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Show with them. Undoubtedly we shall export ex-port more than we import for some time to come. If we do we shall be compelled com-pelled to give credit to a very considerable consid-erable extent. But wo cannot pursue this course indefinitely, for the other nations will not bankrupt themselves in order to buy our products. It is a mere question of ability to pay, and it seems to bo up to the financiers, business busi-ness men and statesmen of tho United States to solve the problem presented with an eye single to the best interests of the whole country and eschew politics poli-tics while the matter is under consideration. consid-eration. Tho exchange situation is disquieting dis-quieting and harm to American foreign trade may result. Upon this point the bank bulletin says: Business and official circles in England Eng-land areept the present relation of the sovereign to the dollar with apparent equanimity if not satisfaction. The discount dis-count on the sovereign makes it more difficult to soil American goods in England Eng-land and easier to sell English goods in America. Confidence has been frequently fre-quently expressed that America would be interested in correcting this state of things, and the rallies of sterling have been attributed to American support. As yet, however, thero has been no organized or-ganized effort to control the market. It is not altogether clear which side is most interested in stabilizing the exchanges. It nothing is done and American exports are curtailed prices will fall rapidly in this country. iSoine people think this would bo beneficial'. The cost of living would come down; tho problem of inflation 'would be solved; this would be the first country in the world to get back to a normal basis. But tho effects would not be altogether al-together agreeable. Industry would be disorganized by such a sudden loss of markets. We would bo thrown back on our own resources and it would be some time before the domestic market would furnish employment to all the wage-earners. wage-earners. Wo would have a loss of production pro-duction at a time when great ;ieed for it exists. On the other hand Europe cannot gel along without our cotton, grain, meats, copper and other raw materials. Without With-out them people will starve, industry will stagnate and social chaos will result. re-sult. The truth is that the situation is injurious in-jurious to both sides and it ought to be remedied by intelligent public-spirited action. The United States is not only interested in correcting the situation, but is better able than any other country coun-try to do it. If it fails to meet the emergency it will be difficult to make any other explanation than that w-e do not as yet recognize the responsibilities that properly belong to our position in world affairs, or know how to act nationally na-tionally lor tho protection of our interests. GIVE AND TAKE. The extent of tho future trade of the United States with tho Kuropean countries coun-tries is ono of tho uncertainties. Many of our principal products aro wanted by the people living on tho other fmle of tho Atlantic ocean, but they are unable to pay ad they go, aud must have credit. The National City Bank of Xew York Bulletin cloclarefl "it is idle to talk of helping this Hitnation wilh ordinary commercial credits'. The trade .situation .situa-tion cannot ri'ht, itself in ;;ix months or j even a year. Time must be allowed for Europe to yet it industries into operation opera-tion and liquidate these obligations with its own exports. Kurt, her morn, j every proposal which contemplates 11 1 of tho federal reserve banks should be. condemned. This is not their kind (if business, and it is high time to stop expanding ex-panding these, banks to take care of every new d'-mand. Investment e.apilal Hhouhl bo found. Finally, we must expect ex-pect to admit tho products of our debtors debt-ors to our market?); It will be folly lo make loans which can never be paid except, in their products and then deliberately delib-erately close our markets to their products. prod-ucts. We havo not yet as it people assimilated as-similated the idea that foreign trade in fundamentally nn exchange nf commodities commod-ities and service, as, for that matler, is domestic trade." In times past wo havo watched our increasing experts wit h tlm greatest possible nmount of ."satisfaction and wo have nlwayo been inclined tn mourn when whips loaded with foreign prod-nets prod-nets reached our shores. Then we were a debtor nation an ft pond i n g abroad i.'iOOfOO.hOO in interest each year. Now we urn n. creditor nation nnd Ihe half billion of i u I erent is com i n g our way. So nn exceedingly henvy balance of irade in our favor is no longer iiecei ! mm ry. Moreover other countries cannot L'ifford to trade with us unions we trade I |