Evening Republican, Volume 22, Number 122, Rensselaer, Jasper County, 24 May 1919 — AMERICA FIRST IN FINANCE [ARTICLE]

AMERICA FIRST IN FINANCE

Washington, May 24.—The Republican Publicity association, through its President, Hon. Jonathan Bourne, Jr., today gave out the following statement from it Washington headquarters : “‘America is today a creditor nation, and there is every reaon why we should continue to enjoy a highly falvorable financial balance. Relatively young in indutry, with incalculable natural resources still untouched, with a population unsurpassed in energy, courage and ingenuity, the United States should continue to sell more than it buys, thus keeping its-balance on the right side of the ledger. “When we say that the nation should sell more than it buys, we allude not only to sales of goods, but to sales of service ’as well, for all sales and purchases are factors in determining whether we are debtors or creditors on the business of any particular period. Since 1875 there has not been a year that our imports of merchandise have exceeded our exports, but there have been several yars when our purchases exceeded our sales, for we were purchasers of various kinds of service. “For one thing, we have heretofore been purchasers of capital, borrowers, ‘paying interest to foreign owners for use of their money. We were purchasers of ocean transportation service, paying to foreign ship owners freight charges which went to pay wages of foreign sailors, premiums of foreign insurance companies, and profits of foreign stockholders. We have been purchasers of entertainment, paying to European people a fancy price for letting us view their Swiss Alps, their ancient ruins, their art galleries, etc. Sometimes our excess of sales of merchandise wag less than our excess of service with the result that we had to send gold abroad to pay the difference. We did that during the Cleveland administration. We did it again in 1913-14, when, under the influence of the Wilson-Underwood tariff law our imports increased and exports decreased to such an extent that our total outgo was less than our total income. “Stated in simple terms that even a novice in economics may readily understand, our problem in the future is to keep our sales of all sorts equal to or larger than our purchases of all sorts. This ought to be easy. The war enabled us to loan an immense amount of money abroad on which we shall receive annually a large amount of interest. We have commenced to establish a merchant marine which should make us sellers of ocean transportation. Although creation and improvement of national parks has given us the most attractive playground in the world, it seems unlikely that we shall cease to be purchasers of-sight-seeing service. ■■ “But with good management m other respects, we should easily continue to be a creditor nation. To insure against too heavily an increase in imports of merchandise, with corresponding injury to our own industries, we should restore a protective tariff which will at least equal the difference in cost of production here and abroad. We should loseno time in working out a plan which will guarantee permanent maintenance of an adequate merchant marine with wages paid to American insurance companies, supplies purchased from American producers! and profits paid to American stockholders. “It is fortunate for the nation that Republicans now take charge of legislation and it will be still more fortunate when men of similar views of national problems and administration take charge of the executive branch of the government.”