Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-02-12

| Boston, Feb 1.-THE question of
whether there is any element of dan
ger lin the extraordinary export of
American capital to Europe industri-
al centers" was raised here tonight
by U. S. Senator William NJ. Butler
in his address at the annual dinner
of the Boston Chapter, Inc, Ameri-
can Institute of Banking. Senator
Eutler stressed the Importance of the
welfare of the American workman
to the nation, declaring that q con-
clifton whereby the wage scale
abroad may fix the wage scale Of
America cannot be tolerated.
| Our European debtors must meet
their obligations, but our American
Workmen must be protected" he said.
| On that point we cannot submit to
any compromise. In order to pro-
| tect the American workman m his
american wages ard conditions of
| living we must maintain the Ameri-
can protective tariff. This policy
has given us our development and
prosperity and any other policy
would be destructive.
Our material prosperity as q ma
ton is based on the prosperity of the
American workman. 1t is the thrift,
| the intelligence, the skill and the in
dustry of the American workman
which had made the nation what 1t
Is and for all our store of gold, for
all our newly won position as a
creditor nation, our future is still as
dependent as ever on a continuation
Uf a natural improvement of the for
n Ava =
is the labor of these people, and
thei.' thrift and spirit of self -sacri-
flee. which has made all Of our sew
e activities possible -
LET me say that 1 think the
| time has arrived when we must give.
not only careful study to the condi-
tons and circumstances which have
made the American workman the
most important proposition Of our
| ndtion. but when we must plan to
pl otect him, and the American tsan-
Gard Of life and living which he has
established, against foreign compe-
tition or disintegrating forces and
influences. AS long as we are able
to maintain this forward march and
to thus preserve to all the present
standard of American living we need
have no fear as to the future of our
nation. Today feel we have reach
ed point where a continuance of
this condition is challenged >
Il am asking whether there is any
element of danger in the extraordina-
ry export of American capital to Eu-
ropean industrial centers which has
gone on during the past year and
which is already in flood even in this
new year.
1.-THE backbone of our country for
its upbuilding and development, the
mainstay for its continued prosperity.
is and always will be our agricultural
and manufacturing Industries. Their
right to American support is para
mount. =
Each and every dollar in money
loaned or provided for the upbuilding
OF manufactures and agriculture
abroad will have to be repaid to us.
1t presupposeS the successful opera
ton of the foreign enterprise so fl
nanced. Standards of living,
conditions of work and compensation
for work abroad are such that tlfe
cost of production is much less than
in this country when American stand
ards of living and American wages
are very much higher with the result
that costs are much enhanced. We
cannot tolerate a condition whereby
the wage scale abroad will fix the
wage scale of America. We cannot
tolerate a condition whereby the con-
dition of living abroad is to be i'm
posed upon our people In America"