New-York tribune., 1920-10-19
Cox Predicts
Dollar Wheat
And Calamity
Unless America Joins League
Within a Year There Will
BE No Profits Made by
This Nation, He Asserts
Warns of Trade Slump
Says u. S. Must Have Guar
antics From Europe and
Put End to Armaments
Special Dispatch to The Tribune.


SYRACUSE, Oct. 18. Governor
James NJ. Cox opened his Eastern cam
paign with two addresses here To-day
the league being the subject of one and
Americanism Of the other.
His message to Eastern business and
financial. interests was that they want
the League of Nations and that their
hope of prosperity lies in it's adoption
"Get into the league" he told non
partisan gathering at breakfast given
in his honor at the Chamber of Com
merce just after his arrival
"You may believe that the excess
profits tax should be repealed" he
said. eve are in perfect agreement
1t should be repealed. 1t served a pur-
pose in the war, but it is outworn. But
let me tell you that unless America is
in the League of Nations a year from
now you will not care whether there
rs an excess profits tax or not. Re-
member my prediction, for unless
America is in the league there will be
no excess profits, no profits at all. II
we are to pursue such isolation we
must reduce our production to our con-
sumption needs. Dollar wnear is com.
ing. There is business recession al
hand, more pronounced than that o1
the present.
Drop in European Trade
Business and the league are very
much interrelated. America is grown
great as nation by ingenuity, enabling
high production, and by sale of surplus
production to other lands. Europe is
buying less. Europe VIII buy less in
November, and still less in December.
"Any banker. anywhere will tell you
that there is nothing more essential
than some guaranty that the nations of
Europe will pay their national debts
This they cannot be warranted to do
unless we all disarm together and re-
move the crushing weight of armament
costs. We cannot and should not stop
building up armament until Europe
stops. We cannot stop unless Europe
and Japan stop. They will not stop
without us.
This subject of the league has pos
sessed my very heart. After talking
with Ambassador Davis-aftcr talking
with man who has just spent almost
year in Germany-I believe all Eu-
rope must be rehabilitated
"Credit is the first necessity. Any
banker, at least any Ohio banker I
know, will refuse you further credit
unless he knows you are in a position
to pay what you owe already. The same
idea applies to nations. International
credit relations, international exchange,
must be stabilized. There must be a
concerted international impulse to pro-
duce such an unprecedented interna-
tional enterprise"
At the Wieting Opera House in his
SECOND address Governor Cox said;
"A national policy Of isolation and
seltishness will not make America first
throughout the world Americaniza-
tlon is but another word for national
construction. Americanization is not
seltishness. 1t means that we so love
the freedom Of America that whenever
in the whole world the name of Amer
lea is mentioned it shall mean honor,
loyalty, progress, humanity and peace
TO shout America first and then oppose
making America first is to turn our
backs on progress and on the ideals
which the trainers of our great Con-
stitution wove into the soul Of Amer
ica."
School Teachers Praised
Governor Cox praised the work of
school teachers and said that they were
entitled to more substantial recogni-
ton by state and nation.
"The Forthcoming campaign" the
Governor said, carries with It special
significance in that it comes at time
when the eyes of the world are upon
Amo rica for leadership. The decision
m q de will reCictor AY,7ar;cat- r,lo 90