South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-01-07
CRISIS IN PERIOD
OF REIMBURSEMENT
ISPASSED Herring
l. 5. 10 Become Normal Only
With Rest Of World,
Speaker Says.
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from an Agricultural country TO an
industrial country during the last
few decades was declared by the
spetker to be the principal reason
why we must seek world markets.
He declared that we now produce
IN eight months enough for our do
mestic needs. and that the produc-
ton during the other four months
nds to be disposed OF 20 foreign peo-
lss. MIR Herring said that more
r. s.olt of he world is just emery
the light OF civilization. and
that the creates ONO oiiss for
the people. especially in the
Orient
says Exchange Ftates High.
In a review OF the conditions OF
trade in France, Italy. Russia and
the TeutOnic nations AIR. Herring
said that all or them needed the raw
materials and manufactured pro-
ducts OF America. out would no. Buy
from her because the rate OF eX-
change was so much in our favor.
Europe is matched as unit
. against the United States IN It's trade
relations" said MIR. Herring. in speak
ing of our inability to sell goods TO
European powers at this time.
Continental countries will buy just
as little as possible from the United
States. and just as much from each
other as possible. With the United
States now the richest nation that
the world has ever known, We md
it hard to sell our goods TO other
countries. Herbert Hoover, looking
at problems with world vision. has
suggested that we use our surplus
wealth TO develop markets II other
countries. This policy has made
Holland, The United Kingdom and
Belgium rich and powerful, and Will
help serve our people. who must
have some outlet TOR their products
Trade on Barter Basis.
In connection with the extension
OF foreign trade, and the aiding Of
foreign trade, and the aiding of 9TH
or countries TO stabilize their cur
rency and rates of exchange. Mr..
Herring advocated the establishment
Of foreign trade banks, such as we're
provided for in the bill introduced
in congress by Senator Edge of
New Jersey. The forming of such
private corporations TO give credit
. Europe he resarded as necessary,
and said that for some time trade
with European countries would be
on a barter basis, because they
could not pay for their needed goods
with money.
Many merchants and manufact-
urers here this afternoon know the
cancellation evil, and what il has
done TO trade conditions" contin-
ued Mr.. Herring. But merchants
must accept their losses, get rid of
their stocks. and start the New
Year with confidence. 1t is incon-
clevable that we should be afraid Of
the consequences of the industrial
depression, and fearful that we can
not find remedies for IL. One of
our remedies is in the 600, 900 col
lege students we have in the United
States, who should meet graduation
with a world wide outlook ready TO
take up the problems in better fash
ion. and with more confidence than
their fathers"
In q review Of the work Of the
Peace Conference at Paris, Mr.. Her
ing said that the British. French
and Italian delegates came there
with definite purposes in mind. and
were able 10 get these made affec-
tive. He said that England demand
ed the destruction Of the German
fleet 10 protect her merchant ma
rine, and to keep her rank as the
foremost naval power OF the world;
while the French demanded the
partition of the German Empire
and the disarmament of her forces.
These moves were all made as a part
OF the effort TO keep the fOreign
trade Of the countries, and To des-
troy the commercial world of Ger
many, which had seriously threat
ened that of England ana France.
Crying Period Passed.
business IS proceeding Oh ii safer
and Saner basis now that IL has been
since the signing of the armisice'
sad Mr.. Herring, in making note OF
optimism that perVaded his entire
speech. The most crying period Of
readjustment has passed. and in one
or two years We will be back 10
normal again. We must teach the
young men and women who are
Just reaching maturity the real val
ue Of the dollar, and show them tina,
the inflated wages to be gained dur
ing war times and afterward cannot
be continued"
He also declared that labor, as
we'll as capital. must make conces-
siOns and was rewarded with hearty
applause for his statement. a sane
attitude on the production Of manu-
featured goods must be taken by
the man who labOrs with his hands,
according 10 the speaker, who said
that men who tried 10 hold up wages
20 war levels were ignorant of the
most fundamental and simple eco
nomic laws, and helped 20 retard
the period OF depression through
which we are passing.
The Kiwanis luncheon Thursday
was one OF the biggest gatherings
OF business men that have come to-
gether to listen TO an address. Mr..
Herring spoke for more than two
hours. and was frequently inter
tuoted by applause. The men bers
OF the Chamber Of Commerce the
indiana and University clubs were in
vited i-uests of the klwanians at the
luncheon.
Uo,ySfOn 4UuOTJr1CoS II or