The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1920-09-28

mechanism wherewith We can re-
tain and enlarge the economic van
tage ground In world commerce
and world finance which we now
enjoy.
For Trade Development.
A well-equipped merchant ma
rine is a prime essential of sue
cessful commerce; 1t is the best
agency Of trade development.
Nothing else will supply the same
enterprises in the search for new
markets, nor contribute the same
energy in the opening up of new
trade routes, nor the Investment
aboard of our surplus capital.
Overseas transportation In Ameri-
can bottoms Is Of the root and es-
sence OF American commercial ex-
pansion.
How urgent is the need will ap-
pear II we consider the new posi-
ton OF our country In the world
trade. In Eve years we have
changed from debtor nation, ow-
ing the world between four and
i've billion dollars with a varying
annual trade balance, sometimes
against. US, to a creditor nation to
whom the world Is in debt on cap
itaI account some twelve billion
dollars, and to whom is due an an
nual credit balance certainly as
grent, probably much greater, than
our prior debt balance.
It is Of the gravest national con-
Germ that this changed information
al position shall not work to the in
jury OF our industrial and agricul-
tural life. We are not prepared to
wipe from our books Europe's debt
to us-even in the unlikely event
that this were seriously proposed,
or would be accepted by debtor ma
lions. Still less practicable is the
discharge of the enormous indebt-
edness by wholesale gold imports.
Larger exports of merchandise
from the debtor to the creditor
country remain as the line Of least
resistance, and to this course we
must be prepared to see Europe
bending every effort. 1t is the
natural way in which restoration
of from war must be wrought.
Flood of Imports.
But a food of imports from
debtor countries intent upon slim
ulating their productive output,
and aided. even though undesign-
eddy, by an unfavorable foreign eX-
change, would be a bitter expert
ence for the creditor country. We
mean to deal considerably, we
want to help, but we do not
mean to paralyze America to effect
q restoration.
1t would be incomparably better
for. our credits to remain uncol-
lected, and our balances to be
waived, than for liquidation to
take the form OF an under
mining flood of imports-whether
products Of factory, mine or farm
that would cripple American
Industry, degrade American labor
and weaken our whole economic
fabric.
From any such invasion we have
right to be saved. Our new mer-
chant marine will do much to avert
it. Supplemented, now and when
ever occasion requires, by con-
tinuou revision OF the tariff, that,
while regardful Of our changed in
ternational position, will efrectu-
ally safeguard every phase Of
American industry and agricul-
ture, the new shipping develop
ment in American economic
growth without the accompani-
ment of social injury.
New Industries Spring Up.
In Maryland, as in many other
sections of the country, new indus
tries have sprung up in the war
years, sometimes directly related
to war needs, more often to supply
goods which we had been in the
habit of buying abroad, but which
commercial blockade and trade in
terruption had kept from us. We
were called to self-reliance.
Into these new factories and
mills, fields and mines, the.produc-
tive energy Of American enterprise
has poured. To them have been
drawn large bodies of workmen,
receiving favorable wages and pro-
viding decent living standards for
themselves and their families.
These men have been moved by an
enlightened self-interest. But they
have added to the nations strength
and its well-being. Moreover, they
are of the substance Of which
American Industrial greatness is
built-courageous and self-reltant.