Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-05-17
lies almost exclusively in Europe. he
Will Hunt Cheap Markets.

SAID.
Will Hunt Cheap Markets.
Europe now being a debtor. he said.
she Will not be so much interested IN
furnishing market for United State
products. but rather will be more con-
cerned in finding an advantageous
market for products of that continent:
Naturally" he said, Europe will
seek the cheapest possible markets In
which to buy food products This
means that the American farmer.
under high wage conditions and with
try demanding artificial fertilization.
must meet competition of the virgin
soils of South America and Australia
and crops grown by coolie labor. This
is made more serious because We have
virtually closed our doors to Eu-
tries are relieving their congestion
by sending their surplus populations
70 agricultural competing nations.
thus the Argentine, Australia and
western Canada can be depended upon
for an increased agricultural produc-
from Europe. This also means that
the American farmer will have a
kesner competition in the worlds
market.
Not only must this competition
be met. but sooner or later Russia S
experiment in sovietism will end and
her reconstruction begin. That re-
construction will be agricultural 1t
Is authentatively stated that the
various negotiations for loans to the
Russians by the allies have been
contingent upon the rehabilitation of
her agriculture ahead of her other
industries in order that England
might have cheaper cereals at home
and enjoy the industrial market
abroad
Aids to American Agriculture.
There are three things which, If
accomplished in Europe, would as
sist greatly American agriculture,
viz: That balancing of European
budgets. the final settling of Ger
man reparations and the sterilization
OF exchange. The three are some
what interrelated. A nation is like
an individual-it cannot continue to
spend more than it collects indefi-
nitely. bankruptcy would inevitably
come. This Europe has done and has
kept out Of bankruptcy as yet
through the issuance of currency not
based on stable values. This has
been largely responsible for the drop
in the price of foreign exchange. 1t
is clear that American agriculture.
which dispOses of SO many SURPRISES
abroad. is able to sell it's products
for a higher price. as the price of
more certain. Our interest lies in
having exchange go back to par and
stay there.
Three steps are essential in Sc
curing this sterilization of exchange.
First. the drafts must be redeem
able in some commodity of fairly
stable value. preferably gold.
Second, the imports and exports of
the various countries must reason
ably balance each other: for only in
this way can drafts continue to be re-
deemable in gold.
Third, each country must be at
work producing goods for sale and to
use in making purchases of other
countries: for only in thsi way can
exports and imports hope to reason
ably balance each other. These three
points tie into each other. but the
most important of the three is the
last, namely, production.
Economic Balance Needed.
1.-THE greatest fundamental need 10
to have exports and imports of goods
and services between nations more
nearly in balance. This in turn can
be accomplished only by resumption
of business activities in countries now
disorganized in order that they may
have more goods to sell and with
which to make purchases of our prod
ucts.
"Production Is not only the antithe-
sis of bankruptcy-it is the cure for
it, 1t is the only means by which we
progress in material affairs or adj
vance in our standards Of living.
Half our own domestic trouble lies
in lack of production. If the mer-
chant, the miner, the manufacturer,
the railroad man (and I am not
singing out either capital or labor
had produced as fully during the past
two years as the farmer we would
not have become economically I'M
balanced.
LAS a nation we need to learn that
idleness is more fatal physically, So
cially and morally than is overwork.
I can conceive of no better solvent
for the present world distress than
work-and Europe can only be re-
habilitated through the medium of
we'll directed productive energy. It
is a part of our obligation to furnish
her the opportunity through produce
ton effort to solve her own economic
difficulties"