New-York tribune., 1920-10-24


the candidate did not respond AS
seon IS the act ended the party hur-
Ste6ly left the theater, after standing
while the orchestra played The star
Spangled Banner"
Governor Cox's Speech
Governor Cox's speech as prepared
for publication follows, in part:
Since my last visit to New York
have been in most of the states of the
Union, preaching the gospel of peace
and Of progress and Of prosperity.
want to tell you about some of the
things that I have seen and that
have learned by actual contact. | want
you to know Of the reawakening Of the
American conscience and the desire Of
t.e people for permanent peace and
for the establishment of stable condi-
tions and the renewal Of prosperity
want to impress upon you the condi-
tion IN which 7 find business of all
kinds everywhere | GO, of the decline
N prices, of the loss to agriculture.
OF the depression in industry and Of
the very potential decrease in the need
for labor.
I'VE should not now have to be deal
ing with a question Of our entrance
into the league. This matter should
have been disposed of months and
months ago. But for the partisan plot
America would now be riding on full
tide Of prosperity to which she is enti-
tied. and which ought to be hers for
years to come. AS matters stand there
can be no reconstruction undertake n.
There can be no recstablishment of
stability of business conditions until a
decision is made, and made right. And
this decision will be made at the
earliest day poss BILE after my election
and inauguration as your President
"The base conspiracy hatched in the
United States Senate to defeat the
cause OF world peace has created a con-
dltion from which we will not recover
for months, and | make the prediction
definitely and in this presence that un-
less. within year. we have entered the
League of Nations of the world there
will be the most serious depression the
country has ever witnessed. Anne rica
has become great nation by virtue OF
her wonderful resources and her trade
with the other nations of the earth
That trade has been more than mere
exchange. and, as result, We have be-
come the leading financial nation of
the universe. But trade is disappear
ing;
than we consume and use. Our sur
PAuS iIuSt De GlSpOSeu OF III tNe main
across the seas, largely in Europe, and
II Is the sale Of this surplus which has
made America a prosperous nation. But
the nations of Europe cannot buy from
us without credit and unless they can
show some evidence of paying their
national debts they cannot obtain
credit, and they cannot pay their ma
tional debts so long as they must main
tain large navies and large standing
armies. The international agencies Of
credit will not loan them money until
they stop wasting their resources in
the agencies of war and turn instead
They cannot stop building armaments
unless America stops, and America
cannot and should not stop unless the
other nations OF the world stop, and
none Of them can stop unless we all
stop together, and the way to stop is
provided by entrance together into the
League of Nations of the world, now a
going concern with forty-three member
nations. 1t is incomplete without Amer
lea; America IS helpless without it.
"The American public does not real
ize the enormous power the present
American economic position gives this
country in dealing with European ma
tions. Our balance Of trade is now
normally one billion dollars in our
favor. On the money lent to Europe
by the American government and pri-
vatc bankers an interest charge Of six
hundred million dollars is due an
nually. A total of one billion six hun
dred millions annually can thus be col
lected in gold But the world outside
of the United States produces only
about two hundred and forty millions
of gold a year. If. therefore, we call
for what is due we can break every
bank in Europe This financial power
of credit makes us the master of the
rest of the world. We can abuse it or
use it wisely in reconstructlng the
business Of the world. In the League
Of Nations we could organize the busi-
ness of reconstruction on basis Of
mutual confidence, controlling and
leading in the spirit of big Americans.
Europe is a bankrupt, appealing to us
60 take a receivership over its affairs.
If we go into the league our financial
power will guarantee that we shall
never have to send an American army
to fight in Europe. If we meet the op-
lortunity that calls us we can writc
the word American ac' oss the page of
twentieth century history in letters OF
light.
Would Compromise on League
at is going to be necessary TO make
SOiue compromise 10 secure Citt tS-
sired end, and that | am willing to do.
I am for the ratification of the league
with reservations. and have so stated
my position in every speech made from
the Atlantic to the Pacific ! viii ac-
cept reservations that are helpful, that
will clarity, that will reassure our
own people and that Will make clear
70 our associates in the league the
limitations of our Constitution, be-
yond which we cannot go, among which
are the Hitchcock reservations, includ-
Ing this in reference to Article X:
That the advice, mentioned in Article
x OF the covenant of the league, which
the council may give to the member
nations. as to the employment Of their
naval and military forces, is merely
"advice" which each member nation is
free to accept or reject, according to
the conscience and judgment of its
then existing government and in the
United states this advice can onlv be
accepted by action cf the CONGRESS- at
the time in being. Congress alone.
under the Constitution of the United
States, having the power IA dociora
war '"'
az will sit down at table with the
members OF the United States SerAto
ana VIII say: Gentlemen, there has
been enough discussion there has been
enough conversation, the election has
brought forth a mandate Il is time
Tor action And from my experience
as a legislator and as an executive. I
am confident that we will have action.
NO suggestion from whatever
source will be rejected. so long as that