New Mexico state record. (Santa Fe, N.M.) 1914-19??, 1919-12-12

greatly stimulated, and increased
prices have. increased their value.
On the other hand, she has pur-
chased a large proportion of the Amer
lean securities previously held abroad,
has loaned some $4,000, 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 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 it
will take time to develop in this coun-
try n market for foreign securities.
Anything, therefore, which would tend
to prevent foreign countries from set
thing 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-
ton, load the banking machinery of
the country with credits to carry I'M
sold products and produce Industrial
%stagnation and unemployment, If 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
iff 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 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 If in n
straightjacket, must yield and give
way to the needs and eyigencies of
the new day in which we live, a day
full of hope and promise for Ameri-
can business, if 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 MS a great
duty and responsibility. The United
States must share the expanding world
maslet. 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 equitably ad-
iusted.
Must Give Relief to Returned YanKs.
There are other matters of import
ance upon which | urged action Mt the
last session of Congress which are still
pressing for solution. | nm sure 1t Is
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. 1t is a mat
ter OF recognition and relief to our sol
diers. i can 10 no better than to quote
from my last message urging this very
action
"We mnst see to II that our return
ing soldiers are assisted in every prac-
ticable way to find the places for
which they are fitted in the daily work
developing and maintaining upon an
adequate scale the admirable o%rganlza-
ton created by the Department of La
Dor for placing men seeking work and
It can also be done, in at least n
very great field, by creating new
opportunities for individual enterprise.
Urges Support for seeretary's Plans.
"The secretary of the interior has
pointed out the way in which return
ing soldiers may be helped to fund
and take up land in the hitherto I'M :
developed regions of the country which !
prepared or can readily prepare for :
cultivation and also on many of the :
cutover or neglected areas which lie >
within the limits OF the older states .
and / once more take the liberty of !
very urgently that his J
plans shall receive the immediate and '
substantial support OF Congress" :
In the matter of tariff legislation, ] !
beg to call your attention to the state :
ments contained in my last message '
legislation with reference TO
the establishment OF the chemical and J
dyestuffs industry in America: z
Dependence Interrupted Trade. u
Among the industries to which spe- =
clal consideration should he given is "
that Of the manufacture of dyestuffs =
and related chemicals. Our entire de- =
pendence upon German supplies before
The wal made the interruption of trade
a cause for exceptional economic dis =
turbance. The close relation between y
The manufacture Of dyestuff, on the :
Dne hand, and of explosives and poi !
sonous gases on the other. moreover, :
has given the Industry an exceptional !"
and value. L.
although the. United States will
,ladly and unhesitstingly join in the v