The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-05-13
STRESSISLAlD
ON IMPORTS IN
BANKERS TALK
Chicago Executive Points Way TO
Prosperity at National Foreign
Trade Convention Session.

Philadelphia, May 13.-Declaring
that the prosperity Of the country
depends in part upon its imports,
DR.. Walter Lichenstein, executive
secretary of the First National
bank of Chicago told the Ninth Ma
tional Foreign Trade convention to-
day that to have large exports
there must be correspondingly
large import, and with the increase
of both our prosperity will be en-
HANGED"
He also opposed demanding full
payment of the allied debt.
Exports are necessary for the
prosperity of the country" said
DR.. Lichenstein, unless. indeed, we
are willing to face an indetermin-
ate period during which we should
suffer stagnation and social and po-
litica1 upheaval. Ultimately we
can be paid for our exports only
by receiving imports from foreign
countries. | think that if we look
far enough ahead, the danger of
dumping (of foreign goods on
American markets) is very much
exaggerated.
IF, however, we wish really to
increase the danger of competition
in our own markets, all that will
be necessary for us to do is to in
sist upon full payment of the
debts due us from our late allies.
When we require payments OF this
kind the effect is the same as an
over-estimation OF our imports and
n ne o
payment of these huge debts means
the expectation of foreign goods to
US in enormous quantities, that be-
ing the only way in which these
payments can be made.
Influx OF Gold.
'If we have permanently a very
high protective tariff, which will
check imports into this country to
a marked degree, and our exports
go on as they did during the last
years of the war and Immediately
following, then we shall have an
influx of gold which will increase
ultimately our currency. and thus
in the final analysis affect our
prices and prevent the expectation
of our goods. In a sense that is
exactly what has been taking
place"
Asserting that there is no spe
cial advantage in being a creditor
nation, DR.. Leichenstein said, I'VE
have still vast undeveloped tracts
here at home, and it will be long
time before it is likely that we
shall receive much greater returns
from foreign investments than we
do from domestic ones"
Prices and Profits.
Declaring that agricultural
prices and profits are Influenced by
the foreign market, and that during
the last fiscal year about 81 per
cent of the wheat crop was export
ed. and in 1920 about AZ per cent
of the cotton crop, DR.. Leichen-
stein said:
''The last census would indicate
that somewhere between 40 and 40
per cent of the people of the United
States are still engaged directly
and indirectly in agriculture pro-
duction. 1t is idle to talk of any
return to normal conditions in this
country as long as one-half of the
working population is unable to
market its product at proper
prices"
Referring to the fear that cheap
European goods may flood Ameri-
can markets. the speaker said. LAS
a matter of fact. according to a re-
cent number of The Nations Bust
ness. Germany's exports at present
are in quantity only "a fourth of
what they were before the war, and
have been declining in recent
months