The Wilmington morning star., 1945-05-30

Although the tariff is an old sub
ject in our public life, Congress has
never before had to consider the
issue which is low before it In the
Doughton Trade Agreements Bill,
and in the closely related Breton
Woods proposals. For we are en-
titled to say that by its votes on
these two measures Congress will
decide the basic principle of our
foreign economic policy. 1t will de-
eide whether the United States IS
to use its economic power to re-
establish system of private in
ternational trading or whether
while we do nothing about it, Great
Britain is to be allowed and also
i forced to lead the chief CONNER
cial nations and their colonial de-
Tendencies into a system of gov
ernment-managed trade.
1t is difficult to think that the
Republicans will oppose these mea-
sures once they have realized what
is at stake. BELIEVING as they do
in free private enterrise, the Re-
pubicans in Congress ought. if
their self-interest is enlightened, to
be the most ardent supporters OF
the program.
Never before has such an issue
as this one been presented to Con-
gress and the country. Throughout
our history, or in any event for
more than a century, private in
ternational trading was the I'M
challenged order OF things. Great
Britain was its promoter. guardian,
and regulator, and London was the
central market and the financial
capital of a worldwide system OF
free enterprise During this long
period the United States exercised
no decisive influence because it was
not only a domestic but indeed
even a local problem. Throughout
the nineteenth century, and until
the first world war, what Britain
believed and what Britain did was
| }
where than what we did. And as
Britain had reached the peak Of
her power and of her prosperity
as the exponent of private enter
prise. that system prevailed.
In war Britain has suspended
this system and alone she is ne
longer rich enough or industrially
strong enough to restore it. She
is deeply in debt; the industries
which were once the source of her
economic strength are technology
cally backward, and her newer in.
dustries, though promising, are moi
yet strong enough to be sure OF
their markets in open competition
AS a result, the people OF Britain
have lost much OF their faith ir
free enterprise, and whether theJ
will return to 1t is at this moment
as they prepare for the elections
a sharply debated question. The
conservatives tend to look to pro
lection and empire preference, tc
bilateral currency and trade agree
ments. and to International cartels;
the labor party looks to socialism
at home and to the government
management of exports and i'm
ports. =.
If Great Britain goes this way
she can and she will carry much o.
the world with her. The European
continent, west Of the Soviet Unjor
is not only badly damaged by tn,
war but it's industrial equipment i!
In large part worn out or obsolete
1t will have to recover economic
strength before it will be in an,
mood to face the rigors Of fres
competition with the productive
power Of American industry. Ye
Europe, including Britain, exer
clses financial and political contro
over the main dependent areas Q
the world in Africa and in Asia
Moreover, Europe is The chic
market for the temperate countrie
I OF South America, no b ]
Argentina, and they would have /,
adopt their commercial policy t.
that of their coustomers.
Il SO when we say that Britain il
economically too weak to restor'
a private enterprise system. W,
must not imagine that Britain il
! helpless. Far from it. The debt
! which she owes to the sterling are;
\ are powerful bargaining assets ;
she decides to 60 In Ter govern
nnent trading. So also are her need
to import large quantities Of foo
and raw materials. If we do no
intervene strongly, as we are abb
70 90 because of our immens
industrial and financial SURPRISES
britain and the European cont