Evening journal., 1920-10-15

teacher, and has made clearer and
more simple the part VIII ch credit
and nnan'e play In all International
trade. Va experienced the prosper
uy which came from selling great
quantities. of goods 10 foreign coun-
tres, but much OF this expectation
could neycr have been made II Amer
lca, thrOugf us Investors. had moi
loaned thaa foreign. countries the
money with which to pay for the
goods that w sold.
ITO be sur. In the long run. such
loans must b. paid in the form Of
money which represents production
IN those forslgn countries. sold 20
some one else or 10 us. II sold 10
US, / shall insst upon a tariff duty
winch viii pr0ect our wage-earncrs
IN Their American standard Of living
In the long run. foreign trade Is bas-
ed upon the exchange OF cOmmOd-
ites, but IL would be impossible
10 conduct 10 With any readiness,
flexibiliiy or SUCCESS without the use
OF money and TIE instruments Of
financing and creCt The extension
OF credit or the looming OF money to
foreign government or foreign buy
ers. to enable them TO purchase our
goods. IS matter which must inter
est the people OF America because Il
Is by their investments IN the credits
and loans given 10 foreign States.
cities, companies and individuals
WHO VIII be sure to.repay. that our
foreign trade will ha,e a wholesome
life.
Not Wise Government
Il am not In favor lof the govern
ment whether from benevolent or
business reasons, going into The prac-
tice OF extending loans and credits 10
support our foreign trade. am
against This because il IS outside the
junction or wise government. and
because there Is less al sense OF re-
sp0nsibllity upon the part OF oficials
who handle the\ taxpayers' money
than there would be II The taxpayers
made their own decision 10 invest in
foreign securities. 10 Is In unf0rtu-
nate Thing FOR foreign tradf when the
people are unwilling TO invest in for
eign securities because This either
means that foreign trade. based upon
The extension Of credits, Is lstiiled or
that the banks OF America have 10
undertake TO draw upon their re-
sources to an extent which dlsturbs
fand endangers the stability OF our
financial system. Let us make no
mistake. however. We can ntt com
pete upon equal basis with a country
whose people are willing 10 invest in
foreign loans and chediis, un,il the
people Of America, who can invest.
have available the enlightenment and
Information which will cause them 10
back up our foreign trade.
Upbuilding Of Merchant Marine.
Essential TO our upbuilding ofrfor-
eign trade and to its protection. and
that Of our country, In war. is the up-
building OF our merchant marine
That is a matter which does not. as
some people suppose, merely concern
The seaboard Of our country: IL con-
Germs the interior Just as Vltally. The
time Is ripe for US 10 make sure that
we mold the position into which we
were brought by the war. after a cen.
tury Of dislntegration OF American
shipping. The bondholders and tax.
payers OF the United States have in
vested three billion OF dollars In new
vessels. We now have at our com.
mand a greater gross tonnage thar
any but one nation in the world. The
war nearly sextupled our merchant
marine capacity and In the year 1919
for the first time In tlfty years. NOR,
Than twenty-five per cent. OF our i'm.
ports and exports woe carried n
American bottoms.
u am in favor OF holding that ad.
vantage. am in favor OF the en-.
forcement Of the Jones act which wa.
Intended TO make IL possible for M
70 hold that advantage. / have n,
hositancy In giving full condemnation
70 the failure OF an administration (,
put into effect The bidding OF Con
gress; am for a growing American
| merchant marine. I am for il becaus
OF its protection 10 us In time Of war
and ! am for 1t because no great for