The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-09-30
Dare Not Abandon Allies

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Dare Not Abandon Allies.
THE United States need not think
mat she can escape these duties, or
that she can go scot-free Of making
contribution to alleviate the situation
directly engendered by this great war
from which she Is joint benefactor
ana inheritor Of advantages, and the
burdens of which she is morally bound
10 share. We must pay and pay dear
ly, for our part in the world struggle,
and dare not abandon our allies II we
would
Each Of the countries OF Europe
must have some financial assistance by
way OF Announcements to procure enough
raw materials. machinery and railroad
equipment, to make a substantial start
In the direction Of resurrection.
There can be no permanent or pros
porous international trade until both
sides to the bargain have something TO
sell.
Fortunately for us, the Investment
which must be made will be returned
many fold Foreign trade can be vastly
increased and extended, while all adj
vances which We win make and all the
credits we will extend will be spent
In local markets.
IF Europe does not get started in the
right direction, it viii shortly start In
the wrong direction, and II 1t does the
picture OF internal strife discOrd and
destruction is too black for contem-
plation, and the danger that II will en-
compass the world too serious to be dis
missed as a mere nightmare,
'Penniless and PROSTATE Europe can
revive II virile and prosperous America
viii but stretch out her hand in help
into her nostrils, Miraculous results
cannot be expected unless we make
the necessary effort and eXertion re-
duired to wisely solve the problem Of
reconstruction,
Big Credits Necessary.
This question Is largely one Of cred :
It's. Any attempt at assistance to Eu-
rope must be on comprehensive
scale 1t must be of a character SO
catholic as to embrace an earnest effort
to revive Immediately the industrial
and transportation systems OF all the
stricken countries.
IAN Of Europe is willing to buy it II
can get credit The big powers In Eu-
rope are casting about to organize
credits as well as they can, but they
are submerged financially themselves.
1.-THE necessity for the extension OF
immediate and substantial credits 10
Europe is apparent to the entire bank
ing and commercial community, and
| aloud for prompt measures OF relief,
THE commerce of the world will
never get back to anything like normal
until European industry In rehabllitated
to the extent Of having n surplus OF
| finished products for sale Being q
| territory short In raw materials, she
| Will then exchange her manufactured
| articles for the materials and produce
of other countries. The appointed nat.
/ ural system of barter and interchange
which has been inducing sailors &c
| brave the wide expanse of ocean from
the time of the supremacy Of Tyre
down to today, will reassert itself, and
the trade balances that Is, the differ
ences between exports and imports
| will become relatively small and easily
| liduidated In other words, exchange
win become reasonable and pliable.
Finances Are Abnormal.
at Is absolutely necessary for us to
realize that the present lop-sided con-
dltlon of the worlds exchange Is not q
| good thing for anyone. We would In
fact be much better off II the financial
circulation Of the world were more near
~ normal If credit was flowing ir
Its customary healthy channels, being
settled and accounted for In fairly equal
exchanges, That Is, we would be much
better off II the exports Of this coun.
try were more nearly paid for by Its I'm.
ports, Indeed, II would be ideal to have
the imports, interest and purchases
here OF European securities, practically
equal our exports
1.-THE whole world Is suffering from
an economic distraction which prevailed
during the war The righting OF this
deplorable condition can be expedited
by organization and cooperation among
the governments. But even co-opera'
ton in finance and special efforts with
respect to distribution will inevitably
fail, u we are kept face to face with
continued decrease Of production o
commodities throughout the world NJ
amount Of economic cooperation car
make one pair of shoes take the plac,
of two, nor one hushel of wheat quite
accomplish what Is expected OF three.
UNLESS Europe gets to work, food
from America will become more anc
more costly and manufactured goods
from the United States win 80 to price,
where they are unbuyahle, Europe mus
largely, therefore work out her owl
salvation, and there is only one way L
economic salvation and that lies through
, work, hard, continuous work and more
of Il. and consequent increased produe
ton from mines and fields and work
shops, II is not only In the production
of coal that her output has been de
clining, but In every industry which /
related TO or akin to manufacturing
In this suppressed output turks dis
pstpr