By WILLIS H. BOOTH.
President Guaranty Trust
Campany of New York.
0 GROUP of our citizens ls
more directly airected by
the state at our foreign
trade than the farmer.
s is daily emphasized as the
rid applies itself to a study of
difficulties and seeks remedies.
ith the coming of a war that in-
. to see how closely the
terests at each were linked with
use of all others. The realization
that fact is now complete in
a present stage of human prog-
ress international. commercial and
social relationships are not
[:25er desirable on the ground of
nveuience and comfort; they are
soluteiy necessary! if life Is 9109-
iy to he sustained and the future
fl civilization made secure.
i No notion, no community. no in-
lividuai can live alone. Economic
. ependence In such that die-
gas” or disaster in one country is
exitnbiy reflected in every other
Elohim. When Russian markets
$11, for example. the industries of
rent Britain. of South America of
lfhe United States, feel the effects.
’hen the great sources of raw ina-
rials full or the free flow or such
imaloriuls throughout the world is
garland)- interfered with then in-
usirial countries must close their
; lants and workmen must leave
ir machines.
l Thus a Massachusetts truck-
rmer. for instance, might fail to
the mortgage on his half dozen
cres because flux ceased to come
of Russia. Because there was
flax lrlsh linen manufacturers
ed away their operators. These
turn could not buy shoes, and
fact swept across the Atlantic
Ffl‘
lved 3e great producing nations. '
to new Wand. These unenl-
era left their lasts and curtailed
their purchases at the grocery
store. and the aoary man. in turn.
cut down his receipts at renames
from the truck-farmer
It may be that we truck-farmer's
analysis of the situation willful-
tend no further than the city which
had been his what. became the
ieflects ota flaxahortaxein Basia
were communicated to him slowly
and by lndhwon. Had u been I
produce on a lam scale, however,
one who had built up a {auto
market and maintained it as the
source of that marginal prom
through which his domestic busi-
neon was inure-ed and stabilized.
his understanding of primary
cause- would have been twin and
sure. Whether the ed'ect oomen
slowly or swiftly. directly or indi-
rectly: whether it is clearly under
stood or not. eventually and Inevi-
tnbly it does come. And that is
why the Amman farmer cannot
escape a direct interest in what is
happening in Europe. in the finan-
clnl crises in Japan and Cuba. in
the depression in Australia and
South America.
The part which the United
States played in the world-wide in-
terchange of commodma before
the war was impressive. but today.
because of the peculiar position in
whichthawariottuawithrespcct
tothemstotthoworldthcamonng
and value of our foreign trade In
beyofnd anything ever before dream-
ed 0
In theyenrbetorethowarthe
total value or the toreign trade or
theUnitedButeaalonewum-
729,081.000, and m the nine
nonthaottlneaiendaryearended
withSeptelnbulastthntotalvalu
otourtoreigntradewaam-
000,000,0twhidaexpomwerovai-
000.000 tor the corresponding pe-
riod ending with September. 1919.
Theenterprlseotthe American
m.thedependonceotthe world
uponhinhialntereatinmintain-
insandeatendingbisnarketals
writtenallthroughthiareoordcd
America’s foreign trade. (bovine
inguihenmotmyean
are as to outward bound trade
ronteathnthnnthelrhesinninzain
flue broad acres at ‘the United
Statuthoaotiastyeararetairiy
astonishing in their aim and In
theirimpiicaiions.
The value of breadsiuil’s exported
hum this country during the fiscal
ya! ended June 30. 191‘. was $165.-
002.385: in the fiscal year ended
June 80, 1920. the value 0! bread-
atuih so exported had risen to
“(m This increase did not
represent an increase in values on-
ly. but also in the amounts. in
1914 there were exported 92,303.17:
bushels of wheat. valued at 387.-
953.4516: in 1920 the amber o!
bushels was “2.430,?” and the
value maimem. In 1914 there
were exported 11,521,461 ban-clap!
wheat flour. valued at $54,454,175:
in 1920 the amount was 21.51281
harrdaandtberabawasmdr
670.
