The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1921-04-28
American Labor and European Debt
american EconomisD

Some of our presumably intelligent
statesmen and economists have been
devoting considerable time to devils
ing ways and means to secure pay
ment of Europe's debt to America. 1t
has frequently been urged that Am
erica give to Europe the opportunity
to pay by providing a market here for
European goods. The contention is
that the American market is the only
one in which Europe may sell her
commodities for cash From a phil
anthropic and self sacrificing stand
point, this plan would be beyond crit
icism, but let us see how feasible it
would be from sound business
standpoint
In the first place, America advanced
| the money to Europe, and European
countries are now justly indebted to
America in that sum- BY shipping
commodities to the United States,
Europe would be receiving cash in re-
turn. This cash would be applied by
Europe toward the payment of her
debt to America. In other words the
United States would be receiving back
in payment of her debt American
cash paid to Europe for products sent
here. True. our country would then
have the goods and the cash. But the
character of goods sent here by Euro
pean countries is a big factor in de-
termining the advisability and sound
ness of such a plan. It is an undenia-
BILE fact that the chief products of
European countries are similar to
those produced here. In fact, Ameri-
can industrial prosperity is dependent
upon and mainly supported by the
manufacture and production of the
same classes of commodities as Eur
ope produces What then viii Amer
lea do with the output of her farms
and factories? For every million dol
lars worth of competitive products |
which America buys from Europe |
there will be a million dollars worth |
of the same products manufactured /
here that would be without a market |
II is easily seen therefore, that while
such a plan would be creating a cash
market for European goods, it would
at the same time be throwing Ameri-
can labor out of employment by de-
privng it of market for its output
American labor would therefore be
paying Europe's debt to America by
sacrificing itself on the altar of un-
employment Americas greatest boast
$ her ability TO provide her own. Our
productive capacity is greater than
hat of any other nation. Likewise
)ur powers of consumption. The t
wheels Of supply and demand must {
'e kept turning in order that our 7
ountry may be kept in a prosper E
ms and sound state. Our states c
nen have been too forgetful of the /
Id adage Charity begins at home" n
there is a philanthropic feeling to v
inter- into the question of the pay Il
lent of Europe's debt to America, T
It us not make American labor act b
he part of the philanthropist. There s
re numerous other ways FOR this f
ebt to be paid without sacrificing
nat all-important bulwark of our s
reatness-domestic labor and in e
ustry T.
In determining matters of this A
it is not a question of o.
neither the country can do it, but a
neither the procedure would be in N
'cordance with the proper econom- OF
principles which experience has al
ught MS to follow. It is not only ];
)vernments duty to regulate the
'litical affairs of the nation, but al
to protect the interests of its st
lsiness enterprises, and to do all to
its power to foster the develop st
ent and maintenance of its indus tn
les. all
IF European standards Of labor and CT,