il|ISss INTERNATIONAL FALLS PRESS PAGE FOUR INTERNATIONAL TIE INTERNATIONAL FALLS PRESS twenty-four billions. The greater CO-OPERATION IS part of it matures, within seventeen NEED OF TODAY years, and the balance falls due in AND BORDER BUDGET Everyone Will Say: nine succeeding years. Francis Sisson, Famous Banker, Holds When it is considered that the taxipayer H. J. MINER, Editor and Manager Our Economic Basis Rests With today, as pointed out is already World.—Claims High Tariff Destined required to pay in annual interest •Jntered at the Post Office at International Falls, Minn., aa Second-Class Matter to Cause Serious Injury to charges alone practically as much as 'It's a 100 Per Cent Photoplay' Commercial Life. was the entire public debt of five SUBSCRIPTION RATES: U. S., $2.00 FOREIGN, $2.50 PER YEAR years ago, and that governmental operation By FRANCIS H. SISSON has been costing about nine Northwestern Advertising Representatives times as much as before theNwar, it Editor's Note.—Francis H. Sisson is Minnesota Select List is no(t difficult to realize the onerous vice president of the Guaranty Trust 709 Exchange Bank 215 South 6th Street WE SAY:— WE ARE PROUD TO PRESENT burden upon the taxpayer, to retire company of New York City, one of the St. Paul Minneapolis largest and most important banking the war debt. In other words, he TO THE PUBLIC A PHOTOPLAY WITH SUCH concerns in the world. He is a student Foreign Advertising Representative far beyond the record of the last few would have to provide an average of of international economics as well THE AMERICAN PRESS ASSOCIATION STERLING QUALITY AS "THE INVISIBLE years. a billion dollars a year additional in as being thoroughly familiar with internal Business thus made itself ready to taxes, over and above the financing economics and the financial and OHIO EXECUTIVE POWER." cope with the new order of things of the ordinary governmental operations. industrial situation in the United ASKS EFFICIENCY States. What he has to say of. tariffs following in the wake of the world FOR STATE RULE and similar questions comes from conflict. And all this besides the payment of his viewpoint as an economist and But the problem of today is far the state and municipal taxes. At The Grand Theatre banker and not from the viewpoint of Would Put Corporation Exactness and more complex than can be met by private It is not to be doubted that the a politician. Progressiveness Into Work of Politics.—A initiative alone. It is too' closely prospect of all this has been having Commonwealth Entitled to Same Businesslike Leadership as connected with governmental operation and still has a decidedly discouraging While economic depression prevails Saturday-Sunday, Dec. 31, Jan. 1 "Private Firms. not to require governmental effect upon the process of readjustment throughout the world, as the inevitable action to help in its solution. In and the restoration of normal aftermath of the most destructive By Cover nor Davis of Ohio great measure it is financial problem. prosperity—the outstanding problem of all wars, Americaycan no more of today. hope to solve its domestic economic Do politics and business mix? Cost of government during recent problems alone than the world can The business of politics is the business Government To Retrench years increased apace with the cost For its proper solution, it is essential reasonably expect to cure its multifarious of government in its final analysis. adoption of a tariff law, with rates degree by tourists' expenditure's^ of all else. And today, with changed that there be emulation by all ecnonomic ills by some magic Is your government—and that high enough to interfere seriously freight, insurance, etc., the balance isbound conditions, it is primarily essential governmental agencies, whether national, panacea. In the final analysis, we means your business, for you are a with our export trade, is destined to to be in our favor, even for the general welfare that the cost state or municipal, of the example were drawn into the European struggle partner in the American government cause serious injury to our commercial though no part of the principal is of government be brought back down set by private business in cutting because of the economic interdependence in fact as well as theory, to be conducted and industrial life. paid. A change in the relation of our to a basis in keeping with retrenchments down to a minimum, the recent of all civilized nations and on lines other than good business exports to our imports or the reinvestment found necessary in private undertakings. the only possible way we can fully high expenses, and in displacing the It .is estimated that, prior to the lines? If it be so—why? Good abroad of large capital Goernmental service recover from the effects of war is by cost so cut off with a boost in efficiency. war, European capital was invested in business means the successful conducting sums must be expected if Europe's must continue undiminished, but it Better results in the adminitration international economic co-operation. of a commercial pursuit in a American securities to the approximate debt to us is to be liquidated. While must be performed at a cost far below of public work will go far in Our complete realization of that dominant amount of $6,000,000,000. The general sense but it also means the it is true that the date of such liquidation that of late years. meeting the situation. It will ease fact is the paramount need of net. payments of interest and dividends successful pursuit of any activity of a may be temporarily postponed The problem was of two-fold aspect, somewhat the staggering burden on the hour in this country. on this capital, after deducting^the creative sort, a productive sort or through the extension of credits and first from the standpoint of future operating the public, but it will still be faced by amount owed to citizens of constructive sort. Surely government, But we cannot effectively co-operate the adoption of similar devices, it i& cost of government, and second, the twenty-four billion dollar public the United States on account of their municipal, state, or federal abroad until there is nHre efficacious with respect to discharge of the nevertheless, true