The most notable of the very
tow reductions in amounts of ex-
portsisthat in the amount nicot-
tonexportedinlm,adocreaaaot
about moon bales. although this
deausawasamply oflset bythe
rlaainprica. Whatitmeanstoour
Southern cotton planters when the
tertiielnillsinCenualEtn-opeare
running at onlympercentotnon
nal can be realised by recalling
that in 1914. when their output was
normal. we sent to Germany at
thoflseaaxiatinglow prisons:-
m‘rorthogootnoaandtonno-
trialling!!! $1000.“. France's
great northern industrial area.
which was deliberately devastated
by the German. to kill future com-
petition. was full of textile mills.
which bought in 1914 373500.000
worth of cotton from the United
Stats. England. the same year,
imported cotton to the value of
$30,000,000; Italy. WW. and
Spain. 819300.000.
In the heal year of 1913-14 the
total value of merchandise exported
from the United States was $2.329,-
684,025: in the fiscal year 191920
the value was antiquated an in-
crease of mm'i'm We can-
not hope to continue exporting at
such a pace in the face of ex-
change: no adverse to other com
tries as to make continued buying
impouible or. if persisted in. ruin-
ous. 0n the othc hand. we know
that a sustained period of. reduced
consumption or non-consumption at
any product by large numbers of
We conatitutoa a loss that can
never be regained. Non-consump-
tion in our foreign markets means
an accumulation here and come-
quentiy an unnatural lowering of
me,- we mmermd. 101nm. '-
ganine muons. 3W M
the Federal Reserve Board, by
means or which long-term invest-
ment funds of American capital can
be converted into funds to finance
immediate exports from the United
States. A nattn'al question aris-
aa to why the ordinary commercial
banks do not arrange for such vital
financing. It must be pointed
that no commercial bank can
toileupthononeyotltsdepo.
tonntbeyuae-enuailydennrg
‘muandm beheldliqul
uedtonmnce foreign and.
the til-Ila of the commercial bani
must be employed in such a was,
Mitiareaaonablycertninthattfl
‘tramacdonsw‘mchthcycomwfl!
be self-liquidated within three fl
four months. It is obviously not”
nary oomrnerdal banking but tr.
investment that is involved ill.
periods longer than a few months
are in caution.
But it anything is to be do“
with this credit machinery the.
must be coated an interest in for-
eigninveetmentsonthepartotour
people. A rery widespread interact
in this subject is required, and O"-
ery class or savers or m
must somehow be reached and
vinced that a portion of our capl-
tni devoted to W invm
purposes is now e-entiai to pro-
serve the prosperity of the world.
Farmers hm prospered. An in-
vutora they have always preferred
to place their surplus funds don at
home. Can any large number of
them 5. stimulated to study the in-
ternational situation? Can they be
mvinced that it is a manner at
deep and present concern to them!
When Edge Law debentures.
on foreign securities and
by responsible American banking
groups. are offered to the public
will they {1. SM by? We be“
a convictl hat when they unden-
stand wl:::: :zaey mean the tamed
will do Juli: full share and M
will see as clearly as any other
cine: that the task of getting til.
world back on a sound. stable b?
is just as important as was
winning of the war and. considzfl
from the viewpoint; of e
selfishness, is imperative 11 t1.
farmers would preserve their own
prosperity as wen u that cg inf
country.’
the W‘Iflnrh possible to or,
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GOLDEN’S
68 WASHINGTON ST. -
WHY?—Because we are operating under the smallest expenses of any merchant
carrying our line, and you know that high expenses have to be paid for by the customers.
We Have an Assortment of
Ladies’ and Misses’ Wearing Apparel
orroW Or Any
equal to any assortment you Will find any Where, and We assure you the merchandise is of
the first quality with one price and much less than you will be asked to pay anywhere else.
usiness Day
fl
9
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Norwalk Chronicler