The Washington herald., 1921-04-29

success that it should be collected
and presented to the whole COM
mercial community, buyer, seller
and banker, by some department of
the government which approaches
the problem in a purely objective
way. which will hold the individ-
uars return absolutely confidential.
and from which the whole public
and the industry can enjoy equality
of service. Such services are par
TALLY conducted in many different
bureaus of the government, but to
accomplish their real purpose anG
greatest value. they must be CON
solidated and conducted more ef-
ficiently and from a much broader
point of view. l have little doubt
that the present expenditures of the
government, II directed by consoli-
dated effort, would cover the entire
service necessary.
In the field OF our foreign COM
raerce the shrinkage in our exports
thunders at the doors OF every home
in America the warning that we
have no isolation from the prob
lens of the world. The unsettle-
ment of the German indemnity. the
failure of the United States to make
peace. the maintenance of great
armament and back-breaking taxes
the continued hemorrhages of paper
money in many foreign states. thei
struggles over naturalization. of
the situation in Russia,
all initiate against European re-
covery and react upon us.
Exports Decrease.
Our exports have shown a great
decrease in value, due in many
causes: To the foreign political sit
uation; to the faHin prices reflect
ing in values rather than volume
to general decrease in world trade
common to every country with world
realization of war destruction; to
the inability of our financial ma
chinery to meet the credit demands
of such foreign countries as are
short of the commodities we have
in surplus; to our undeveloped ma
chinery of foreign marketing: 20
some recovery in Industrial produc-
tion of Europe and the consequent
ability, particularly that of the Ger
mans. to underbid US in common
markets, and finally to the campaign
of militant commercial organization
Of our competitors in various direc-
tions.
In the matter of foreign credits,
we have all recognized the neces-
stiles of better organization of our
financial machinery for this pur-
pose. The chief of these necessities
arises from our Transformation from
a debtor to a creditor nation, and to
the expansion of our production into
a larger surplus for export. Unless
We contemplate a great shrinkage in
industry. continued unemployment,
and a readjustment OF our entire
productive machinery. we cannot for
generation or more absorb enough
imports to balance our exports. II
is economically feasible to continue
large favorable balance of trade
provided we are prepared to rein
vest our balance in longtime cred
it's in the creation Of reproductive
enterprises abroad.
Credits Deficient.
We also have deficiency in our
foreign credit machinery at another
point. Trade in many countries
requires credits of from three to
eighteen months: and is, therefore
beyond the normal reach of our
banking system. 1 have looked upon
the Edge act with some possible
amendments as a great charter for
the advance of foreign commerce
for the United States. Through it.
wise discrimination can be madefo
investment abroad by specially
skilled and experienced men, and