THE SUMMER MICHIGAN DAILY
- _ i
Co e 'nitum
it,
America, will benefit from the stimu-
lation of trade.
i{'t A flThe idea that a balance of gold
owed to the United States, in addition
lished every morning except Monday to the vast sums which Europe owes
the University Summer Session by
oard in Control of Student Publica- us now and which Europe is unable
to pay constitutes a healthy or "fav-
Associated Press is exclusively en-Orable" situation as a great and in-
to the use for republicatio. of all news oal"staina ra n n
ches credited to it or not otherwise excusable delusion. What we must
d in this paper and the local news pub- remember first of all is to buy, in
herein.reebrfrtoalistbun
ered at the Ann Arbor, Michigan, order that the foreign nations will
'peas second class matter. have the ability to buy from us. The
ascription by carrier, $i.,o; by mail, stain ow remlsa ingl
situation now resembles. a single
ces: Press Building, Maynard Street, merchant in a town where he
Abor, Michigan. has a monopoly. Everyone owes him
EDIlepone 42STAFF money, yet his business is failing be-
cause no one can buy from him. The
PHILIPG EDTBROOKSR obvious solution is for that merchant
orial Director.....Paul J. Kernto secure a means of income for his
Editor....Joseph E. Brunswick customers, and where the solution is
ure Editor.....Marian L. Welles relatively simple as it seems to be in
Night Editors foreign trade the condition should not
. Sunderland Orville Dowzer. be allowed to continue.
Reporters America has enough of gold. Let
ert E. Carson Miriam Mitchell us now have foreign goods, not in
K. Lomason Mary Lister millions of dollars but billions. Let
Heideman W. Harold May us buy the products from the mills of
stricken Europe, and pay them funds
IBSINESSiSTAFF which will enable them to buy from
Telephone 21214
BUSINESS MANAGER us in turn, and pay their obligations
LAURANCE J. VAN TUYL to us. It is a tribute, perhaps, to
ertising.............Ray Wachter America salesmanship that we can
>unts........... John Ruswinckel sell goods to financially destitute
Assistants peoples; but it means in the long run
. Antonopulos S. S. Berar only a further increase in obligations
G. W. Platt of the already over-obligated Euro-
Epean nations, and it is not a desirable
g Et - .. Aor "favorable" condition even for us
EDNESDAY, AUGUST 10, 1927 in the long-newspaper opinions to
the contrary notwithstanding.
TlE SO-CALLED "FAVORABLE"
BALANCE OF TRADE
1Reports just released show that the
nited States in the first six months
1927 had a so-called "favorable"
alance of trade which amounted to
42,000,000, which means that the
nited States exported to foreign na-
ons in that period of time that value
a excess of the value of her im-
orts..
From a superficial standpoint it
ay seem that this tremendous bal-
ace of cash over goods which we
ecumulated during this period is a
eneficial thing, and that it foretells
reat prosperity to the nation. When
e examine the case, however, we
an find that quite the contrary is
ue for there is more than one side
D the proposition, as can easily be
[own.
It means, of course, that the United
tates will eventually secure 242 mill-
ns of dollars in -gold in place of
he vast resources which she has ex-
orted. It means, also, however, that
>reign nationg will be made that
tuch poorer in regard to gold stores,
ad that the result in some cases may;
ring about serious consequences.
America already has in her vaults
any times her share of the gold of
lie world. This of course means
urchasing power in the markets of
he world, and that is doubtless a
esirable thing-with certain limita-
ons. At the present time nearly
very major power in the world owes
he United States money, however, in
ddition to being forced to pay gold
r American importations, and the
esult is anything but a happy situa-
on in world economics.
Foreign nations owing America
oney are unable to pay because
ey are destitute of gold. They are
nable to import as much from the
nited States as they would like to
ecause of this same destitution. This
urts American industry. They are
unually forced to send gold to the
nited States in cancellation of the
nfavorable balance, also, and this
irther renders them economically
rostrate. Then as a climax the
nited States fails to import enough
f foreign goods to make the bal-
-ce even, and the result is an in-
rnational economic maladjustment
hich is fast approaching disaster.
There is no use deluding ourselves
ith the idea that this balance is
favorable." There is no such thing
s Individual prosperity among na-
ons which are economically interde-
endent, and the maximum of pros-
erity can only be achieved when
'ade throughout the world is in a
ealthy state. In order to achieve
is healthy state America must buy
ad buy and buy from abroad, until
te balance shifts in the other direc-
on, and foreign nations become
conomically stable, and are able to
ay their war debts and their inter-
ational obligations with the bal-
aces which accrue to them. We
ust get over the idea of buying less
tan we sell, and maintaining more
pld in reserve than all the rest of
te world put together if we are to
ecome really prosperous, and we
ust strive to bring about to the best
. our abilities a situation where all
THAT'S THAT
President Coolidge has now defii-
itely announced that he meant it.
'when he said that Ie woul,' e the
White House in 132. and that under
no circumstance., wijl 'ie be a can-
didate to succeed iiUnsel, This will
comes as a distinct disappointment,
of course, to all the small town poli-
ticians who sensed a subtle political
coup in the statement of the Presi-
dent, and who hoped to anticipate
action by expressing the hope that
he could be induced to run again, but
as far as the country as a whole is
concerned the change in tenure in
the presidential office will not be so
serious a disaster.
Of course, Coolidge was "safe."