that the debt must debt to be wiped out practically within foreign investments, required the annual must be creative, constructive, productive co-operation at home. It is a be paid eventually in goods, or not financial war obligations. the next twenty years. and commercially sound if that remittance abroad of between case of better team-work within and at all. On the manner with which this dual It being virtually certain that the government is to succeed. $175,000,000 and $225,000,000. Other without. It is futile, for instance, for It is, of course, important that the problem is handled largely depends In the face of this obvious reasoning national government will not be able payments, svrch as expenditures of one branch of the goernment to endeavor highest possible volume of export our entire economic future. to retire the seven and one-half billions American tourists, remittances by immigrants, there are thousands of citizens in to facilitate the granting of trade should be maintained if we are of short time debt when it falls the United States today who declare freight, insurance, etc., Government Cost Up credits to prospective foreign buyers to have normal production in ourmines due in the next t)vo years—except the fallacy, "business and politics do brought the total up to about $500,000,000. The ordinary operation of the government of our raw materials when another and factories and on our farms,, not mix" the foundation of their own only in small part—it follows that it In order that these payments of the United States cost branch of the government insists on and if we are not to be forced to will have to be refunded. The same lack of interest, lack of active citizenship—exercising about nine times as much last year might be met, it was necessary that making it impossible for those buyers scrap part of our new productive condition is certain to repeat itself the right of suffrage—and our merchandise exports should exceed as it did in 1916. And beyond that to pay us their debts and liquidate equipment. But an increase in imports lack of belief in the very as the Liberty bonds of the later maturities our imports by approximately was the cost which could not be met the credits they obtain here. While fall due. does not necessitate a corresponding the same amount. And, in fact, the institutions that make of them citizens. by taxation and had to be taken care the extent to which the War Finance decrease in exports. It is I believe the plan to have the people of by borrowing—the special war cost average excess of exports over imports corporation can aid American and foreign entirely possible' that the present relation pay so gigantic a sum as twentyfour The attempt to put business and by which the national debt was boosted for the years 1911 to 1914, inclusive, interests in its commendable efforts between exports and imports billion dollars in so comparatively politics, in their relationship towar^l the demand of European nat'ons to about twenty times the size it to supplement private sources of may be reversed without in any way a short period—besides paying for one another, in somewhat the same for goods was so great that at was five years ago. credit in promoting our foreign trade decreasing the volume of exports. We relationship as oil and water, is both the ordinary governmental expenditures—is the time of our entrance into the war The country today is required to may be questionable—in view of the can buy more without selling less too severe a burden for one unfortunate and unwarranted. our indebtedness to European investors pay practically as much in annual interest abnormal world situation and its colossal and thereby enable our European generation to carry alone. If the theory behind it was that has been more than balanced by charges on the public debt as demands, its services must unavoidably debtors to pay off their obligations the business man cannot and should It is an economic prospect that the amount of the debt itself back in be negatived to a considerable the excess of our exports over imports. without crippling our industries or would hardly tend to exercistf a not actively interest himself in political 1916, and that without even beginning After we entered the war we degree by the enactment of a decreasing our national wealth in order strongly stimulating influence .upon affairs, it was wrong in premise loaned approximately $10,000*000,000 to provide for reduction of the permanent high tariff act. initiative, enterprise and progress .in to do so. A study of the development alid principle, for as the citizens' participation to the Allies, but up to the present debt. Consider Tariff of foreign trade in many European increases in political life, the nation's business activities. Add to all this the vastly increased time they have not been able to pay Consideration should be given to countries will show this to betrue. there results better politics and better Both from the standpoint of business even the accumulated interest thereon. cost of operating state and municipal the effect of a high tariff not only government. like, constructive financial policy, In addition to this amount, we governments and a conception is upon particular industries, but upon and in the interest of impressing For, in tne last analysis, politics of have put billions more at the disposal gained of the tremendous burden the To Absorb Surplus the welfare of the country as a whole. the lesson of patriotic responsibility course is but the science of government. taxpayer has to bear today. It is the of Europe through the repurchase of During the 'last few years we have We should not lose sight of the difference upon our children, a share of greatest burden he h-is ever been large quant:ties of American securities increased our production of many between conditions when the Then again, if the supposed unrelated this war debt should, I believe, be 1 held there and by large private commodities far beyond our own capacity compelled to carry. Payne-Aldrich law was enacted. The carried by the succeeding generation. to practical application to the In 1916, the per capita cost of the investments in foreign currency and to consume and we have been effect of the