Evening star., 1920-02-05
j. s. AID HELDbAR
TO WORLD CRISIS
Premier Nitti Sees in Ex-
change Problem Threat to
Economic and Social Life.

ROME. February 4 (by tho Asso-
ciated Press).-Premier Nitti, in a
lengthy statement to the Associated
Press today on the economic situation,
said:
IT agree with many points in the
letter of Secretary of the Treasury
Glass, addressed to the American
Chamber of Commerce. Europe must
be animated by the spirit of peace.
The present state of mind cannot con-
tinue long. But, above all. it is i'm
possible to prolong much further the
present economic situation. Italy has
set an example, understanding this ne
cessity.
I'VE, first among all the nations of
Europe. have adopted the heaviest
taxation. We count only on our own
vanquished countries. If these in
IDENTITIES eventually are paid. it will
be just compensation for all our sac
rifices. But we must depend exclu-
sively on our own resources.
Ask Reasonable Postponement.
I'VE have never cast any doubt as
to our duty to pay debts contracted in
England and America. We have Nly
asked for a reasonable postponement.
1t is not for country which has made
sacrifices like ours to have immediate
payment demanded.
at would not be unreasonable or
unjust. but for all that we do not for
get our duty. We are descendants of
those ancient Romans who said that
won't be slaves even to our best
friends We desire to return as soon
as possible what we borrowed.
"Ame rica. however. must understand
the situation clearly. An egotistical
spirit now animates the nations. the
no M
which should have resulted from trials
endured together.
"The rise in exchange represents a
grave danger. giving to all a feeling
that it is a threat to economic life
and social peace. The rise in exchange
brings about a rapid and continuous
augmentation of expenses. causing un-
rest and strikes. which in their turn
diminish production, making the rela-
tions between the classes increasingly
difficult and dangerous.
For International Agreement.
"It is in the interest of America
herself that the exchange question
should not become worse, but should
immed ately be solved by interna-
together for the safety of all. and in
my opinion the problem must be at
tackled Immediately and energetically.
TT might at first sight appear that
the United States has no immediate
interest, but this question of exchange
will end by being most Injurious to
the Crited States. If steps are not
taken in time there will be one of the
most colossal crises the world has
even seen and America will be drawn
into it. 1t is imperative that condf-
ton of equilibrium be ablished
immed ately
1T can quite well understand that
in the United States a feeling of dis
trust prevails and that there Is a dis
when it might appear that Europe
still meditates war, and that it is
this which helps to maintain the
present disorganiZed financial condi-
tfon. But nothing could do greater
harm to countries honestly striving
toward peace. both internal and ex-
ternal, than the present uncertainty.
Need to Be Able to Buy.
."We need to be able to buy on the
American market what is indis-
pensable to the life of our. country
bf1ity, and for this reason it is neces-
sary for US that the governments of
the principal countries should put
their heads together and at once take
steps to end the present intolerable
position.
eff the present disorder is not sub
stituted by some form OF enlightened
and honest cooperation. it is ma a
European crisis only which will fol-
low, but a crisis all over the world.
And that is a prospect too awful to
behold.
6 THE! United States government can
render services of the highest value
which would suffer from a. worldwide
crisis -