The Washington herald., 1920-12-19
Nicholas Murray Butler
Sees Pyramiding Evil
In Plan.
EUROPE RESTORED !
is SOLE SOLUTION
Economic Machinery of
World Must Move, He
Declares.
BY SAMUEL W. BELL.

MARION. Ohio. Dec. Is.-Legislz-
tion designed to stabilize the price
Of farm products in the United
States or stave OF threatened tn-
dustriaI depression. is no more than
a -quack" remedy. DR.. Nicholas
Murray Butler. president Of colum-
bia University. today told President
elect Harding.
DR.. Butler, speaking as an expert
economist, professed to see only
sheer futility in the various propo-
sails TO lend the farmers money 70
hold their grain for. higher prices
and extend credits to manufactur-
ers to hoard their goods in hope Of
better markets. According 70 Dr.
Butler such a procedure amounts
merely to pyramiding Of commodi-
ties against certain day Of reck-
oning.
The solution for the American
producer, either agriculturist or
manufacturer, as DIR. Butler views
it, is in wider markets. He believes
that credits should go to the con-
sumers OF Europe to absorb Amerf-
.
piled at home for a temporary hold
ing campaign
Two Views ef One Problen-
Some persons" said DIR. Butler,
do not seem to realize that our
most important domestic problems
and our international problems are
two aspects Of one and ne same
thing. ouack remedies for IL dis
.
ers and manufacturers. will not
avail so long as the economic situa-
tion remains what Il is in Europe.
particularly in the countries of Gem
tral and Southeastern Europe
4 What ans the American farm
ers. cotton planters and merchants
cannot be remedied by acts Of Com
gress, but only by restoring Europe
I Europe cannot begin to buy
largely from ms until the present
( decentralization Of the exchanges a.
in part az least overcome. This
will depend upon such production
and thrift on the part Of the, Euro
pean peoples as will enable them to
g withdraw the excessive volume OF
paper money now in circulation and
| get back TO gold basis.
German Indemnity Is Issue
"Just at present everything waits
upon making definite the. burden to
be borne by Germany under the
terms of the peace treaty. So soon
as that amount is fixed. IL IL be an
amount which the German people
can by proper exertion and thrift
meet in a term Of years. then the
economic machinery of the world
will begin to move. and there will
be a fresh demand for American
wheat, pork, cotton and other raw
and manufactured products This
economic situation is controlling.
and no approach to the international
problem, which leaves Il out OF ac-
count. is likely 10 be successful
DIR. Butler, who belong TO the
group of Republicans commonly
known as "reservationists' on the
question of adoption Of the treaty
and covenant OF Versailles, was
here at the same time as Senator
James A Reed. OF Missouri. Demo
cratic bitter-ender on the league is
sue. The two men did not exchange
views. but both talked with the
President elect. and both expressed
the opinion. after their conferences
that senator Harding was on the
right track.
| HITTING May Make Announcement
| DR.. Butler went 30 far as 10 say
that the Preadent-elect might be
expected shortly TO make public the
] outline Of the general plan he has
in mind, a plan which. IL is believed.
will meet with the approval Of all
shades OF Republican opinion He
referred to Senator Harding's speech
of August IS. last, as expressing
the fundamentals
1t was significant that DR.. Butler
and Senator Reed both talked OF the
proposed world court and both ap-
A peared TO think that the successful
shaping Of any association or agree
J ment of nations In which the United
States might safely Join would en-
tail the recodifcation OF interna-
tional law. Senator Reed. whose
irreconcilability on the league ques-
4 ton has made him an outstanding
figure in his own party, caused con-
siderable surprise when he indi-
Gated that he was not opposed to an
association OF nations, provided
that association did not bind the
United States TO help enforce set
Elements.
senator New visits Marion.
Senator New, of Indiana, Repub-
hcAn. a close personal friend Of the
President-elect. and frequently sug-
gested for a Cabinet position. pos
sibly as Secretary OF War, arrived
In Marion today to remain over to-
morrow. He declined to discuss ap-
pointments and said he was here
solely to answer the questions Sena-
tor Harding might put to him.
There is nothing that / want
from the incoming administration.
except TO help in making. IL a. sue
cess" was the only comment Sens-
tor New would make when QuIzzeo
Regarding the cabinet
Discussing the proposed world
court and an approach to interns-
tional understanding by way OF
legal action. DR.. Butler said:
Il There are only two known forms
of international cooperation: The
political and the judicial. The iu-
dicial form is the form 20 which the
people of the United States are COM
mhted by tradition and by formal
acts. Unfortunately the influence OF
President, Wilson AZ the peace con-
ference was thrown against max
ing this form OF International co.
operation fundamentai, and IN fsyor