The Powder River County examiner and the Broadus independent., 1922-01-06
(By FRANCIS II. SISSON. !,

my AA<NANSA0 "A. NANsoNSA~.y
Editors Note.-Francis H.. Sisson il
vice president Of the Guaranty Trust
company OF New York City. one of the
largest and most important banking
concerns in the world. He is stu.
dent of international economies as wei
as being thorough familiar with in.
ternal economics and the financial and
industrial situation in the United
States. What he has to saw Of tariffs
and similar questions comes from his
| viewpoint as an economist and banker
and not from the viewpoint Of pol.
itician.
| While economic depression prevails
| throughout the world as the inevita.
BILE aftermath of the most destructive
! of all wars, America can no more hope
| to solve it's domestic economic prob
lens alone than the world con reason
ably expect to cure its multifarious
economic ills by some magic panacea
| In the final analysis. we were drawn
! into the European struggle because OF
the economic interdependence of all
! civilized nations: and the only possible
way we can fully recover from the ef-
| fects of war is by international eco
nomic cooperation. Our complete real
I izaticn OF that dominant fact is the
paramount need OF the hour in this
country.
| Hut We cannot effectively cooperate
/ abroad until there is more efficacious
! co operation at he M. 1t is a ease Of
| better teamwork with n and with
out. 1t is futile. for instance. for one
branch of the government to endeayor
/ r., 20 oil tot - w; inc rf ..p..ifc IN
prosperous foreign buyers Of our raw
materials when another branch of the
government insists on making it inn
| possible for these buyers tC' pay US
their debts and liquidate the credits
/ they obtain here. Will. the extent to
which the War Finance corporation
| can aid American and foreign interests
in its commendable efforts to supple
ment private sources If credit in pro-
noting cur foreign trade may he ques-
! tionable--in view of the abnormal
world situation and its colossal de-
| mands. its services must unavcidably Y
be negatived to considerable degree
by the enactment OF permanent high
tariff act
Consideration should be given to the
effect of q high tariff not only upon
particular iiiuuStilts, bui uPtu lht
welfare of the country as Il wh,le. " t
should not lose sight OF the difference
; between conditions when the Payne
| Aldrich Law was enacted. The effect of
the adoption of q high. protective tar
| iT today may be quite unlike the e.
! feet of the adoption Of the Payne NJ :
drich law ami similar measures passed
before the war.
! Prior to tn. war. ihr United states
was a debtor nation and comparative
! ly little thought was given to the tf-
| feet of n protective tariff upon our .x-
! port trade. Today. an altogether d.
| ferent situation obtains and the atiop-
tion of n tariff law. with 7a:cs high
enough to interfere seriously with our
! expert trade. * destined to cause Sc
rious injury 10 cur commercial and in-
dustrial life.
Z II IL estimated that. prior 70 the war
! European capita was invested III Am
! "rican securities to tn" approximate e
/ amount of 5000 400 600. Th.4 ne, PAY
ments Of interest and dividends OH
, this capital aft ar dsu,tinc, the amount
owed t" citizens of the United States
/ on account of their foreign investments
required th. annual remittance abroad