The Washington times., 1920-10-18


tive character, q auAsi-oniciAl as
poet WAS given his speech BY the
letter written some time ago BY FOR
mer Secretary OF the Treasury GLASS
to the president OF the Chamber OF
| Commerce OF the United States, In
which the former secretary declared
| that the United States could not un-
/ dertake TO finance further the requir-
| ments of Europe.
RECOGNIZED DISTINCTION.
Accepted banking standards. we be-
iieve, require that such refussls TO
| extend further accommodation be re-
| itersted, even though not to be fol-
| lowed to the bitter end. and probably
Mr.. Boyden WAS enJoined from the
| nigh places not to let the conference
all into Ladies' Helping Hand Meet
in1 with unanimous election OF the
United States to be the leading lady.
70 continue the parallel. there IL In
banking a recognized distinction be-
sween financing a customer through
| md helping him out at a pinch. one
| hears much OF a disinclinstion TO
invest money outside of the United
| 'tates." but the fiotAtion In quick sue
| sessiop OF the Swiss. French and Nor
lvegian loans shows that the disin-
| ,Iinztion In far from universal. Doubt
ess Mr.. Boyden's hearers were left.
| With the Impression. and were Intend
d SO to be left. that Mr.. Vanderlip's
| ,ian for an international loan did not
march with the plans Of the admins
|, ration at Washington.
| All the reports concur In revealing
unanimous recognition among the
| delegates that the fundamental neces-
ity everywhere IL to get to work. for
he several countries TO live on their
,wn activities and pay their own way
| md to produce more and spend less
| 20 do, In q word. what Franklin said
was the duty of the colonies when 1t
,eemed that the sun of liberty h ad set;
we must light up the candles OF IN
iustry and economy." We have
strong suspicion that n close compari-
son of France with our own country
would not work to the disparagement
of the French, and cannot help rather
sympathixing with the French jour
nails courteous but none the less
somewhat rekretful comments on Mr.
BoYden's speech.
They are not quite prepared for the
idea OF the United States of Europe
which seems to be suggested by Mr
Boyden. He says:
IF America could see an advance
toward economic union among the diff
ferent states Of Europe. IL II could see
"A
the hostility which reigns to a large
extent among these different states.
you would then nnd the psychology OF
the American business man much
changed as to conditions over here.
Dr. Vissering. OF the Nether rlands
Bank. in reply to Mr.. Boyden gave
what the correspondents interpreted
as a warning that II financial dis
aster came to Europe through the
| failure of general cooperation the
United States would suffer as we'll as
Europe. q feeling naturally. and with
Justification, much prevalent in Eu-
rope. There Is an invention OF ad-
miraity law known as general aver
age" whereby when a ship and her
cargo are in peril and part of the
cargo 10 thrown overheard to tighten
the ship the loss is distributed and
| not made to fall solely on the owners
Of the particular part Of the cargo
that was sacrificed to avert q catas-
trophe that threatened all.
In much the same way. France for
example with her devastated manufac-
turing region in plain sight OF her
| capital. feels that perhaps we culti-
vate too narrowly the attitude Of de-
| tachment. L'Intransigeant says in
commenting on Mr.. Boydens speech:
THE misunderstanding arises from
the fact that for the United States
the war IL over. while for us 1t will
last till Germany has fulfilled the OBJ
legations under which she has put her
| signature
As one Of the delegates said in
Commenting on Mr.. Boyden's eirenical
advocacy Of concilating former enc
mics:
'-The allies can no more forget what
Germany owes them than the United
States can forget what is owing to
them by Europe.
THINKS TIME NOT RIPE.
France looks at her country, ruined
from Amiens to the frontier: her
Rutterd factories, her flooded mines.
her industrial regions deliberately and
wantonly MANNED, and thinks the time
not yet come to pool her resources
with the Germans in a great CO.
operative enterprise Of brotherly love.
Mr.. Mori. a Japanese delegate. made
an earnest plea for greater freedom
OF trade among the nations-some-
thing not at all synonymous. all the
correspondents hasten to point out,
with the abolition OF customs duties.
but indicating the cutting down of
governmental restrictions and regu-
lations interfering with trade. In the
Balkans, for example, international
trade and travel are alike said to be
drifting back to condition resem-
bling that Of the middle ages. The
abolition OF restrictions of this kind
was one of the latest aud Iuaturest
fruits. of the growth of civilization in
its international aspect and one Of
the first to suffer by tho great war.
The conference Is likely to start at
least to relay the foundation stones
of an edifice that took centuries to
build and collapsed in a night. For
free trade in the sense of the abolition
of tariffs there is no prospect.
Restoration of the broken par-of-
exchange Is far below the horizon.
Convention makes the gold standard
the only legitimate sovereign or heir
apparent of this economic realm.
But the commerce of the world has
so far outstripped the puny youth
that no one is talking Of yet replac-
ing him on his throne. II will be a