Bisbee daily review., 1921-03-04

little singular that measure which strikes a blow at our forcing trade should follow so closely upon the ac- tion of congress directing the resump- ton of certain activities of the war finance corporation especially at the
 urgent insistence of representatives of the farming interests. Indeed, when
 one surveys recent activities in the foreign field, and measures enacted
 affecting the foreign trade, one can not fail to be impressed with the fact that there is consistency only in British contradictions and inconsistent cies. We have been vigorously build , ing up a great merchant marine and providing for improvement of market ing in foreign countries, by the pass age of an export trade law and Of measures for the promotion of bank ing agencies in foreign countries. Now it appears that we propose to render these measures abortive in whole or in part.
 No Fear of Competition
 Il imagine there is a little doubt that while this measure is temporary, it is intended as a foundation for ac- tion of a similar nature of a very general ana permanent character. It would seem to be designed to pave the way for such action If there ever was a time when America had anything to fear from foreign com petition, that time has passed I can not believe that American producers who in most respects are the most effective in the world, can have any dread of competition when they view the fact that their country has come through the great struggle of the last few, years, relatively speaking un- touched, while their principal compe- titors are in varying degrees sadly stricken and laboring under adverse conditions from which they will not recover for many years. Changes ot a very radical character have taken place. The United States has become a great creditor nation She has lent certain governments of Europe more than S9,000, ,000, 900 and as a result of the enormous excess of our exports there is an additional commercial in- debtedness of foreign nations to our own of perhaps not less than S4,OOO,- 100000. There are only three ways in which Europe can meet her part of her indebtedness, namely, by the establishment of private credits, by the shipment of gold, or of commo- dities. It is difficult for Europe toi discover the requisite securities as basis for the necessary credits. Europe is not in position at the present time to send us the amount of gold which would be needed and we could not view further large i'm ports of gold into this country with out concern. The result, to say the least, would be a larger diSarrange- ment of international exchange and disturbance Of international trade. If we wish to have Europe settle her debts, governmental Sor commercial, we must be prepared 10 buy from her and if we wish to assist Europe and ourselves by the export either ol food, or raw materials or finished products, we must be prepared to welcome commodities which we need and which Europe will be prepared, with no little pain, to send us.
 No Time for Trade Barriers ,l
 Clearly, this is no time for the erection here of high trade barriers. Il would strike blow at the large and successful efforts which have been made by many of our great ln- dustries to place themselves on an export basis It would stand in the way of the normal readjuStment of business conditions throughout the world which is as vital to the wei fare of this country as to that of all the other nations. The United States has a duty to ftSelf as we'll as to the world, and it can discharge this duty by widening, not by contracting, its world markets.
 This measure has only slight in terest so far as its prospective reve- nue yields are concerned. It Is eStl- mated that the aggregate addition to the nations income from its opera ton for 10 months'would be less than S72,OO0,OO and of this more than half would arise from the proposed duty on sugar. Obviously, this and much more can be secured in ways known to the congress, which would be vastly less burdensome to the American consumer and American industry.
 Rates Have Peculiar Interest
 .'The rates, however, have pecu- liar interest. In practically every case they either equal or exceed those es-I tablished under the Payne-Aldrich act in which the principle of protection reached its high water mark and the enactment of which was followed by an effective exhibition of protest on the part of the majority of the Amer ican people. do not believe that the sober judgment of the masses Of the people of the nation, or even of the special class whose interests are immediately affected bV this measure