The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1933-06-14

national commerce. The conference
must make clear whether civilized
countries can ignore this economic
fact and shirk the duties which
such facts impose.
sLet me here reassert the prin-
cfple that trade between nations
does not mean the displacement
of established home production
and trade of one country by that
of another. International trade IS
chiefly barter of a mutually pro-
fitable exchange or SURPRISES by
different countries either directly
or in a triangular manner. 1t spec
tally contemplates too that an IN
terprising nation goes out into the
world and locates and develops
new markets for the goods 1T eff
fectively produces. The gradual
and careful readjustment OF the
excuses of tariff and other trade
barriers to a moderate level would
not contemplate either unreason-
able or excessive competitive i'm
ports against efficient domestic
industry operated under normal
conditions on the one hand nor
monopolistic price advantages at
home on the other.
"This policy, if practiced gener-
ally among the nations, would In
sure healthier and more prosper
GUS conditions in all industries at
all efficient in every country. This
broad program while disclaiming
extreme economic internationalism
on the one hand would challenge
extreme economic nationalism on
the other and launch every nation
upon sane practical middle
course. It would reciprocally sup
plement efficient home markets
with capacious foreign markets.
In no others half so feasible can
the present thirty millions Of I'M
employed wage earners be return
ed to work nor bankrupt agricul-
ture be restored to solvency nor
famished industry be brought back
to normal.
"The world cannot longer go on
as it is going at present. A sue
cessful meeting of this conference
in my judgment is the key to
widespread business re v cry.
While it Is true that at the present
time there does not exist a suffi-
GENTLY informed public opinion in
support of necessary program Of
international economic cooperation
it is my firm conviction that the
losses and sufferings of peoples in
every country have been so great
that they can soon be aroused in
to aggressive support of such a
program.
1.-THE first and greatest task at
the present juncture is the develop
ment here in this hall of will
latA ,sy,o he ,.f
of nations vigorously to advocate
methods will readily take form. My
spirit of cooperation necessary to
program in this conference that
millions in distress throughout the
tive Of sincere purpose would be
the immediate general adherence
by all the participating govern
ments to the tariff truce already
agreed to by at least dozen
countries to continue to the end
of this conference. The full pro-
gram should comprise a succession
of methods and plans of interna-
tional cooperation.
"All excuses in the structure of
trade barriers should be removed,
all unfair trade methods and prac-
tees should be abandoned, the
nations should attack these condi-
lions and problems simultaneously
any by as many effective methods
as we can devise.
"In the monetary field suitable
measures must be taken to pro-
vide for an immediate policy which
will give the greatest possible mea-
sure Of stability for the period
during which the groundwork will
be laid for enduring reform. Sim
ultaneously all the nations must
stimulate the natural sources of
employment, restart the wheels of
industry and commerce and SO
build up consumers power that q
rise of the price level will of nee
essity follow.
when the conference must face
the vexing problem of a perma-
nent international monetary stand
ard and lay down the proper func-
ton of the metals, gold and silver,
in the operations of such a stand
ard in the future.
s'Coincident with the imemdiate
ana the ultimate monetary prob
lens there Is the necessity of TAX
ing measures for the removal Of
restrictions upon foreign exchange
dealings. This may involve a bal
ance sheet reorganization of GER
tain countries. The American dele
cation is prepared to offer concrete
suggestions in regard to all these
questions.
"The nations which sent us here
ara Interested aboye ali else IN