Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1922-05-12
PROSPERITY IS
ENDENT ON
IMPORTS, SAYS
So Declares Chicago Banker
In Address Before For
eign Trade Convention

PHILADELPHIA. May l2-Declar-
ing that the prosperity Of the country
depends IN part upon its imports, DIR.
Walter l.ichcnstein. executive secretary
of the First National Bank ~ Chicago
told the Ninth National Foreign Trade
Convention today that TO have targc
exports there must bc corrcspondingly
large imports. and that with the i'm
crease of both our prosperity Will be
enhanced
lie also opposed demanding full pay
,p"nt of the allied debt.
Exports are Necessary for the pros
pcr,Iy Of the country." said DIR. Lich-
cEstcin. unless. indeed, We are willing
90 face an indrtcrmnatc period during
which We should suffer stagnation and
social and political uphcaval. Ultimate
ly we can - paid for our experts only
10y receiving imports from foreign c"uh-
tries. ihiIh that if We look far enough
ahead. the danger of dumping (of for.
rign goods ON American markets. -
very much exaggerated.
IF. however. we wish really 10 in
crease the danger Of competition IN
our own markets. MI that Will bc neces-
sary for us 10 do is "a insist upon fun
payment of the debts due us from our
late allies. Wh'n we require pay
mcnts of this kind the effect Is the
same as AN eyer stimulation of our im-
ports and Il checking of our exports. for
the payment Of these huge debts means
the eNporiation of foreign goods 10 w
in enormous quantities. that being 'hc
only way in which these paymeits can
be made.
III We have permanently a very high
protective tariff. which VIII check inn
ports into this couniIy 10 a marked de-
gree. and our exports 20 on as they did
during the last years of the war anu
Immediately following. then We shaii
have an influx of gold which will increase
ultimately our currency and thus IN the
final analysis affect our prices and pre-
vent The expectation of our goods. In
a sense that il exactly what has been
taking place"
Asserting that there Is no special ad-
vantage in being "A creditor nation, Dr.
Iarhcnstcin said. I'VE have still vast
undcvclnpcd tracts here az home, anl
il will he long time before il IS like
~ that We shall receive much greater
rctur: from foreign investments than
We do from domestic ones
Declaring that agricultural prices and
profits~arc influenced. hw the foreign
market and that during the last fiscal
year about thirty seven per cent of tho
wheat crop was exported. and IN 1910
about forty-tW" rer cent of the cotton
crop i'r. i.ichcnstcin said:
''rhc last census would Indicate thai
somewhere between forty and forty-fiyc
per cent Of the people OF the | nitcd
States are stiil engaged directly and in
dir .tily in agricultural production. IL
IL idle e. talk of any return 10 normal
rundiiiuns ia this country rs long as
oLe half of the working population ~
unable To market its product at pro-
Ter prices"
Referring Ia the Gear that cheap Euro
Jean goods may flood American markets
the speaker said. AS matter of fact.
according ~ a recent number ~ The
Nations EuSincss. Grrmany's exports at
present are ia quantity only fourth
of what they were before the war. and
hav" been declining IN recent months