The Washington herald., 1921-05-07
RESTORED CREDIT
ABROADEOBJECT
OF SENATOR EDGE
Trade Act Author Sounds
Business Slogan at
Convention.
OUTLINES FORMULA
Revision of Taxation, F0rma-
tion of Agencies Are Rem
edies, He Declares.

CLEVELAND. May s.-"Restore
confidence at home and credit
abroad" That was the business slO-
gan of the United States suggested
by Senator Walter Z. Edge, of
New Jersey, here last night.
Edge made the principal address
at the banquet of the National For
eign Trade Council.
Confidence at home can be re-
stored by a revision of the taxa
tion program. Credit abroad can be
restored by the formation of for
eign trade financing corporations as
provided for under the so called
Edge act" he said.
The Edge act provides for the
enlargement of the American bank
ing system making 1t possible to
give credit abroad on the same basis
that IL now is here at home.
Giving this credit will build up
the foreign trade. There are plenty
of buyers ready to buy. But they
lack the means at the present time.
when foreign trade picks Up it
will go a long ways to end the bus
tness depression and unemplOy-
ment.
Government Cooperation.
Above all things government
cooperation with private business
must be substituted for govern
ment rivalry, competition, oppres-
sion and persecution.
However, industry cannot be
stimulated by legislation alone. =
National prosperity Is depe ende
upon one thing-production. Now
production Is only possible with
markets. That is what makes our
foreign trade so important"
Harding's Views
A letter from President Hardins
was read at the banquet After
expressing his regrets at not being
able to attend the convention. Hard
ing went on to say.
Il feel that the National Foreign
Trade Council has done a very use
full work and that its opportunities
for usefulness are eonstsrtiy@lr-
creasing in view Of the changing
conditions that effect international
trade everywhere.
TT is gratifying to know that the
conception of our new commercial
relations of the world is becoming
very widely established and that
organizations like your own are
doing much to spread it still fur
ther. The new relation of America
TO the commercial world since W..
have become a great creditor in
stead OF a debtor nation, involves
entirely new problems in connection
with the expansion of foreign trade
and know that these will be
among the matters that your CIeye-
land convention will give the mast
Intelligent and helpful -considera-
ton"
The convention is to close to-
morrow. Other speakers today IN
cluded James A Farrell. president
Of the United States Steel Corpo-
ration and chairman OF the council,
and Edward y. Hurley. former head
Of the United States Shipping
Board.
A discussion of the use Of conmer-
cial letters Of credit featured the
banking session Of the Cleveland
foreign trade convention. held today
in the Hollenden Hotel. wilbert
Ward. Of the New York Bankers
Commercial Credit Conference. pre-
sentcd plans now under way TOR a
standard. uniform American letter
Of credit.
In the last year" said Mr.. Ward
progress has been made in the d.
rection Of uniformity by a confer
ence of bankers which has been
meeting in New York. This con-
ference has been assisted in its
work by the division Of analysis and
research of the Federal Reserve
Board the American Bankers Asso-
citation. the American Acceptance
Council. and the National Associa-
tion of Credit. Men. as well as by
this council. A report of the work
OF the conference with suggested
forms is now ready for submission
to all these bodies for criticism and
approval. I hope il will have your
very careful analysis, and I will be
glad to discuss any phase of il with
anyone who wants to inquire, when
this meeting becomes open for dis
cussion."
Discusses Marine Problems.
Following the presentation Of Mr..
Wards plans. William d. Winter. of
the Atlantic Mutual Insurance Com
pany. urged uniform ocean bills of
lading. better packing and greater
responsibility for carriers as a
remedy for pilferage problems
which are now bafrling marine un-