The Elk Mountain pilot., 1921-02-10
FOREIGN CREDIT OR
EQUITABLE EXCHANGE

pose. struggled for the mastery in
international affairs. One of these
was the policy of Great Britain which
sought to control the markets of the
world thru an exchange. of products.
Great Britain would seek to extend
it's foreign trade in any particular
country by offering to accept its gov
ernment or corporation securities in
payment for British goods. Before
the bonds could be paid under the
contract the profits of trade would
reimburse the British investor and
the foreign bonds would take their
place in the files of the permanent
British investments in foreign credit.
AS they would fall due they would be
renewed, the volume increased and
the British buyer given permanent
purchasing power in the foreign mar
ket by exchanging credits on interest
payments on foreign bonds for for
eign goods.
The German policy was to attempt
to extend German trade by becoming
the buyer of foreign products in ex-
change for the products of Germany.
In this way German trade contributed
to the development of the natural re-
sources of its foreign customers, pro-
vided for the employment of foreign
labor and the further development of
foreign production.
1t was in this way that the German
producers were capturing foreign
markets away from their British
competitors prior to the World War.
Countries which had been among the
best customers of the British COM
menced to pay off the British bonds
and send them home, and they were
able to do so by substituting trade
with Germany on the basis of an ex-
change of products for trade with
the British on basis Of going far
ther and farther into debt.
The British and the German mo-
tivea were the same. Each was strug-
Cling for the control Of the worlds
market. Each was seeking for the
mastery of the race for the private
advantage of the home countries. As
Germany extended her trade and in
creased her power Great Britian was
forced to surrender her markets or
change her policy or meet the inevi-
table and go to war.
The war has been fought out. Ger
many has been wiped off the map of
international commerce. Obligations
which she refused to assume in inter-
national trade she has been compelled
to assume in war indemnities. She,
too has fallen under the control of
that international policy which would
buy her goods and make payment for
them with credits on interest ac-
count. The allies have been unable
to say just how much is to be de-
manded in war indemnities. 1t is
understood, however, that on COM
pleting their investigations these in
IDENTITIES are to be fixed high enough
so that the interest on the account
will absorb the total surplus earnings
of the German nation, with only the
barest existence for its people. The
enslavement of a people for the
crimes of its masters.
So far, however. she has been de-
faulter. The per capita food con-
sumption of the nation is only one
half what it was before the World
War. The physical energies of its
| L. L., IA4v. Ia,.InfoI rn cff I'll
falling for lack of nourishment. Her
natural resources taken away and her
motive for productive enterprise
withheld, the prospect of any salts
factory payments being made to
France on open account grows less
as days pass.
The peace of Europe and the return
to normal times, it is said, depends
upon revival of industry in Central
Europe. France will not relent, Ger
many cannot deliver the goods" and
at last the appeal is made to the
United States. to give to France a
cancellation of French debts to the
American Government, provided
France will be reconciled to such
terms with Germany as will permit
the rebuilding of economic Germany
and this, it is claimed, should be done
by our country for the reason that by
no other program can international
trade, world peace and general pros
perity be secured.
This proposal emphasizes the fact
that not onlv has Cernnanv been de-