New-York tribune., 1921-01-04

goods as she is making 1t is crafty
ing evidence Of her recovery and prog
ress toward full production and
sounder financial conditions
Under the law, if the activities Of
the corporation were resumed, no diy
rect advances could be made to pro-
ducers and, if they could be, they would
not accomplish the objects in view.
They would not create demand for our
products. They could be made only to
exporters or to banks engaged in finan-
cing exports and if they did in some
measure stimulate exports they would
probably not have the effect appar-
entity most desired of substantially in
creasing those of agricultural commod-
tiles.
Again Self Sufficient
"Already, with the larger volume of
exports which Europe is taking from
Us, she Is exercising her option of
taking a smaller volume of some Of
oar principal agricultural products,
such as meats, presumably because she
herself has become more largely self
sufficient, or is again providing herself
w!tA supplies from distant countries
Which, with the opening up Of shipping
since the armistice. have once more
found their place in the markets Of
the world.
"lt is highly probable that the most
Immediate and conspicuous effect of
The resumption of the corporations ac-
tlTitles would be an effort on the part
Of exporters to shit the financing of
their operations from ordinary com
nlerciai channels to the government
This would be unfortunate It would
continue the government as an active
factor II ordinary business ouerations.
l. activities Of any considerable mag
nitude resulted they would necessitate
the imposition OF additional taxes or
!n-ther borrowing, either through the
Var Finance Corporation or by the
Ireasury In either case new burdens
would be laid upon all the people. Fur
tier borrowing would in all likelihood
tar the very sources which might 9th
eIwise be available for private opera
ticns or which the Treasury is now
ccmpeiled to reacn to meet current
Obligations o. the government
Need fo- Limit Seen
"There is no question that the bor-
rowing o. the government should be
limited to the minimum requirements,
and that the government should not
be ca!led upon further to finance pri-
vate business at public expense. To
the extent that Europe IS able to fur
nish additional securities, private finan-
ci2l institutions here VIII doubtless
md means Of giving the necessary &C.
commodatlon- The way has been
opened for added legitimate efforts to
promote foreign trade Financial
agencies in aid OF exports privately
financed have already been planned to
operate under the act approved Decem-
per "a, 1919. authorizing the organiza-
ton OF banking cOrpOrat;0ns IN do
foreign banking business.
one corporation has been organ
lzcd IN the South and second of larger
scope is in course of devclocment.
These agencies may be expected to act
as promptly and as literally and helm
iuIly as sound business conditions viii
permit. Through such enterprises
faUher tnan through government inter
Ventlon, may we expect to secure re-
eurh TO stable business relations.
Adjustment Asked
FOR many months there has been a
demand that war agencies should be
aooAshed and that there should be less
government interference with business
nave sympathized with this view and
be-leve that it is applicable to foreign
trade as well as to domestic business
am OF the opinion that now, NOR.
IMAM TWO years after the armis.ice, tho
hallon should resume its usual busi /
ness methods and return to it's reliance
on the initiative, intelligence and abil-
ity of It's business leaders and financial i.
institutions.
I'VE shall not witness an immediate
satisfactory adjustment of domestic
and international trade relations. The
burdens of war are not lifted when the
hghtlng ceases. One sad thing about
war is that it leaves legacy of
economic ills and of suffering from !
which there is no escape Conditions.
however, are improving both here and
abroad. The difficulties with which we
are now confronted are of small conso-
quence in comparison with those which
we have met and overcome
Fuller restoration awaits the adop-
ton OF constructive measures Of large
consequence-the secure establishment
OF just peace in the word the cessa-
ton Of fighting everywhere; the more
complete resumption in Europe Of the /
normal courses of industry; the return
of her people to sounder fiscal and
banking policies, and the breaking
down within her borders Of harmful |