The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-10-20
ny Wake Depression ST. Banker Tells Congress


~ repeated reference that foreign
fr1dc is an outlet for our surplus
blvrH the lira that we only sci. to-
them what ~ lcU, which In tho
wrong basis u foreign trade. We
really must IN a palnstaking way,
meet the exact method needs % fOr-
o,Ru buyers 60 be = world trade
nation. However, % Is often true that
tho price ~ surplus fixrA the price of
the product. hence its greater do.
nestle significance
Whether Wo are or aro not a self
confined economic unit ln this coun.
iry is not the Issue. The fact re
mains that trade alliances for over n
century have been maintained and
augmented with European countries
ana 10 switch sales plans aud the
entire scheme ~ our Industrial pro-
duotlon go meet the needs ~ q SELF
contained nation would Involve an
uphcaynl that would dwarf the past
depression,
Laying tho basis for foreign trad.
through travel aud first hand kuowi-
edge Of requirements and credit con-
ditluus in the work OF n generation.
Heretofore, We have exported
largely raw materials. foreign trade
ls H much more cNactlng relation
ship.
ono cannot talk on the foreign
situation without giving It some po-
liuDal significance and yet its I'm
porihuce Is paramount Whether
our government policy has or has
not been properly conceived as re
CARDS European interests Is hardly
the question. We survey affairs to
date and find at least there has not
been mat rehabilitation which four
ycors Of peace would warrant.
American mcrch hants have been re
strictcd IN their business and must
continue 10 hc until we ns country
participate, at least IN interest, In
the reCuporgtton - their economic
lie abroad
And here again firmly believe
tho question is go essentially one ot
business that tho trained leaders or
thought IN this respect ~ the United
states. meeting In conference with
similar minds of Europe. can at least
do more than has been done 50 far
toward bringing about mutual uu-
dorstanding Of conditions upon
which II is safe for progress 10 he
made.
AZ yct we seem 20 be pretty much
In chccSmnted position, with dis.
trust largely uppermost and without
magnitude 10 enforce rulings ns i'm
partial findings. Thia position the
United Ht1tcs could most nssuredly
assume with credit 90 the world
Cortqinlv America has failed to func-
tion as on onlookcr. with suffi-
client merchant mRrlue--a thing we
have never before had---nnd with n
strong diplomatic weapon in heing
q creditor nation. this country Is In
fair way 20 lose these advantages
OF foreign trade through political
procrastinatlou. Business thought
may be totally lacking In tho prac-
tlces OF diplomacy In such cases. but
II has always been tn1rvelously cf-
ficlent as % action. why not give
business stateamanshlp a test
1T must be kept in mind that in
In proportion to the growth Of our
foreign trade must come the attCn.
tion to Industrial production that
will make possible competition with
world markets. There are those who
raise the cry of European cheap
/ labor and declare our inability 10
/ meet their prices. | can proudly
point TO the record Of American com
| mercial ingenuity and say that never
vet has II retracted or retrcatcd
from "A situation that meant its own
huNNNiFNlfnNs
Mother can I share tho Idea thai
In order to meet such "a condition ",
must reduce our standard OF living
Tho American working man by his
honest effort has earned every add
! tiOnal comfort that is his today and
by reason OF this very environment
Is capable OF ccrrespondlngly great.
or and more efficient production.
Huge economies lie in other al,
! rectione. the perfection OF manufac-
| turing Inventions; further utilization
! Of waste In Industry, as well as IN
| agriculture and man power; stand
| ardized production under consolidat-
| ed arrangements are conditions that
may he seen as possible eventualities
| Already the age OF consolidation Is
showing mp In the days ncws. while
| there is not one fair-mlnded business
man that would sanction any Illegal
| combination in restraint OF trade, II
| must he recognized that the large
scale and economic production thai