Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-04-07

During the next six months we
shall either consciously or uncon-
sciously lay the foundation for a
national policy. What we do during
this period is very likely to deter
mine, in a large way, whether we
shall make of ourselves a "self-sup-
porting. INDEPENDENT, self-reliant ma
ton, agriculturally, industrially and
politically" as President Harding ex-
pressed 1t in one Of his speeches, or
whether we shall continue to eX-
plot our agricultural resources for
the benefit Of our industrial and
commercial life"
Present troubles are greatly ag-
gravated by unprecedented condi-
lions, both at home and abroad. Ma
lions which used to buy most of our
did not seriously Interfere with our
own enterprises, are in bad condition
financially. They owe huge sums OF
money to us and to their own peo-
pie. They need all the money they
can raise to rebuild their own indus
tries. They are making desperate
efforts to grow their own food; con-
sequently they are buying as little
as possible from us and are trying
to sell us as much as possible. They
want to send us goods to meet then
payments of interest and principal
and to pay for what they now buy
They must follow this policy; then
salvation depends upon it.
They will compete with our indus
tries both in our own markets anC
in other markets which can use the
sort of goods they produce.
Our own manufacturers see the
danger to them in this situation
Thayy ooYnnatition hacOr1iOo ore
and more severe. Naturally anC
properly, they are laying plans te
meet it in every way they can. They
want tariff which will give them
protection against cheap foreign
goods. They want to cheaper theil
possible and, therefore are anxious
to keep down the price Of food prod
| ucts and raw materials. Further
than that our own manufacturers
will be wanting to extend their for
eign markets as far as possible, es
cial stress at home. If they car
send shiploads Of their manufacture
ed goods to the great food producing
countries to the south of us ant
bring back these shipS loaded witt
food products produced on cheaI
land and with the cheapest of labor
that would seem to them to be gooC
| terests Of the nation as whole and
indeed, If we take the long view Of
the future welfare of our great in
dustrial and manufacturing regions
such policy will be very bad, in
deed. What we might gain through
temporary enlargement of our for
eign markets for manufactured
goods will be lost, and much more
with. 1t through the lessened buyins
power Of our own producing popula
ton.
Taking the case of the farmer a
duced large crops of all kinds a
| the highest cost ever known. Tht
| fading away of the foreign Quite
| for his surplus, together with otheI
| causes, has resulted in a decrease il
| the price of the farmers product:
until many of them are now sellint
| for less than half the actual cost O.
production. In the face of this sit
utaion, foreign products are coming
| in. In times past we would be in
| clined to say that our great surplus
and low prices are in themselves suf
11cient protection against foreign
| competition.
We can not say that now becaus
we seem to be one of the very fey
nations of the earth which has none,
and credit and can buy. Take tn
case of wool which furnishes tn
| most easily understood illustrator
We now have stored up enough woo
to last us a year and a half or pos
sibly two years. The prices for woo
are far below cost of production
Notwithstanding this, huge quaint:
ties of foreign wool still are bein
brought in and added to our surplu:
simply because we have the money t
Epay. Some of it is passing throug
to foreign countries stopping her
just long enough to have our credi
| pplied to it. AS a result. the shee
industry of the United States is fac
ing ruin. and it's intimate connectio
with the banking and other enter
prises of the great range countr
means trouble all along the line.
But this is simply illustrative c
what is happening to producers ger
orally. The cotton growers, the ric
growers, the tobacco growers. til
grain and live stock farmers, tn
dairymen, the cattlemen in the rang
country, the producers of fruit, a
are being compelled to take price
below the cost Of production. Price
are decreased not alone because {
inactive business conditions at HON