In proposals for future economic aid, I am stressing a greater use of repayable loans, through the Development Loan Fund, through funds generated by sale of surplus farm products, and through the Export-Import Bank.
While some increase in Government funds will be required, it remains our objective to encourage shifting to the use of private capital sources as rapidly as possible.
One great obstacle to the economic aid program in the past has been, not a rational argument against it on the merits, but a catchword: “give-away program.”
The real fact is that no investment we make in our own security and peace can pay us greater dividends than necessary amounts of economic aid to friendly nations.
This is no “give-away.”
Let’s stick to facts!
We cannot afford to have one of our most essential security programs shot down with a slogan!
4. MUTUAL TRADE
Fourth: Both in our national interest, and in the interest of world peace, we must have a five-year extension of the Trade Agreements Act with broadened authority to negotiate.
World trade supports a significant segment of American industry and agriculture. It provides employment for four and one-half million American workers. It helps supply our ever increasing demand for raw materials. It provides the opportunity for American free enterprise to develop on a worldwide scale. It strengthens our friends and increases their desire to be friends. World trade helps to lay the groundwork for peace by making all free nations of the world stronger and more self-reliant.