State of the Nation
CHRISTIAN SCIENCE MONITOR
FEB 1953
U.S. Urged to Revise Overseas Trade Policies
V\
By ROSCOE BRUMMOXD, Chief, Washington Xeuis Bureau, The Christian Science Monitor
Washington self confronted with a very within several years; and, fur-
Sumner H Slichter has re- fundamental choice. Either it thermore, we can do this by
cently stated the need for the must develop a proper eco- methods which would greatly
United States to updateto nomic support for its foreign strengthen our own economy.
revise in its own best interests policy, or it must abandon its Rarely indeed has a country 1
jts trade policies essential policy of attempting been so well situated to give t
Dr. Slichter is an objective to build a strong community of great help to the rest of the
j n -.1 non-Communist countries. world by policies which en-
mist Equally" respected by In the Practical framework hance its own economic wel- j
business and the theoreticians. of trade the problem can be fare/' I
His own exnerience and his expressed m these terms: cur- The essential premise is that
own armroach to economic rently the United States is ex- it is good for the United States
moblemsare well compounded ^rting goods and services at to be willing to buy in proper- 1
r. 4-t, the rate of $19,000,000,000 tion as it is eager to sell, since
practical affair" InVVartK yearly and is importing at'the it is vital to klep the trade of
m the XtlmR^c Monthly he puts -te of $13 000,000,000 yearly the free world in balance,
the nrnhlem in these terms" whlle investing about $1,500,- The essential objective is to
P 000,000 a year. Thus, in order substitute economic trade for j
"The United States has put fQ1. the freg nati0ns f0 buy economic aid, and thus enable
more than $35,000.000,000 into from thg United states what our allies to do what they must
foreign aid, and the output ot ^ey need in order to carry out want to dopay their own way
Western Europe is more than economjc and rearmament by earning dollars rather than
40 per cent above prewar. policies we want them to be have dollars given to them.
There also has been a big in- able tQ carry out they criti- Dr. Slier raises a timely
crease in trade between coun- caU need tQ bg able to gell tQ and apprc e political ques-
tries, including;a large rise in the United States in proportion tion: "It i dramatic, and I
sales to the United States. And ^bem. think salutary, that the choice
toward achievmf convert^ Dr Slichter does, not limit S ferty "wKfch^Lfbeen
Smld^Ïs Vindicated by tion. He make^a ve^ practi- ^ÈtJt VSch hl X
the foreign exchange crisis of cal Proposal He suggests that viewed close foreign ties with
1952." iook first to e:nds, a:nd thu:3 skepticism. Can the Republi-
not be drawn m+t1° COntrOVerly cans do what the Democrats
And what is the "foreign over means until we can see faüed tQ do_namely, provide
exchange crisis of 1952 It is we need 1° accomplish n our forejgn poijcy with an ade-
that most of the nations of the the combined best interests ot quate econo*ic foundation?"
free world, straining to build the United States and our non- Now, since the objective of
up their jnilitary strength and Communist allies. He proposes, eqUaiizjng the flow of trade to
still l?eep living standards at a therefore, that Congress by ancj from the United States is
level which does not make joint resolution proclaim that nonpolitical and since it ought
them easy prey to Communist it be national policy to buy, not to be undertaken unless
propaganda, are unable to sell through subsidy but js economically beneficial for
a sufficient volume of goods to through private trade, from America and ought not to be
\he United States to enable the rest of the world as much blocked by politics if it is
them to earn the dollars with as our allies, in total, buy from sound, might not this ap-
which to buy from the United us less the amounts that we pr0ach be constructive? Should
.States what they critically invest abroad or provide in nof the Eisenhower adminis-
need and can buy only in the military or economic aid. tration appoint a high-level
United States. commission, made up mostly of
What is the result? Is Dr. Is this practical? Would it be nongovernment leaders repre-
Slichter talkingabout just an beneficial to the United States? senting all vitally interested
interesting and fairly impor- It is Dr. Slichter's considered parts of our economy, includ-
tant problem or an urgent and judgment that it is both, and ing the consumer, to investi-
overriding problem? His words he will have many realistic and gate the facts and report rec-
deservè pondering by every- experienced businessmen on ommendations as to what can
one interested in the strength his side. and should be our national
of our own economy and in the "The United States," he con- policy? This would be com-
strength of the free world eludes, "can enormously parable to the Harriman Com-
and by those in the administra- strengthen the economies of mission, which laid the solid
tion and in Congress whose re- the non-Communist countries groundwork for the Marshall
sponsibility it is to shape and help them to achieve a Plan and made possible its ac-
policy. He says: considerable degree of con- ceptance by the country and
"The United States finds it- vertibiltiy for their currencies by the Congress.
