Americus times-recorder., 1919-12-16

@~rd 1t is worth reading by everyone and is repro
Hured here in full for that reason:
Senator Fall has for years been of the sharp
@ critics of the Administration and its Mexican policy
ES had an interview with Mr.. Wilson last Friday and
hs statement that he is "entirey satisfied with the
Presidents mental condition and his ability handle
ae Mexican situation must be reassuring everyone
Senator Falls testimony could not however, have
been necessary to those who read the Presidents mes
sage to Congress with open mind, for its presenta-
kon of economic problems and predicament could
mot have been written by whose mental vigor was
IN any degree impaired
One passage in particular is such clear compact
nd cogent statement of "a fundamental truth that we
agnote it in full as follows;
A fundamental change has taken place with refer
TO the position of America in the worlds affairs
The prejudice and passions engendered by decades of
Ttroversy between two schools of political and
HDmicaI thought-the one believers in protection of
american industries, the other believers in tariff for
only-must be subordnated to the single
aton of the public interest in the light of utterly
sznged conditions Before the war America was heav
R the debtor to the rest of the world and the interest
Ezyments she had to make to foreign countries on
american securities held abroad the expenditures Of
Anerican travellers abroad and the ocean freight
arges she had to pay to others about balanced the
~alne of her pre-war favorable balance of trade.
During the Americas exports have been great
~ stimulated and increased prices have increased their
value. On the other hand, she has purchased large
EHupo1on of the American securities previously held
hruad has loaned some 900 900 900 to foreign gov
Ernments, and has built her own ships.
Our favorable balance of trade has thus been
greatly increased and Europe has been depzed of the
eans of meeting it heretofore existing Europe can
Se only three of meeting the favorable balance
aa trade in peace times: By imports into this country
r gold or of goods, by establishing new credits Eu-
EUp@ is in no position at the present time to ship gold
9n AS nor could contemplate large further imports
@s gold into this country without concern. The time
has nearly passed for international governmental loans
and 1t will take time to develop in this country mar
xxi for foreign securities
Anything, therefore, which would tend to prevent
znreagn countries from settling for exports by
shipments of goods into this country would only have
e effect of preventing them from paying for our ex.
ports, and therefore of preventing the exports being
ade The productivity of the country, greatly stimu-
Aaad by the war, must find an outlet by exports to
Eoregn countries and any taken prevent
ports will inevitably curtal exports, force curtailment
of production load the banking machinery of the coun-
ty with credits to carry unsod products and produce
industrial stagnation and unemployment
If we want to sell must be prepared to buy.
There are many other timely and pertinent sugges-
fisns in the message to which would like to advert
rtieuarly the that deals with possible reduction
tine income tax and concludes with this statement:
The Congress might well consider whether thu
higher rate of income and profits taxes can in peac
smes be effectively productive of revenue, and whethe
Ghey may not the contrary be destructive of bust
activity and productive of waste and ineiciency
There is a point at which in peace times high rates
aneome and profits taxes, discourage energy, remov
Tte incentive to enterprise, encourage extravagan
expenditures and produce industrial stagnation wit
Son5equent unemployment and other attendant evils.
These other suggestions may however be take
later but the decline in foreign exchange registere
7ayt week which made it possible to buy pound serlin
fer $685. 1918 francs for $1.0O, and other foreig
at the greatoet discounts thus far recorded
threatens ability to 'fnd outlet by exports
furegn countries" that it is matter of urgent an
'qesonal interest to every American business man.
We always reluctant to be prophets Of trouble
bns should fail in duty if we failed to point ou