The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1921-06-30
RESTRICTIVE TRADE MEASURES

A considerable number or the lead
ing bankers and business men of Eng
land have petitioned the government
to avoid anything in the nature of a
restrictive trade policy. 1t is pointed
out that government regulation of
trade by licenses, contracts, and de-
partmental orders. however well in
tended, had in many cases entailed
unfortunate results. Political inter-
ference with the national course CT
commerce, without regard to eco
nomic laws, they urge, invariably does
mischief.
The petition which needs but the
substitution of the word American
for the word British" to describe the
situation in this country, follows in
part:
Foreign commerce conduces to the
wealth and prosperity of a country by
enabling it to import the commodities
which other countries are best able
to supply, and to export in payment
those articles which from It's own
situation 1t is best adapted to produce:
that freedom from restraint is calcu-
| lated to give the utmost extension to
foreign trade and the best direction to
capital and industry and the maxim
| of buying in the cheapest market and
| selling in the dearest, which regulates
every merchant in his individual deal
ings, is the best rule for the trade of
the whole nation.
The policy of trying to exclude the
productions of other countries, with
| the well-meant design of encouraging
our own, cannot increase the volume
| of commerce or the total volume of
employment here. But it may well
compel the consumers, who form the
bulk of our population, to submit to
privations in the quality or quantity of
the goods they buy.
The importation of foreign goods
does not diminish the activities of our
people, because such goods can only
be paid for by the produce of British
capital and labor. The advocates of a
restrictive system are too apt to lose
sight OF the elementary fact that ma
lions, or rather individual members of
nations, buy foreign goods because
they need them. not to benefit others,
but to benefit themselves, and pay for
them by producing goods which the
foreigner in his turn requires. We
cannot limit imports into this country
iSithQnt limiting our export trade, and
striking a grave blow at the world
wide commerce on which this island
kingdom principally depends.
Trade is exchange. No nation which
lives by trading with others can pros
per unless other nations prosper too.
we hold today great stocks of goods.
We are ready to manufacture more.
There is large and insistent demand
Tor them abroad. But owing to the
paralysis of continental commerce
due in part to the restrictive barriers
which the new states have set up be-
tween themselves-the would-be buy
ers of our goods have not the means
to pay for what they want. We have
to build up the market that we need
by encouraging continental nations to
export to us. For it is only by exports
that they can re-establish their credit
and provide funds for the payment OF
their debts. In such a situation we
believe that all expedients to control
and hamper imports into this country
whether by licenses, tariffs, or any
other means, can only retard improve
ment in the cdntinental exchanges and
prevent the natural recovery of trade
Legislation of this nature, while ii
may increase the profits of a few
selected industries, cannot fail to check
our output as whole, and to increase
the costs of production to a level
which may make it increasingly diff
ficult for British traders to compete
successfully with others in the markets
of the world.
With party or political considera-
!; tons, we are not concerned But in
the interests of British. industry and
commerce, now menaced by anxieties
which it would be a profound mistake
; to underrate, we desire to enter a re-
spectful protest against every re-
strictive regulation of trade which
tends to diminish the resources of the
state.