The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-05-07
FOREIGN TRADE IDEA
PRAISED BY HARDING
President Gratified by Work
Done by Council in Cleye-
land Convention.
EDGE DEMANDS REFORMS
Production, Revised Tax Sys-
tenn and U. s. Cooperation
Among Needs.
EDGE DEMANDS REFORMS

CLEVELAND, May "a message from
President Harding, read at to-nights
annual banquet OF the National For
|, eign Trade Council Convention, ex-
pressed qualification with the work be-
ing done by the council.
Senator Edge Of New Jersey author
of tho law making provision for the es-
Establishment Of the Foreign Trade FL
HANGING Corporation with q capitaliza-
ton of 800. 900, was the principal
speaker at the banquet. His subject
was "Our Foreign Trade"
National prosperity is dependent on
Production in industry" was the key
note of the Senator's speech He ad-
vocated practical legislation to cure the
economic ills now prevailing instead Of
years, designed only temporarily to re-
lieve them. He asserted that industry
cannot be inspired or prosperity be
promoted merely by legislation" and
urged the establishment of confidence
at home and the extension of credit to
foreign buyers as the best practical
methods of stimulating American po-
duction and prosperity.
Senator Edges Address.
Uncle Sam is now suffering from
complications" said Senator Edge. "The
real Ill is lack of markets, caused at
homo by buyers strike. and abroad
by lack OF cash and non-cultivation of
credit The first medicine for the
buyers strike must be confidence. and
for the foreign situation II must be the
provision OF credit, and the transmuta-
ton of that credit into dollars to pay to
American producers and American labor
and American agriculture.
For years have preached the doc
trine that national prosperity Is depend
ent on production-on industry. But
to maintain production at normal and
10 stimulate 1t to the full potentiality Of
our great development under stress OF
war. we must have markets-domestic
markets to maintain 1t at normal and
foreign markets to absorb the surplus
output and occasion a demand for more
products
THE present onerous. unjust and in
adequate remunerative tax system
must be readjusted and an American
tariff policy, designed to meet present
day conditions. must be framed and
adopted
III anything can be saved OF the
peoples investment in the merchant
marine 1t must be saved-at all events,
they must be relieved of their present
loss of a million dollars a day on that
investment.
above all, Government cooperation
with private business must be substi-
tuted for Government rivalry. compe-
t!tion. oppression and persecution. All
the arbitrary legislation In the world,
accomplishing only artificial results.
win not effect permanent cure for
economic depvAssion."
Farrell Has n Marine Remedy.
In an address this morning on Amer
lean Maritime Policy" James A. Far
rell of New York. chairman of the
council and president of the United
States Steel Corporation, told the dele
gates the future of American merchant
marine development Is at stake, that
the Government lost $500, 900 by not
selling its merchant fleet when the
armistice was signed, suggested an in
ternationai conference OF maritime ma
tons to stabilize the shipping situa-
ton, recommended the chartering OF
the Government fleet to individuals,
either on q bare boat basis or on time
cargoes. and advocated a revision Of
American shipping laws. He added:
Our merchant marine position Is the
outcome of haphazard efforts to deal
with a problem the requirements OF
which necessitated from the beginning
a settled policy and well defined pur-
pose. 1t is the duty of all Americans
to prevent the elimination OF our over
seas fleet from the worlds carrying
trade