Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1920-04-23
J.. s. ALLY RAPED
BY D. F. HOUSTON
Secretary of Treasury Scores
Unnamed European Nation.
HEARERS THINK IT'S FRANCE
Declares 1t is "stiH Borrowing and
stupidity Crying for Eescue"-Ex-
poets High Prices for Years
Points to Civil War.


Chicago, April Without men
tioning the country by name. David F.
Houston. secretary of the treasury, in
an address given here under the au-
spices of the Chicago Association of
Commerce delivered a singing rebuke
TO one of the European allies of the
United States. inferred by his audi
ence as meaning France, for the atti-
tude that nation has taken toward its
largest creditor, the United States.
"0ne of the great nations of Eu-
rope" he said, which in the five
years since the war began has raised
less by taxation that Great Britain
and this country have raised in one
year, still is resorting to borrowing, is
stupidity saying the money isn't there
and is crying aloud to this country
for rescue, as if we would send good
money after bad-into the bottomless
pit"
Europe's salvation is in the hands
of Europe, she asserted. Countries
abroad must turn their hands to what
ever they can do and work out their
own end. And in that connection he
said NOT nation of Europe is in
worse plight than the Southern states
found themselves in after our Civil
war;
What Europe Expects.
simply because of what this coun-
try did during the war" Mr. Houston
asserted, some European nations
think we should solve all their finan-
cial problems now
I'VE have greatly aided Europe
since the war;" he continued. I'VE
have extended credits amounting to
S4,000000.000, but direct government
loans have ceased except so far as
commitments are concerned. It's TAX
ing many people abroad long time to
realize that fact"
How idle il is for anyone to say
that this nation can be in the world
and yet live apart from it, Mr.. Hous-
ton said at another point I'VE are
entangled and we win be more en-
tangled as the years go on. Our prob
lem is one, not Of preventing entangle-
ments that peace shah be preserved
and the horrors of war prevented. For
us today there is neither peace nor
the horrors of war;
Failure to Conclude Peace.
He ascribed much OF the present
unrest to failure promptly TO conclude
peace. Yet, he declared the burdens
would be heavy if we did have peace.
Europe is still fighting in places, is
not disarming, is not relieving herself
of the burdens Of ornaments, as we
had hoped she might" he went on.
ave have no trade connections with
the central powers and financial con-
nections Of the continental powers
show many tendencies toward unrest.
Imitation persists and extends
There is no cause for alarm in this
country. Mr. Houston contended, al
though the people have expended $685.
000,O00,000 since the war and there is
a S24,O000O0.O00 debt. the interest
charges Of which may approximate
the country's former national budget
Prices are abnormally, dangerously
high, he said hut they will eventually
come down. He made it plain they
will not come down overnight and
people must look that fact straight in
the face.
people in this country and Europe
have expected a miracle in that re-
gard" he said. Europe still seems TO
be expecting it-at least some OF the
nations do. 1t was Is years after the
Civil war, generation after the Ma
poleonic wars, before conditions began
to approximate normal"