hatever the war's effects upon
our own money markets, use should be made of such an opportunity as does
not come more than once.

To be sure, the scarcity of money in the United States makes this
difficult, but the same worldwide money scarcity will secure an
especially high rate of interest in Latin America, where even in normal
times money can often be placed on excellent security in some of the
countries, and at a rate very high indeed compared to that prevailing
now in the United States. For safe investments with such a margin of
profit, it is to be hoped that money, even if dear at home, will be
forthcoming.

Undoubtedly the purchasing power of these republics has been hard hit by
the cutting off of credits and markets by the war, as their Governments
have been hard hit through the falling off of revenues from import
duties. Some of the Governments will require foreign loans. Capital, I
repeat--and I mean really American capital--is the urgent need. We are
not asked to make them a present of capital to buy our goods with, but
if we do not help finance them and buy their products they will have
nothing with which to buy our goods.

The situation invites us to give capital and credit to take the place of
the European supply which has failed. One need not fear that the returns
will be uninviting, for Europe would hardly have been supplying credit
and capital to Latin America as a mere matter of amiability. Thus our
capital must regenerate Latin-American prosperity, while our bankers,
merchants, and manufacturers are engaged in making solid, permanent
arrangements, not opportunistic ones, to take possession of a great
share in the present and still more in the growing future development
and commerce of these countries. Capital, then, and credit are the first
requisites.

The war has had the effect of making the Latin-American countries
realize for once the economic importance to them of the United States.
The products of some, like the tin of Bolivia and the nitrates of Chile,
have been going almost entirely to Europe. Several republics suffer the
more acutely in proportion to their previous failure to cultivate
financial and commercial relations with the United States.

They now feel this and are compelled to a mood receptive to our
advances. More, they are forced to seek new markets for their goods just
as they are forced to buy some of ours. In this way there should come
about new exports to the United States,