Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1919-07-14
EUROPE'S FINANCIAL COLLAPSE
VITALITY AFFECTS US ALSO
Even Apart From Sentiment, Il Is lmpera
tive That American Wealth and Re.
sources Be Used TO Repair the
Industrial Breakdown Abroad


L ioned passes into history with the
decision of the Paris council to lift at
once the ban on trade with Germany.
Ostensbly that country is forthwith en-
! abed to resume the economic activities
| of peace.
In appearance. save as regards the
| Touton empire. all the Entente nations of
| Europe have been similarly privileged
! since the armsticc. If civilization could
Suhsist on DEGREES and pronunCiamcntos
| it would now be swinging ahead at a
lively clip repairing war ravages and
| building up the shattered structure of in
| dustry and commerce.
But this picture is utterly at variance
with facts. Eight months have gone by
since the last shot in the universal con-
! fict was fired and Europe is still indus
| trially PROSTATE, still economically
paralyzed. The states which Germany
commercially rejoins with the raising of
| the blockade are partners in common
disaster.
In community of financial debility and
| its attendant moral and psychological de-
linquencies Europe is classifable as a
y
grees Of collapse, but they becloud COM
| prehensive estimate of problem in which
! Americas concern is unavoidable.
In word, the world, now marvelously
shrunk by dstance-killing devices, pre-
sents the vivid spectacle of a single
| civilization, one-half of which has eco
nomcally broken Gown, while the other
half is vigorously solvent. The Atlantic
ocean is the dividing line. There is a
dark continent and a white continent.
Inhabitants of the latter region, how
ever, have no sound basis for believing
that this striking diversity of hues will
remain. The financial isolation of
America is impossible Self-nterest will
mock itself in any attempt to ignore the
multiplicity of links that bind US to
Europe. Her industrial peril will ulti-
mately affect US just as did her military
danger, from which we thought ourselves
exempt
This indefeasible fusion of interests is
impressively exhibited by Frank H. Van
derlip in his richly informative book,
What Happened to Europe" the serial
publication of which begins in the
EVENING PUBLIC LEDGER today.
The writer has translated Europe not
| in terms of its many attractive cities still
| untouched by war, nor in terms of charm
| ing scenery, nor in terms of excellent
meals obtainable in London or Paris, but
| in terms of economic chaos. The extent
| of it upon the continent, and even in some
phases in England is hardly graspable.
1t refutes once and for all the airy
charge made when the war was three or
four months old that political economy
and the laws of modern industry were
confounded by the very conflict itself,
which the prophets had declared would be
made impossible" because European
bankruptcy would ensue. In one sense
they were entirely correct. The war
went on in defiance of representations.
The shadow of financial collapse was
| ignored, but it was none the less existent.
1t was forecast that general conflict
would break Europe, and that is precisely
what it did.
america" declares Mr.. Vanderlip,
must be brought to understand what has
|
sympathy, but not with sympathy alone,
for charity alone cannot save Europe
Let no American feel that he can escape
responsibility for postwar developments
in Europe"
The coincidence of moral obligation
and material self-interest is complete. II
ideal motives have lost their stimulus
and such reaction is inevitable after g
great war-the instinct of self-protectior
should dictate that American aid in re
habilitating Europe be given with the
utmost celerity.
Excluding Russia and Hungary, tn,
economic structure of society in Europe
based on property holding, individual en-
terprise and competition, is similar t.
our own. Continuance of the industria
disorganization abroad will breed in
creased starvation, and increased starva
ton will beget revolution. The AtIanti
frontier is narrow nowadays.
Mr.. Vanderlip is convinced that tn
catastrophe may be averted if states
, men are wise enough and if America i
wise enough, for America is the last hop
of Europe" And by the nature of tn
case our own hopes are inextricabl
bound UP in the fate of the war-rent con
tinent.
{ Reduced to its simplest terms, tn
e paralysis abroad is of the difficulty @
) placing credits. Europe has not enoug
goods to exchange with us to secure b
2 the pre-war system Of trading alone suff
e cient financial support to set her indus
e tries going again on the proper scale.
: Italy cannot work without coal. Franc
!, is so far sunk in bankruptcy that he
S government until recently has refused I
\ cogkider the situation and withheld an
pm for beftaring il. The whole stru,
|, tgx$ a. labor Ii Britain i undergoing