Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1921-01-07


creasing those of agricultural cOmmo.
dities Already, with the large volume
Of exports which Europe is taking
from u.s. she is exercising her option
of taking n smaller volume Of some OF
on: principal agricultural products
such as meats. presumably because She
herself has become mare largely sell
sufficient, or is again providing herself
with supplies from distant countries
which with the opening Of shipping
since the armisticc have once more
found their place in the market Of the
world.
1t is highly probable that the more
immediate and conspicuous Of the re-
sumption of the corporations activities
would be an effort on the part of the
exporters 10 Shift the financing Of their
operations from ordinary commercial
channels to the government This
would be unfortunate. 1t would con-
thu" the government as an active fac
tor in ordinary business operations. II
activities of any considerable magnl-
tudc resultetI they would necesstate
the imposition of additional taxes Or
further borrowing. either through the
war finance corporation or by the
trc:!sury. In either case, new burdens
would he laid upon al! the people. fur-
ther borrowing would in all likelihood
tap the very sources which might
otherwise be available for private
onerations or which the treasury is
now compelled 10 reach to meet cur
rent obligations Of the government
There is no question that the borrow
ing Of the government should he limit
cd to the minimum requirements ana
that the government should moi be
called upon further TO finance private
business ut public expense. To thc eX-
cont that Europe is able to furnish ad-
ditional securities. private financial IN
slitutions here will doubtless find
means Of giving the necessary accom-
motlat;ons. The way has been opened
for added legitimate efforts to pre-
mote foreign trade. Financial agencies
in aid Of exports, privately financed,
have already been planned TO operate
;,n,,cr the act approved December Il,
1919. authorizing the organization OIL
banking corporations TO do foreign
baukin:; business. One corporation ha:'
been organized in tho south and Sec
ond OF larger scope il; in course OF de-
velopment These agencies may DE OK
pcc,cu To act as promptly and rs libcr-
ally and hclnfully as sound business
conditions will parmit. Through rch-
ancc on such enterprises, rather thah
through government intervention. may
wMc eypnct to secure Il return To stable
business relations. For many months
There has been demand that war
agencies should be abolished ana thit
there should he less government inter-
ference with business. ] have Synliia-
tlizcd with this view, and believe thai
it is applicable to foreign trade as well
rs To domestic business. | am OF the
up!nun that now. mar" than two years
after the arnlisticr the nation should
resume lis usual business methods
and return to its reliance on the initIa-
tive, Intelligence and ability OF its Dust
,e.s leaders and financial institutions.
We shall now witness an immediate
satisfactory adjustment of, domestic
and international trade relations The
burdens Of war are not lifted wh'h
the iigi ng ceases. One sad th'h%
ahuut war is that II leaves behind ii Il
legacy Of economic ills and OF suiier-
jnr from which there is no escape.
Conditions, however, are improving
both here and abroad. The difficulties
with which we are now confronted arr
pf small consequence in comparison
with those which we have met ana
overcome. Fuller restoration awaits
thp atluptinn Of constructive measures
pr large colSC uuen"e. thc.%ccllre c%lah-
lish,nent Of Il just peace in the world:
,,o cessation cf fighting everywhere,
the more complete resumption III ELL
ronc of the normal courses ct industry
the returl nf her penpl" Ia %ounurr
fiscal and banking policies and the
breaking down within her borders OF
fu vic. inns