Page:Walter Renton Ingalls - Current Economic Affairs (1924).pdf/210



Although the needs for more will to work, more will to save, and the removal of economic restrictions are clearly indicated, there is no reason to suppose that these will quickly become appreciated. Rather is it to be expected that we shall continue with the policies that we are now pursuing, trying to live within a wall of our own, disregardful of the rest of the world. Ours is a rich country, which affords out of its own products most of the things that are needful. Of raw materials we have to import but little outside of tea, coffee, rubber, tin, hemp, flax and sugar. We can maintain a high degree of activity among ourselves without giving great attention to our foreign trade, although such neglect will be irksome to our producers of copper, cotton, wheat, meat and petroleum, which we must export.

We can maintain high wages among ourselves, with a great deal of irregularity and consequently class discontent. Every now and then we shall lose an industry, while others may become crippled. Thus tin smelting has been abandoned during the last year for the reason that the high costs could no longer be economically withstood. Our great copper producing industry is switching to South America. It will be only another step for copper manufacturing to take root there, where labor conditions are more favorable