That seemed to be the only and high-
est compliment which the local poli-
ticians could apply. Then, of course,
his administration, when faced with
an inevitable surplus, reduced the in-
come tax, thereby winning the favor
of all those who had incomes; but
in spite of the unsettling effect which
the advent of another president may
have on Wall Street securities, a
dynamic and courageous new presi-
dent would be the greatest boon to
America that this nation has suffered
in years.
Safety is all right as far as running
a defunct organization is concerned,
but when oie is dealing with a live
and real thing like the government
of the United States the safe course
is not always the wise one, for after
all it only postpones the need for
decision. The successor of Coolidge
will step into a period of history pe-
culiarly suited for the inspiration of
real greatness, which the retiring
president failed to grasp, and after
all it is about time we concluded the
epoch of eminent safety and emerged
into something like a period of real
and concrete achievement, with a real
leader at the head of the government
in place of "Safe" Calvin Coolidge.
THE MICHIGAX WEEKLY
Next year the University will ex-
periment with a new kind of publica-
tion, designed for a field in which
there has never been any previous
journal at Michigan. It is a publica-
tion especially for parents of stud-
ents, who may keep in touch through
its columns with the doings 'of. the
University, condensed from the regu-
lar accounts in the daily publication.
The new publication will be a
weekly. It will. be edited and man-
aged by men who have gained their
experience on The Daily, and it will
reprint each week the articles of
major campus importance. Therebyt
the parents of the students, though
living thousands of miles away in
some cases, will be able to keep in
touch with the world of their sons
and daughters as they have never
been able to do so before.
The idea of the Michigan Weekly
is not a new one, and successful pub-
lications of the same type are already
running at other Conference universi-
ties. It will carry no advertising; it
will betdevoted entirely to the doings
of Michigan; all it needs to insure its
success are the subscriptions of
Michigan students and their parents.
It is not a matter of charity, but
merely a very good business proposi-
tion to subscribe next fall for the
lTED LL
ADOPTING
THE
PLATFORM
ANN ARBOR, Mich., Aug. 9.-Chair-
nan Tom Lovell called the meeting
to order in Hill auditorium on the
second day of the meeting of Rolls
National Party nominating conven-
tion.
The chairman announced that the
finance committee of the party would
be made up of some of the best men
in the country. It would be their duty
to collect funds for the campaign and
to spend them as directed b the Na-
tional Committee. The committee is:
Gov. Len Small of Illinois, chairman,
Mayor Walker of New York, Tex
Rickard of New York and Tommy
O'Conner of points unknown.
Following the appointment of the
financial committee the platform come
mittee brought in its report, Chair-
man Johnson of California speaking
for the committee:
"Follew politicians, I take great
pleasure in presenting to you the va-
rious planks in our platform, I pre-
sent them in outline:
"1. In regard to prohibition we
wish to leave the country just as it
is. That allows many to think that
there is prohibition but those who
wish to drink have no trouble in get-
ting it, so all are satisfied.
"2. Our plank on civil service reads
that we should add to the list now
in use, the Senators of the United
States.
"3. On foreign relations we be-
lieve with the father of our country
that we should have no entagling
alliances. Of course we should join
the League of Nations to keep the.
peace of the world.
"4. Our plank on taxation reads
that there shall be a drastic cut in
tariffs, but high protection shall be
continued.
"5. In regard to elections we ad-'
vocate that a strict Federal Corrupt
practices act be passed so as to pre-
vent the wealthy men from walking
off with offices. It is suggested that
the campaign expenses be limited to
ten times the yearly salary of the
office in question.
"6. We also believe that there
should be a large standing army to
prevent war and suggest Hobbs of
Michigan be appointed chief of staff.
"7. We also believe that men
should have equal rights with women."
The meeting adjourned for the
morning.
* * *
THEY MEET AGAIN
ANN ARBOR, Mich., Aug. 9.-In
the afternoon meeting of the Rolls
National Party convention Sergeant-
at-arms Calvin Coolidge had some dif-
ficulty in keeping the delegation from
Missouri quiet for Senator James A.
Reed of that state was finally admit-
ted to the convention after he promis-
ed not to make more than three
speeches in any one day.
There were rumors floating around
the convention hall that there had
been some trading of votes in the
Whitney hotel during the lunch hour
and that several favorite sons were
being withdrawvn from the race.
The delegation from Illinois was
especially noisy for William Hale
Thompson of Chicago arrived at the
convention and began to denounce
British control in America. It is
suspected that the Illinois crowd is
going to back Big Bill to the limit.
At the opening of the afternoon ses-
sion the question of the platform was
debated. There were some delegates
who objected to everyone of the ar-
ticles in the platform and there was
some support for the various planks.
Chairman Lovell was having difficul-
ty in keeping the meeting in order
when Senator Reed finally managed
to get the floor. Most of the delegates
snatched a few hours sleep while the
gentleman from Missouri spoke and
when he finished the Sergeant-at-arms
had to go around and wake up most
of the members of the convention.
It was finally decided that since
the platform was not to stand on,
but was used merely to get into office
so there was little use in spending
more time working on it. Accord-
ingly, the platform was adopted as
reported out of committee. The
meeting adjourned with the express
understanding that the task of nomi-
nation would begin tomorrow.
* * *
Personally we would be more in-
clined to blame the wreck on students
angered at the auto ban recently put
on the books by our regal regents,
but that wouldn't pass, because there-
don't seem to be any students around
COAT
at
- SUIT - DRESS
I
Off
of the original marked prc
(CORRECTION)
Thixs Sal, Starts Tusesday,
Aug. 9 -and ends Satuzrday,
Lug. 13, instead of the date announced yesterd4ay
/
ALL SALES FINAL