New-York tribune., 1920-10-24

economist, every statesman Of whatever
party. every business man, could fore
see the results that time has now made
evident"
Turning his attention to big busi-
ness, Governor Cox said:
Big business has not been affected
by the depression for the reason that
Germs. have been able to extend their
own credits in order to promote the
sale of their own goods. They have
taken their payment in European bank
credits or exchanges, which can be con-
verted into money only at a prohib-
tive rate of tax. In this connection
i; is interesting to note that we'll
known economist has recently published
Ii statement that the growth of the
unfunded debt of Europe to the United
States from January l, 1919, to Sep
tember IS, 1920, amounted to S3772,-
500 600, of which the greater portion i
due to exporters compelled to call upon
domestic banks to supply them with
the necessary credits for conducting
business.
'The extension of these credits as
banking transactions is responsible for
the high rates of interest and stringent
local credit conditions. The large man
ufacturers and exporters have realized
that to cover the risk in the present
circumstances of European credit they
must buy raw material as CheaDlV as
possible and charge high prices for
goods sold at home as we'll as abroad
so that under existing conditions, with
out any appreciable relief to the con-
sumer, the farmers of America and the
small manufacturers find them selves in
the unhappy condition Of facing a linn
tied market at unremuneratiVe prices
or else having no market at all for
their products.'
Toward the end of his speech Gov
ernor Cox was more or less apologize
for occupying so much time in discuss
ing the material reasons why the league
should be adopted. He declared that
the league ought TO be considered only
from the standpoint of humanity.
Charges Partisanship
"Partisanship alone wrecked the
treaty in the Senate and made of it q
political ISSUE" he continued. II be-
lieve it is not improper to state that
review Of my stewardship IN Ohio
will show that partisanship has never
blinded me to issues that trans
cended party lines. AS an executive of
Sfne experience, as result Of hnowl-
edge gained as a member Of the Ap-
preparations Committee in Congress
and as business man who has spent
days and nights to make the ledger
balance, am keenly aware of the ne
cessity to improve and modernize the
executive machinery of our Federal
government and to bring into contact
the best brains and experience America
contains. believe in team work.
recognize the evils that have come
through bitter partisanship accentuate:
by the Senatorial conspiracy to defea.
the treaty. Ny effort. therefore, viii
be to overcome this condition, and !
shall not hesitate to cail cn any man
be he Democrat or Republican, inde-
pendent or Progressive, who can serve
his country IN this time of distress.
"Amerlca has been thrown into the
worlds economic whirlpool and has
been held there while conspirat }rs
worked their will Tor partisan adj
antage We have had enough Of this
condition. pledge myself to pue the
interests OF America and of humanity
above those Of party in the solution
q this vital problem. 1t is my convic-
;ion that Americas successful future
oepends upon entrance into the League
# Nations at the earliest possible mo-
n.ent