Evening star., 1925-04-07


it. His brown eyes. under knit brow,
are steady and inquiring. Probably that's
why he got into economic writing. HE
never attended college, but being serious
and Of AN inquiring mind he just natu-
rally delved into economics and finance.
John Stewart Mill had a great infiu-
ence on his early thinking. He read his
Principles of Political Economy" until
he had mastered them. And away back
in 1895 Roberts became famous by the
publication of his first book, Coin at
School in Finance" a reply to Coins
Financial School" One year later he
published Iowa and the Silver Ques-
ton; the next year, Money, Wages
ant Prices Mr.. Roberts Is prolific
writer, yet he writes all his articles
out by long hand.
Il think it was a great mistake,
very grave mistake, to sell the property
Of German citizens in the United States
during the war" declared Mr.. Roberts
in his fffth-f1oor Office of the National
City Bank Of New York.
Sees Good WIN Suffer.
The property of the Germans in the
United States should have been taken
over during the period Of the war, Then
the property itself should have been re-
turned to its rightful owners as soon a
the war closed. Instead Of that. the
property was taken over and sold during
the war at bargain prices and the pro-
ceeds kept to settle counter claims of
American citizens in Germany. Such ac-
ton does not make for international
good will"
International relationships to last
must be founded on integrity and
confidence. AS business among ma
tions grows, the matter of integrity
II,
important.
"As the country increases in wealth,
it is as natural for it to make in
vestments abroad, in countries where
opportunities exist, to develop latent
resources or improve industrial
methods, as it was for European
countries to make investments here
under like conditions.
Like wise, 1T is advantageous to the
world TO have its waste places made
productive. because that means high
er standards of living for all popu-
latfons. 1t increases the purchasing
power in the hands of the people
with whom We trade. The great in
dustrial development of Great Britain
has been largely due in the past to
her policy of financing the develop
ment of new countries"
United States Loans, S12,5OO, ,0OO, 900.
The United States sold to Europe
S2,444. 900 worth of goods in 1924.
Europe sold to the United States dur
ing the same time but s1,096. 600, oo0
Mr.. Roberts was asked how the Eu-
ropean countries could pay their
debt to the United States SO long as
the United States continued to sell
Europe more goods in value than Eu-
rope sold US.
He smiled, ran his fingers through
his white hair, and gazed out of his
window.
That's a fair question and it is
generally misunderstood" he geban.
You See, when we owed Europe in
terest we paid that interest by an
excess of exports over imports. Now.
when Europe owes US interest, she,
too. will be able to pay by sending
US more goods than we send to her
in value. OF course we may furnish
loans to her, but that does not pay
the interest. 1t only adds new in
terest charges to the old ones"
Eighteen nations of Europe now
owe to the Government of the United
States more than $12,500, 100000. So
far just three of these nations have
made any attempts at payment.
Says L. 8. Must Buy More.
Then. the. United States must buy
more goods from these European ma
tions than these nations buy from US,
in order to allow them to begin pay
ing those debts to us?' he was asked.
Exactly. The amount of the pay
ment of the debt will be the amount
of the excess of the exports over the
imports. So far this condition has
not taken place"
DO you think the United States
should change it's policy Of protec-
ton so as to let these nations pay
their debts to us by sending us more
goods?"
Il do not say that sudden and
sweeping changes in our tariff policy
are necessary. No practical person
would want to have our essential in
dustries seriously affected. But in
dustry is changing. Our consumption
is increasing rapidly. And IL we take
account of our changed relations with
the world, doubtless we will find it
possible to receive more foreign prod
ucts without injury to our established
industries.
1T is not advisable for us to at
tempt to do verything for ourselves,
regardless of cost. When we ex