Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1921-03-11
we have lust passed through IN.


ness, which cannot be called an In.
vasion because the tide of business
flowed to US through no effort Of
our own. The demand was created
by the halt forced by the world
war on the trade Of belligeren
countries. It opened to US all the
unblockaded ports of the world
It was not only good business but
fine humanity for the United
States to fulfill this demand.
When the armistice was signed
the export trade continued to come
our way for the simple reason that
the war-exhausted countries need
ed our goods and could not marshal
their resources to compete with
US.
Now the United States is caught
in the backwash Of her tidal wave
of trade prosperity. The mass OF
debt due to us has proved STUN.
bling block to our future trade. II
has placed the dollar at such a
high premium that the foreigner
will not buy from US, if he can
escape it through any other means.
Lack of foreign buying has been
enervating Is American industry.
Credit which should be liquid is
tied up on renewal loans.
Business cannot be transacted on
short term credits because the for
eign producer cannot begin to pay
until he is given opportunity
through our exports to resume
producing. He cannot pay US in
gold so he must pay US in goods
which he is prevented from manu-
featuring or otherwise producing
because we cannot extend further
credit on the short term basis.
Therefore, he cannot buy our raw
material, machinery, coal and other
essentials to his production. The
alternative is that he obtain loans
for long terna periods on his seeur-
tiles SO that he may be tided over
the present stringency.
Thus stagnation has resulted.
The goods produced for foreign
consumption cannot be shipped
until longer term credit is given
our foreign buyers. AS a conse-
quence the plants, mines and fields,
guaged on the basis of domestic
and foreign supply have been COM
PEELED to curtail production. The
further consequence is that this
shortening Of production has
thrown millions out of employ
ment. Until the spark Of life is
communicated to our trade the
grip we have gained must be re-
linquished. Our trade prestige will
be torn down again.
Because Of the immensely Of the
trade we have been engaded upon
there have been remedies applied
to the loose methods of doing bust
ness that cropped up in our first
European commercial invasion.
Our producers are more world
wise now. We have the facilities
for carrying on international COM
merce and, by the circumstances
of our growth since 1914, must
make this trade permanent.
So, we are on the eve of the
second American trade invasion.
Credit and not craftsmanship is
to be the basis Of the new relation.
The world has been educated to the
worth Of our goods and has shown
a decided disposition to patronize
our markets, if the credit condi-
tons are adjusted.
Therefore, the credit man will
be in the van Of the new invasion.
He will stand in the market places
of the world and govern the grant
of credits. He it will be who will
wave the golden wand that will
sway the flow Of American goods.
It will be his beckoning hand that
will draw the argosies of trade to
distant ports. At his command
American merchants, manufactur-
ers, miners and farmers will speed
up or slow down on production.
Here at home credit again will
play its important part. Those
shippers who transgress the rules
of business honesty and American
fair-dealing will find difficulty
with such huge credit organizations
as the Foreign Trade Financing
Corporation, which will act as the
banker between the consignor and
the consignee, which will feed
from our own surplus enough to
make up distant deficits upon an
arrangement Of finance that will
impose no hardships on either the
domestic producer or the foreign
cDns11ner