New-York tribune., 1920-09-28

one of the most striking economic con
sequences Of the World War. In 1914
the total tonnage registered for for
eign trade under the American flag was
100000 gross tons; to-day, thanks ia
the quick sense Of the American peo-
Ele as to the critical Importance of
shipping in the World War and to the
invincible genius Of American industry
in surmounting governmental delay
and administrative inefficiency, there
are ready for our flag some 12,500, ,0oG
gross tons of seagoing vessels.
"The Importance of our new mer-
chant marine is not alone that it sal
wages and puts to use vast and costly
body of war material. nor even chat
it adds great new activity to the ma
tons business life, as wei! as a whole
some safeguard to the countrys secur-
ity; but, more significant still, it. pro
vides the mechanism wherewith we can
retain and enlarge the economic van
tage ground in world ommerce and
worldA finance which we now enjoy.
Agency Of Trade Development
"a we'll equipped merchant marine is
a prime essential of successful COM
merce; it 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 offer the same encourage
ment for the investment abroad Of our
surplus capital. Overseas transporta-
tion in American bottoms is OF the
cial expansion.
"How urgent is the need will appear
if we consider the new position of our
country in the world trade. In five
years we have changed from q debtor
nation, owing the world between .$4,-
000.000000 and $4,000 100000, with a
varying annual trade balance, some
times against US, to a creditor nation
to whom the world is in debt on CAPT
tai account some s12,000,0 100000, and to
whom is due an annual credit balance
certainly as great as, probably much
greater than, our prior debit balance.
ut is Of the gravest national con-
Germ that this changed international
position shall not work to the injury
of our industrial and agricultural 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
utOIOI IldIlOiS. oClll lc5S pIdCllCdUle ib
the discharge Of the enormous in
debtedness by Wholesale gold imports.
Larger exports Of merchandise from
the debtor to the creditor country re-
main as the line of least resistance
and to this course we must be pre-
pared to see Europe bending every eff
fort. 1t is the natural way in which
restorations from war must be
wrought.
"But food of imports from debtor
countries intent upon stimulating their
productive output, and aided, even
though undesignedly, by an unfavor-
able foreign exchange, would be a
bitter experience for the creditor coun,
try. We mean to deal considerably
we want to help, but we do not mean
tion.
Proper prstection, American in
dustry and American labor have the
right to expect. This much they shoulo
properly receive. 1t would be an in
tolerable thing if we stood by and be
held our enterprise impaired and oul
labor injured. If it be placed in re-
sponsible control in the November cleo
ton, the Republican party solemnlS
engages that this shall not come te
pass. The stability Of American indus
try, the prosperity Of American !agri
culture, the security Of American labo1
these shall be It's purpose-~to bt
achieved by deliberate tariff revision
protective revision, whenever and wher
ever the necessity exists.
Not Reactionary, But Will React"
with that recklessness which is th'
excuse for loose thinking, spokesmen O
the Democratic party have stigmatizet
the Republican platform as reaction
ary' Like many another epithet tn
term seeks to malign by abuse what /
cannot indict by reason.
at is true that In political affair
we would react from an era of eXecu
tive usurpaton to the orderly form 3
constitutional government; that in in
dustrial relations We would react from
an inte obsession to init
mate concern in our domestic problem
and our home tasks; that in socia
matters we would react from a mud
ding Of the public mind to an homes
avowal Of facts and causes. But in al
that makes for economic stability, 70
| industrial justice, for social improve
ment. our faces are toward the MORO"
"The party Of Lincoln and Of Roose
velt stands sharply aligned with 1t
| nnest tTaultlOnS IN tnaC WnlCn tOucne
mans duty to man. Forward.lookine
progressive, answering in devotion t
constitutional government. resentful o
executive absolutism, it proclaims un
| falternR allegiance to the great prin
ciples Of Justice and humanity upo,
which this Republic was founded, an
from which, pray God. We shall nevc
depart
Senator 3Iarding speaks to-morro,
night at Wheeling, W. Va. Wednesda
afternoon he speaks in Ashland, X,
He returns to Marion Wednesday nigh