The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-08-15

tempt to do less business, but q
bold, intelligent determination to
do more.
%. From the standpoint of the
consumer, any restriction placed
upon the free flow of interna-
tional trade deprives him of the
benefits of an abundance of low
priced goods which might be i'm
ported for his use, and deprives
him also of the benefits he would
derive from the profitable exports
his employer might make in ex-
change.
"Our standards of living are
not a matter of price-tags. or
symbols; they are matter of
steady production, an abundance
of goods, and efficient, continu-
Gus trade or distribution.
"3. From the standpoint of
the producer, his ability to sell
his products abroad depends alb
solutely upon the willingness Of
his countrymen to buy foreign
products for consumption in OK
change.
q. From the standpoint of in
ternational economy itself, the
argument against trade restric-
ton - against seeking greater
prosperity through setting out
deliberately to do less business
is even more obvious.
Our net capital structure in
the United States today demands
an excess of imports over exports
of 100000 annually to bal
ance the books. So long as the
debt structure remains as 1t is,
this import excess will inevitably
be achieved, tariffs to the con-
trary Notwithstanding.
Under our present approach,
it is being steadily achieved by a
reduction in exports at faster
rate than the reduction in i'm
ports.
1T could be achieved also, of
course, by increasing both i'm
ports and exports-but by in
creasing imports more rapidly.
"A creditor nation, which has
ceased projecting additional cred
its abroad, is a nation stamped
inde!ibly with an adverse" bal
ance of trade, and the only way
an excess of exports over imports
can be sought Is by abandoning
or mitigating the creditor posi-
ton.
There is no compromise pos
sible with the simple arithmetic
involved in these figures. To in
crease our exports we must either
increase our imports even more,
or We must start lending money
abroad again, or we must aban-
don our creditor status by cancel
ing the debts.
THE cumulative excess of ex-
ports over imports is literally the
amount of goods we have given
away during the last 10 years
the amount, in other words, for
which money is owing us which
we cannot collect in cash, and
which we have refused to dis
charge in kind.
Naturally, in the circum-
stances. it became increasingly
difficult to ship out more and
more goods. Lines of credit be-
gan to be exhausted; we began
to realize finally that we were
giving something for nothing, and
soon, instead of more and more,
we were shipping less and less.
There are two ways in which
the accumulated bill for this I'M
natural excess can be paid: Cd
in gold, 90 in goods and services.
We are insisting today that it be
paid in gold, and this demand is
resulting in a scramble for gold
that is causing the price of gold
to go up, and, therefore, all other
prices to 60 down.
I'VE can, as indicated previ-
ously. stop asking for gold and
continue refusing to accept goods
in other words, cancel the
debts.
1T seems better business all
around, however, to hold fast to
the debts, If we can, and seek
payment for them, in an intelli-
gent and rational manner, in
goods"