The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-09-01

criillination. Whatever may DO the
merit Of suggestions put forward for
dealing with this question. 1t appears
manifest that public opinion and Con-
srcss and unwilling at this time to
consider any disposition Of the loans
owing to us by foreign nations except
their refunding.
'Eut we cannot eat our cake and have
II. There are only n very few ways
in which foreign nations can discharge
the interest on the debts owing to us,
let alone the principal. and OF these
ways the most available Is to furnish
US with goods and services. Further
more. if we want the foreigner to buy
from US We must be willing that he
should also sell to us. Trade IN the
long run cannot be one sided matter
OF sensational export balances.
Favors Protective Tariff.
II am in favor of the principle OF a
protective tariff for America to the ex-
tent that It's application Is necessary to
preserve our industries and the Amori-
CAN standard of wageo and living. But
that principle can no longer be applied
with safety and advantage to the coun-
try and with fairness to the consumer In
the old fashioned, somewhat haphazard
and sometimes extreme way.
New factors have entered into the
problem which must be carefully studied
and taken account of. And tho Ameri-
can standard OF wages and living does
not and cannot and should not mean
that extravagant and wholly for,u.tous
standard which resulted from the We.
and from It's after effects.
I'm order to use the capacity of our
Industrial plants and TO give full eni-
ployment to our workers, We must
make every effort to hold our own in
the markets of the world. And that
Is only possible If the cost OF produce
ton can be brought into line with ex-
listing conditions. To that end the pre-
requisites are that waste and slipshod
methods in business be eliminated
costs brought down, the get rich quick
and easy period considered definitely
at an end, and that both capital and
labor recognize the need of adjusting
their respective compensation to the
circumstances which tho country has
to meet. All of US. including labor, will
be better off In the long run by getting
away from an artificial level, which
dias been OF genuine benefit to no one
and of considerable harm to a large
fraction OF our population
Arguments for Farmer Patent.
(D Sound and effective measures
to aid the farming Industry. The vital
Importance OF that industry and tho
critical situation OF the farmer, who
FOR some time past has been receiving
pre-war prices for his product while
paying inflated prices for his needs and
who. moreover, has been laboring under
inadequate credit and distribution facili-
ties, are so manifest that it seems need
less to put forth any arguments on that
score.
Second only to agriculture In ma
tional Importance Is the railroad indus
try, affecting, as 1t does, the public at
large. the shipper, the investor and many
industrial and commercial activities de-
pendent on II to a considerable degree.
1t Is greatly 10 be hoped that tho long
pending settlement between the Govern
nient and the railroads will at last be
contaminated without further delay.
"(5). Cultivation of our export trade.
That IL difficult task at best, in the
face of deprecated currencies. cheap
labor and othar stimulating factors
operative In foreign countries. 1t re-
qulres. first of all. careful study of that
field on the part of our merchants and
bankers, and tho setting up Of organiza-
tions and machinery, TO be as effective.
anu the framing or men 10 De as COM
petent anG expert. as these that have
been developed by our competitors. 1t
requires us to project our thoughts and
plans internationally and 20 establish
serviceable affiliations and appropriate
cooperation abroad. II requires CO.
operation and comparison OF views and
experiences between exporters and bank
ers among each other and between them
and the proper departments OF tile Gov
ernmcnt Tho somewhat costly mistakes
which have been made within the last
few years, ought to be turned to account
as lessons for the future.
In connection with this problem tho
question of what, II anything. can be
done TO Stabilize the exchanged ought
to receive the close attention of tho
Government and might probably form
the subject of an International COM
parison of views or of conference in
which the American representative should
be more than mere observer
II have indicated some Of the pTinei-
pal signposts as | sec them. There are
others, which 1t would take too long to
enumeratc.
THE road lies before us. broad and
straight. IL we will take IL resolutely.
refusing to be enticed into bywayr or
alleged short cuts. we shall coon find
ourselves within sight again OF prosper
ity and national we'll being"