Western news and the Libby times. [volume] (Libby, Mont.) 1920-1933, 1931-10-08
IndeStruCtible Metals
To Pay War Debt
Continued from page y

States and European governments and
for the settlement of international trade
balances, and of this amount about
two thirds is stored in the vaults of
the United States and France. 1t is,
therefore, apparent that foreign pay
ments to us can only be made in goods,
or, in other words, we must import
! more goods than we export and main
tain balance of foreign trade against
ourselves in order to permit the pay
ment of the war debt or the postwar
foreign loans. If in maintaining and adj
verse foreign trade balance we accept
into this country goods which we can
ourselves produce, American labor is
deprived of that employment necessary
to produce the raw materials and the
employment necessary in the fabrica-
ton of such materials into merchant
able goods. Foodstuffs, cotton, wood
pulp, lumber and many other such
commodities are Of a perishable nature
and can only be stored at tremendous
warehousng expense and even under
the bes Of conditions deteriorate and
their very bulk precludes such stor-
age over any considerable period of
accumulation.
America has no class distinctions A
foreign immigrant may rise to part
nership in the house of ]. P. Morgan
and Company, and president of the
United States may come from humble
American home, such as that of Lin
coin and the present occupant Of the
White House, President Hoover. 1t is
this condition more than anything else
| that guarantees the happy and pros
porous future of our democratic gov
eminent We have no land problem
Any able-bodied man can acquire land
in this country and by industry, econ
omy, intelligent effort and diversified
ton support a family and provide many
OF the luxuries of the present genera
ton which were beyond the magma
ton of the Ptolemies of Egypt and the
emperors of Rome In this is the
strength of our government
Any economic condition which ieop-
ardizes the prosperity Of the farmer or
inpairs the purchasing power OF the
laborer affects business in general and
if long continued may prove a real
menace to the future Of our democratic
institutions.
The present worldwide industrial
depression has demonstrated that a
falling off of 20 per cent in the volume
OF production spells the difference be-
tween good times and bad times and
a shrinkage Of 500 TO 40Go is
the difference between boom times and
industrial panic, entailing as it does
serious unemployment, restitution and
the threat of government dole which
IS the first step toward the pauperi-
cation of considerable percentage Of
our population
For the past is years America has
been Niger Rich individually and
collectively, and we have broken
strongly into international finance of
which we knew little, but we are now
wise enough to profit by it. Neither ma
tons nor individuals can be benefited
when in debt by additional loans Of
MONEY! unless such loans are for the
development of their own natural re-
sources from which they can profit in |
dividually or nationally and raise their
standard of living without international
competition. 1t does America no good
to sell modern farm machinery to Rus
STA and send our own Montana Mr..
Campbell to Russia to teach the Rus
slams how to produce wheat most eco
nomically unless the Russians want to
raise their standard Of living and con-
sumo that wheat instead OF living on
black bread and cabbage soup.
Furthermore, Mr.. Campbell's idea of
putting middle western farms in the /
hands of bankers and big business"
consolidating four 160-acre Iowa farms
into one and thus eliminating three
superintendent and sub
stituting one $3,0Oo-a-year superinten-
dent merely means that three Iowa
farmers and their families have been
pauperized and must become peasants
or serfs. Mr.. Campbell's big idea,"
agricultural organization,
existed from the dawn of history until
the discovery of the American CONT
nent and the establishment of our Re-
public, which made possible the own
ership of small tracts of land by those
who want to live upon and produce
livelihood from such small units by
their own individual efforts and labor.
If Mr. Campbell can devise some plan
or system whereby he can put eight
families on four quarter-sections of
|nSUa land II AZ