The Arvada enterprise., 1919-12-11

thought-the one believes in protec-
ton OF American Industries, the other
believes In tariff for revenue only
must be subordinated to the single
consideration Of the public interest in
the light Of utterly changed condi-
tons
Before the war America 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 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 been
greatly stimulated, and Increased
prices have increased their value.
On the other hand, she has pur-
chased large proportion OF the Amer
lean securities previously held abroad,
has loaned some $1,000 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 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 ut 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 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 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 a changed
condition growing out Of the fact that
American business Is full grown and
that America ID 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 II In n
straIghtJncket, must yield and give
way to the needs and exigencies of
the new day In which we live. a 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 a 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 70 the legit-
innate interests Of all nations concerned
may be successfully and equitably ad-
justed.
Must Give Relief 70 Rssurnso vanks.
There are other matters Of import
ance upon which urged action at the
last session OF Congress which are still
pressing for solution. I am sure It IL
not necessary for me agaIn to remind
you thnt there In one Immediate and
very practicable question resulting
from the war which we should meet
In the most liberal spirit. II Is = mat
ter Of recognition md relief to our SOL
dIers. ! can do no better than to quote
from my Inst message urging this very
action:
| 1--WE must sec to II that our return
Ing soldiers are assisted In every prnc-
ticnble way to find the places for
which they nrc fitted In the daily work
Of the country. This can he done by
developing and maintaining upon an
adequate scale the admirable orgnnixa-
tion created by the Department Of La
nor for placing men seeking work and
II can also he done. In at lenst one
very great field. by creating new
opportunities for individual enterprise.
Uress support for Sserstary's Pians
THE secretary Of the interior hns
pointed out the way In which return
Ing soldiers mny he helped to fund