The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1922-11-09

pIouuetS, that have been movlnl
out IN the past year. European
conditions have been the clouc
upon the horizon ever since tn,
war, and two opinions have beer
held about the probable influence
OF Europe upon our prosperity
One has been that European pur.
ch9Ses probably would decline be.
cause OF Europe's inability to make
payments, and that we could moi
hope for normal conditions in this
country without recovery In
Europe; the other has been that
Europe must of necessity take oul
principal agricultural products in
at least as large quantities as be.
fore the war, because of Russia
disappearance as an exporter, and
that beyond this the United States
was sufficiently self-contained tc
get along very we'll without
Europe.
1t was inevitable that our ex.
ports of agricultural products
would decline from the war figures
as agriculture in Europe recovered
although iii the case of wheat they
have been we'll maintained to the
present time. On the whole they
have been maintained in quantity
above the pre-war level.
Down to this time events appear
to have fairly well sustained the
view that Europe would need to
take at least as much of foodstuffs
from us as in the pre-war years,
and the recovery of business ac-
tivlty this year, despite our serious
strikes, has given support to the
view that this country can have
a good degree of prosperity even
though Europe does not overcome
its troubles.
How Our Exports Have Been
Paid For
Without disputing the conclu-
sion, it may be well to point out
that there are some uncertain fac
tors in the situation. The doubts
that have been expressed about the
maintenance of our exports to Eu-
rope have been related to the in
ability of Europe to find the means
of payment. 1t was evident that the
heavy trade balance would have to
be settled in some manner, prob
ably to a great extent by loans or
grants of credit of some kind, and
it was considered doubtful whether
they would be provided in this
country. 1t is known now that
these have been provided in large
amounts. The total of loans and
credits is not definitely known, but
the Hon. d. R. Crissinger, Comp
troller of the Currency, after get
ting the best information he could
On the subject, has estimated the
net amount of foreign loans in
terms of dollars f1oated in this
country IN the four years of 1919
to 1922, in round figures of ST.
500,000,000 and the total, including
securities payable in foreign cur
rencies, at more than $3,000,000,000.
He estimates the foreign curren-
cies purchased in the United States
90 ANPA NoNAA(HAS NOSl Va pJVO,OOO,-
600, and it may be mentioned in
this connection that the New York
World has recently conducted an
inquiry upon this subject which
resulted in an estimate above $780,
100000 for our purchases of mark
currency and mark securities.
Mr.. Crissinger's figures above
aggregate $3.500,000,000, without
commercial credits. These he esti-
mates at $3,00O,000,0O0 since Aug
ust, 1914, and he estimates our
purchases of American securities
from foreign holders since that
date at $3,000,000,000. Conhning
the present discussion to the post
war period, without attempting to
say what share of the commercial
credits or purchases of American
securities belong to this period, it
is evident that altogether the off
sets against our exports, as CLASH
fed above, have amounted to con-
siderab1y more than billion dol
lars year since the war.
1t is true that not all of these