade has thus been greatly increased
and Europe has been deprived oil
! means of meeting it heretofore exist
| ing. Europe can have only three ways
1 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 contemplate
/ large further imports of gold into
this country without concern The
time has nearly passed for inter-
national governmental loans and it
will take time to develop in this coun-
try a market for foreign securities.
Anything therefore which would tend
to prevent foreign countries from
settling for our exports by shipments
of goods into this country would 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 to
foreign countries and any measures
taken to prevent imports will tneyi-
tabiy curtati exports. force cartail
ment of production, load the banking
machinery OF the country with credits
to carry unsold products and produce
industrial stagpation and unemploy-
ment. If we want to sell we must be
prepared to buy. Whatever, there
fore, may have been our views during
the period OF growth of American bust
ness concerning tariff legislation we
must now adjust our own economic life
to a changed condition growing out of
| the fact that American business is full
grown and that America is the great
est capitalist in the world.
Great Duty and Responsibility.
mo 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
straight jacket, must yield and give
way to the needs and exigencies of
the new day in which we live. day
full of hope and promise for American
business, If we will but take advan-
tage of the opportunities that are ours
II for the asking The recent war has
ended our isolation and thrown upon
us a great duty and responsibility
The United States must share the ex-
banding world market. The United
States desires for itself only equal OPP
portunity with the other nations OF the
world and that through the process of
friendly cooperation and fair competi-
ton the legitimate interests of the
nations concerned may be successfully
and equitably adjusted.
There are other matters OF Inn
portance upon which I urged action
at the last session of congress which
are still pressing for solution. am
sure it is not necessary for me again
to remind you that there Is one i'm
mediate and very practicable ques-
ton resulting from the war which
we should meet in the most liberia,
spirit. 1t Is a matter OF recognition
and relief to our soldiers. can do
no better than to quote from my last
message urging this very action:
we must see to it that our re-
turning soldiers are assisted in every
practicable 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 admir-
able organization created by the de-
partment of labor for placing men
seeking work; and it can also be
done in at least one very great field,
by creating new opportunities for
individual enterprises.
Tariff Legislation.
"In the matter or tariff legislation,
i beg to call your attention TO the
sage urging legislation with refer.
ence to the establishment OF chemi.
cal dye stuffs industry IN America.
Among the industries to which
special consideration should be given
is that OF the manufacture of dye
stuffs and related chemicals. Our
complete dependence upon German
supplies before the war made the
interruption of trade cause of ex-
ceptional economic disturbance The
close relation between the manufac-
ture OF dye stuffs, on the enc hand
and of explosives and poisonous
gases on the other, moreover, has
given the industry an exceptional
significance and value. Although the
United States will gladly and I'm.
join in the program of
international disarmament it will,
nevertheless, be policy of obvious
prudence TO make certain of the sue
cessful maintenance Of many strong
and well equipped chemical plans.