New slant;

              ATLANTA PORTLAND
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BIRMINGHAM
BOSTON HASKINS & SELLS PROVIDENCE
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CHICAGO CERTIFIED PUBLIC ACCOUNTANTS SAN DIEGO
SAN FRANCISCO
CINCINNATI SEATTLE
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DALLAS BULLETIN WATERTOWN
DENVER ____
DETROIT
KANSAS CITY
LOS ANGELES BERLIN
LONDON
PARIS
MINNEAPOLIS SHANGHAI
NEWARK NEW ORLEANS
NEW YORK EXECUTIVE OFFICES HAVANA
PHILADELPHIA HASKINS & SELLS BUILDING MEXICO CITY
PITTSBURGH 37 WEST 38TH ST., NEW YORK MONTREAL
VOL. VIII NEW YORK, AUGUST, 1925 No. 8
The New Slant
PARADOXICAL though it may seem,
it is nevertheless true that we as
Americans are finding it difficult to come
into a full realization of the important
position we have attained as the world's
leading creditor nation. We appear to be
astounded at the phenomenon. We seem
to expect that the present state of affairs
cannot long continue.
Our role is a new one. It was thrust
upon us suddenly by force of the circum­stances
surrounding the Great War. At no
previous era in our history have we ap­proached
the position of strength we now
hold.
The colonial period was one of virtual
economic dependence upon Great Britain.
Largely responsible for this were the neces­sity
which the early settlers faced of obtain­ing
a foothold in a new country, and the
restrictive commercial policy which Eng­land
maintained toward her possessions in
the New World.
Although we gained political independ­ence
through the Revolution, we were en­gaged
for several decades in a struggle to
become commercially and economically in­dependent
of Europe. Another war—that
of 1812—was necessary to secure commer­cial
freedom. Economic independence
came about even more slowly.
During the nineteenth century we turned
to the solution of internal and domestic
problems. The west was settled and
annexed to the Union. Industry developed
after being freed from the restraint which
had been placed upon it by England.
Questions of banking and currency, slav­ery
and states' rights, and related prob­lems
occupied our full attention until after
the readjustment following the Civil War.
The settlement of our domestic affairs
made possible an era of perfection in our
agricultural and industrial arrangements.
Large organizations were formed, with vast
amounts of capital accumulated under one
management, capable of large output.
With improved transportation facilities
these became national in scope. Our
capacity gradually increased so as to
permit not only the satisfaction of our
own needs, but also the production of
a surplus.
We were just beginning to consider the
possibilities of international trade when the
outbreak of war suddenly forced us into an
active participation in foreign affairs. We
were called upon to furnish supplies to
nations whose men were withdrawn from
peaceful pursuits. We were asked to lend
a part of our great store of wealth. America
became the world's merchant and the
world's banker. We emerged from the war
the world's greatest creditor nation.
During the period of rehabilitation we
have strengthened this position. The total
volume of our foreign trade, and the excess
of exports over imports are mounting