adoption of a high, protective The war was fought that they related to practical application to fhe dollar bonds, as well as short-term developing foreign markets, especially United States government was about tariff today may be quite unlike affairs of government, of the methods might not be deprived of the benefit export credits. in Latin-America, to absorb this $7.18. In 1920, it cost virtually $64 the effect of the adoption of the of our free institutions. Should they that are fundamental to modern business surplus. From such markets we import for every man, woman and child in The United States has thus become Payne-Aldrich law and similar measures practice, the declaration was not bear a part of the burden, not many articles, some of which the United States to operate the Federal passed before the war. the leading creditor nation, and as even more inapt and true. only that our economic life may the are1 not produced in this country. If government, and during the fiscal soon as foreign governments are prepared Prior to the war, the United States Politics and business do mix—and sooner return to normal and to divide we now limit the importation of tho year of 1921, about $51. was a debtor nation and comparatively to pay interest on their indebtedness, of all-time, the need for a generous what would otherwise be a task virtually goods by high tariffs we should do little thought was given to the we shall be entitled to receive Debts Fall Due admixture of bus:ness into our affairs impossible of performance—but irreparable harm to our expert trade effect of a protective tariff on our more than $500,000,000 annual And that has not included adequate of government has probably never also so that there may be perpetuated by preventing the free exchange'of interest payments from abroad. While export trade. Today, an altogether provision for the retirement of so been more striking and urgent than in them a closer relation to and understanding (Continued on last page) different situation obtains and the this amount be offset in considerable much of the public debt as is of short now—struggling as we are under the of the principles and maturity. Secretary of the Treasury drastic reaction of the 'war and the icfeals for which we unsheathed the A. W. Mellon, has pointed out that unparalleled financial burden with sword. within the next two years, abqjit which it has left us. Extend Liberty Bonds seven and one-half billions of shortdated From every standpoint, the refunding Business Makes Ready debt, or about $75 for every What the Moving Picture World of our Liberty loans into a new Business many months ago sensed person in the country, will fall due. consolidated issue in which the range the beginning of the reaction from Also that only about one bill on dollars of maturity is extended from twentyfive, the artificial war time boom, and will be available for such retirement say to fifty years, would be a quietly, unostentatiously prepared itself at that time, and that other arrangements sound, businesslike, forwardlooking Says of "The Invisible Power" to meet the depression it saw to carry the balance will procedure. It would immediately reduce coming, and to begin adjustment to have to be made by half the obligations which the changing conditions. Retrenchment What reduction has already beenmade we must meet in the next scorer of became the watchword. Economy in the short-dated debt which years or so and allow us to get economically measures were put in operation. originally was over nine billions, has solid ground once more .under A higher degree of efficiency was injected been made possible in large part by our feet. into business operation. The reduction of the general fund and by There would be another immediate immediate result has been that business receipts from war salvage, but only benefit from such a course—one that has curtailed its expenses practically in a ^ery limited measure by tax receipts. experience with long term securities to the pre-war basis, and is Reviewed by Marion Russell. would indicate—and that is increase gearing up its productive efficiency Altogether, the country's gross debt of the market price of Liberty bonds. per dollar of operating cost to a point amounts today to approximately The picture in its entirety smashes all traditions in point of theme, or­ Investors pay more for a bond of long maturity, than for one that will be redeemed r- iginality and remarkable photography. The cast was picked with unusual in a shorter period. This is an accepted fact with financiers. Application of this principle to Liberty suability for the different roles and showed some really brilliant characteri­ bonds would be certain to result in a greater demand for them and in their zations. It is a long picture, but so full of human interest that one does not .""a* A nnrr increased value in the market. With requirements for ordinary begrudge die time consumed in watching it to the finale. There area num­ current expenses reduced by governmental n^w agencies of every kind, by ber of powerful scenes and they stirred our emotions to the depths. A few radical retrenchment, and the distribution SV 911 oviri of the payment of our public examples of amazingly vivid photography showed the narrow tiers of the debt over a longer period, we would be safely^on our way once more to prison with the barred cells and the long, almost endless line of zebra-garbed a period of enduring, natural prosperity. outcasts marching grimly through the corridors. This was most impressive. CRUELTY TO PAVEMENTS That YOU and YOURS may enjoy it—and many The thought in this picture will arouse the minds of those fortunate enough Heavy motortrucks can ruin pavements more.as good—is the sincere wish of to witness it. as fast as they are laid, says the St. Paul Daily News. As fast as pavements get stronger, 0. M. Carr & Co. trucks get larger and loads heavier. The overloaded, horse couldn't budge too heavy a load. If the driver The Store of Quality -i whipped him too hard tlje Society tor At The Grand Theatre Sat. Sun., Dec. 31, Jan. 1st the Prevention of Cruelty to Animals International Falls Minnesota took a hand. 1 St. Paul needs a society for the prevention of ^cruelty to pavetnehts.