New-York tribune., 1919-10-24
ments of strength which sooner o
later will be revealed.
Must Learn Lessons

Must Learn Lessons
eve cannot certainly know the fu-
ture, but we are at fault if we do not
bring to bear upon the present all of
the lessons that the past has given US.
At this time, when so many men ere
talking lightly about Europe never re-
covering herself, it is we'll worth while
for groping world to recall the many
instances in history of recovery from
the ravages Of war.
"In my opinion, the same energy and
capacity that the nations of EuropeN
have shown during the war will be d-
retced to the performance of the great
task that confronts them. They have
come to US now, not seeking charity
on account of their weakness, but ask
ing us in our strength to cooperate
with them in their strength to rebuild
and restore their productive capacity.
! Their own capital fund will be grad
ually restored by fresh savings, and
what is more cssential-those savings
will be protected by their own free
governments The same courage and
energy and thrift which will create and
protect their own savings will attract
and protect the accumulated savings of
foreign countries until their domestic
supplies can be fully restored"
Mr. Morrow showed that at the pres
ent rate Of exports to Europe the bal
ance of trade in favor of the United
States would reach S4,000.0OO 900 a
year. He wondered what would happen
if they continued thus.
Believes Decline Must Come
81 believe, however, he explained,
that the turn has come. believe that
the exports from the United States to
Europe must gradually diminish and
+lnt o,%,- L:
Europe must gradually increase.
Neither of these results should be de-
plored The world will be better off
when the wheat fields of Rumania and
of Russia are made productive again
for the people of Europe, and this
country will be better off as part Of
that improved world. Moreover, at a
time when we are complaining of the
high cost of living we should welcome
an increase in our imports of those
things that Europe can make for us
better than we can make them for our
selves"
What Europe thinks Of Europe s
needs was set forth by Eugene
Schneider, president of the French Mis-
sion and one of the most distinguished d
men of business in France He told
the delegates that the all important job
was "to restore the economic balance
OF me world.
at the outbreak of the war" NJ
Schneider said, "each nation was like
vast firm whose cellars and stores
contained stocks accumulated by
former generations. At the present
4 time the cellars and stores are well
nigh empty. We used all our stock s
and for space of four years We
produced only to Destroy Never have
the wants Of Europe been greater nor
her resources more scanty. Eleven
, months after the armistice, eleven
months after our victory, we are poor.
weak, crushed under an enormous debt
Our populations are too scantily fed;
rationing is still in force; the cost of
living continues to rise at a more rapid
rate even than wages and salaries
Many a home is not assured of its daily
bread.
Debts Increase, Credits Fall
"To be fed and clothed, to set indus
try going and give employment, VIC
must buy abroad. lnasmuch as we
cannot sell abroad in the same proper
tior, the exchange rate of our currency
rises against us; therefore, our pur-
chases cost us moro. causing our debts
to increase and our credits to fall
Where once we We're creditors, we have
now become debtors'
After sketching the normal ravages
al war. NJ. Schneider. who is the head
Of the Creusot Steel Works. continued:
"Thc first intimation given US of
this state of affairs was a slackenng Of
effort, overstrung muscles were seeking