Evening star., 1920-10-15

of our government aiding. protecting
and fostering all three.
IF the American people were un-
aware of the part which finance and
credit play in foreign trade. the ex-
perience of the war has been great
teacher. and has made clearer and
more simple the part which credit ana
finance play in all international trade.
We experienced the prosperity which
came from selling great quantities OF
goods to foreign countries. but much
of this expectation could never have
been made If America. through it's in
YES ors. had not loaned these foreign
countries the money with which to
pay for the goods that we sold.
Il am not in favor of the govern
mcnt, whether from benevolent or
business reasons. going into the prac-
tice of extending loans and credits TO
support our. foreign trade. | am
against this because it is outside tn"
function of a wise government. and
because there is less sense of re-
sronsibility upon the part of officials
who handle the taxpayers money
than there would be if ~the taxpayers
made their own decision to invest in
foreign securities. 1t is an unfor-
tunate thing for foreign trade when
the people are unwilling to invest in
foreign securities because this either
means that foreign trade. based upon
the extension of credits. is Stif1ed or
that the banks of America have to
undertake to draw upon their re-
sources to an extent which diSturbs
and enhansers the stability of our
financial system. Let us make no mis-
take. however. We cannot compete
upon equal basis with a country
whose people are willing to invest in
foreign loans and credits. until the
people of America. who can invest.
have available the enlightenment and
information which will cause them to
back up our foreign trade.
Upbuilding of Marine.
Essential to our upbuilding Of for
efsn trade and to its protection. and
that of our country. in war. is the up
building of our merchant marine. That
Is matter VIII Oh does not. as some
people suppose, merely concern the sea
board Of our country: it concerns the
interior just vitally. The time is
ripe for Us to make sure that We hold
the position into which we were brought
by the war. after century Of Sinte-
grafton of American shipping. The bond
holders and taxpayers of the United
states have invested three billion of dol
lars in new vessels. We now have at our
command n greater gross tonnage than
any but one nation in tn" world The
war nearly SeNtupled our merchant ma
rine capac ty and in the Year 1919. for
the first time in fifty years, more than
- per cent of our imports and exports
were carried in American bottoms.
Il am in favor of holding that ad-
vantage. | am in favor of the enforce
ment OF the Jones act. which was in
tended to make il possible for us to
hold that advantage. ] have no hesi-
fancy in giving fun condemnation to the
fai.ure of an administration to put into
effect tn. bidding of Congress. | am for
Il grow ne American merchant marine
| am for il because of its protection
to us IN tim. of war. and ] am for il
b cause no great foreign trade can ever
BE- intruSted in great part to ships owned ,
abroad and not sailing unde" the Amer :
can flag | am for it, because the
freight rates which il earns in exporting
goods abroad is IN export III itself. l
am for i merchant marine VIII ch gives
to American mariners and
American crews and protects their wei
fare By retaining the sfamen's act of
1h15. which ma intainS the standard OF
American labor on the high seas. ] am
for an American merchant marine be-
cause. it is the only protection we have
against discrimination in shipp ng and
because il guarantees that America shall
have one of the three great essentials
to a vigorous. growing fore sn trade.
seldom mas any information came
from the democratic State Depart
mrut that did not first reach the
American people through the reports
of our newspaper correspondents
abroad. The consular service built
by republican genius. is excellent, but
the lack of anys organization to col
lect and digest information about the
current political affairs in other
countries has become notorious. The
pacillating and American policy
which from first to last has com
prised every possible attitude, from