The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1920-06-01
PAISH WARNS
OFBREAKDOWN
Says Factions Are Vieing
With Each Other to
Ruin World.
PARALYSIS THREATENS
Expects Pound to Fall from
Present Level to 50
Or Less.
PARALYSIS THREATENS
Jwashington Herald-Publie Ledger
Service. Special Cable Dispateh.D
BY CARL W. ACKERMAN.

London. May 31.-Sir George
Paish. writing in the current num-
ber of ways and Means" warns
England OF an impending break
down in finance and commerce in
Europe.
Nations. capitalists and working
forces are vying with each other,
Paish writes, in their efforts TO Sc
cure individual advantage and are
bringing the world to ruin.
Until now I have, from time to
time. directed attention to the eco-
nomic and financial situation in con-
fident expectation that the dangers
could and would be averted when
those in power became aware of
their existence. After the most
complete survey 1 can make. l am
now exceedingly doubtful that any
thing effective will be done to avert
a complete economic and financial
breakdown and to avoid all that
such a breakdown involves. Never
was there greater need of a liberal
policy of international understand
ing and of international co-operat-
ing. but probably never were the
haNAOnS upon
pursuing their own narrow inter-
ests regardless of the disaster
which such policy at this time must
entail.
Promote Own Interests.
Notwithstanding the suffering of
war brought about by the intention
of the central powers to promote
their own narrow interests; regard
1ndG nf he faAxyffohIa frf 1. f,b
they would commit against human
ity and themselves the victorious
powers are now pursuing a similar
policy which must entail an even
greater degree of suffering not only
upon the central powers but upon
themselves as well.
Never was il so necessary for
the powers TO seek their own good
by promoting general good and
never were they less willing to
do so.
so far as it is possible to come
to definite conclusions, the course
the nations are pursuing threatens
to bring about almost complete
paralysis OF trade and commerce
within the next few months. 1 can
not now see any possible method
of preventing the franc from fall
ing as far or nearly as far as the
mark. while depreciation of the Ira
may be nearly as great. Nor can I
discover any step likely to be taken
until after the mischief has been
done, which cln prevent the pound
from falling from it's present level
OF under 81 to SO or even lower. If
exchanges fall in that manner and
the cost of living in this country
again doubles while in France, Italy
ard Belgium it increases many fold,
most far reaching political conse-
quences must ensue."
Reviews Fall i'm Exchange.
After analysing the fall in ex-
change and decreased production,
Sir George writes:
The nations. one after the other.
are falling into the abyss of pov-
erty and privation created by the
war and by the nature of the peace.
IF the peoples are to be pre-
served from starvation, and civiliza-
ton from destruction, not a moment
must now be lost in making the
people aware of their great danger
and in assisting them to cooperate.
In order to overcome it, the world
must be animated by a new spirit
or perish"
Copyright. 1870. by Public Ledger Col