The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1921-03-12


it imported $3,3s1,S12 worth and ex-
ported $65,239,0 20 worth. Its imports
in the same year OF sugar and wool of
course greatly exceeded its exports. 1t
is obvious that for the commodities.
except sugar and wool, mentioned il
the measure, which make up the great
er part of our agricultural information
al trade, the imports can have little
or no effect on the prices of the do
nestle products. This is strikingly
true of such commodities as wheat and
corn. The imports of wheat have come
mainly from Canada and Argentina
and have not competed with the do
mestic crop. Rather they have sup
plemented it, The domestic demand
has been for specific qualities to meet
particular milling and planting needs.
They are small fraction of our to-
tai production and of our wheat ex
ports. The price of wheat is a world
price; and it is a matter OF little mo-
ment whether the Canadian wheat
goes directly into the markets of the
other countries of the world or indi-
rectly through this country. The re-
latively small quantity of corn import
ed into this country has specialized
use and does not come into competition
with the domestic commodity.
The situation in which many of the
farmers of the country find themselves
can not be remedied by a measure of
this sort. This is doubtless generally
understood. There is no short way out
of existing conditions, and measures
of this sort can only have the effect
of deceiving the farmers and of raising
false hopes among them. Actual re-
lief can come only from the adoption
of constructive measures of a broader
scope, from the restoration of peace
everywhere in the world, the resump-
ton of normal industrial pursuits, the
recovery particularly of Europe, and
the discovery there of additional cred
it foundations on the basis of which
her people may arrange to take from
farmers and other producers Of this
Nation a greater part of their surplus
production.
One does not pay a compliment to
the American farmer who attempts to
alarm him by dangers from foreign
competition. The American farmers
are the most agricultural producers in
the world. Their production is several
times as great for each worker as that
of their principal foreign rivals. This
grows out of the intelligence of the
American farmer, the nature of his ag-
ricultural practices and economy, and
the fact that he has the assistance of
scientific and practical agencies which
in respect to variety of activity, of
personnel, and of financial support ex-
coed those of any other two or three
nations in the world combined. There
is little doubt that the farmers of this
Nation will not only continue mainly
to supply the home demand but will
be increasingly called upon to supply
large part of the needs of the rest OF
the world.
What the farmer now needs is not
only a better system of domestic mar
keting and credit, but especially larg-
er foreign markets for his surplus pro-
ducts. Clearly measures of this sort
will not conduce to an expansion of
the foreign market. 1t is not a little
singular that a measure which strikes
blow at our foreign trade should fol-
low so closely upon the action of con-
gress directing the resumption of Ger
tain activities of the War Finance cor
poration, especially at the urgent in
sistence of representatives of the
farming interests. who believed that
its resumption would improve foreign
marketing. Indeed, when one surveys
recent activities in the foreign field
and measures enacted affecting the
foreign trade one can not fail to be
impressed with the fact that there is
consistency Ony in their contradictions
and Inconsistencies. We have been
vigorously building up a great mer-
chant marine and providing for i'm
provement OF marketing IN foreign
countries by the passage Of an export
trade law ana of measures for the pro-
molten of banking agencies in foreign
countries. Non 1t appears that we pro-
pose 10 render these measures abortive
in whole or in part.
/ imagine there is little doubt that
while this measure is temporary, it is
intended as a foundation for action of
L similar nature Of a very general and
permanent character. 1t would seem 20
be designed to pave the way for such
action If there ever was time when
America had anything TO fear from
foreign competition, that time has
passed. i can not believe that Amer
lean producers, who in most respects
are the most effective in the world,
can have any dread of competition
when they view the fact that their
country has come through the great
struggle of the last few years. relative.
ly speaking, untouched, while their
principal competitors are in varying
degrees sadly stricken and laboring
under adverse conditions frc1n which
they viii not recover for many years
Changes OF a very radical character
have taken place. The United States
has become a great creditor Nation.
She has lent certain governments of
Europe more than S9,000,000, 900, and
as a result of the enormous excess of
our exports there is an additional
commercial Indebtedness Of foreign
nations to our own of perhaps not less
than $4,000 100000 @There are only
three ways in which Europe can meet
her part of her Indebtedness, namely,
by the establishment of private cred
it's by the shipment of gold, or of COM
modities. It is difficult for Europe to
discover the requisite securities as a