South Bend news-times. (South Bend, Ind.) 1913-1938, 1921-01-02

20 hlI the peoples or inc fal tl lfl
common or 90 the peoples in whose
lands they happen 90 I'' Sh3H the
-.-cs eaities Of life no matter whore
produced. De- thrown into common
pool 90 be administered and oppor-
r-oned Tor the good of All or left, as
they are now. 90 boo exploited hE
private ownership for the profit 90
the owner and the nation SGau
America and other new countries
which have vast lands and resources
assent To- "a doctrine that other less
favored nations must share IN this
good fortune
These questions are involved IN
new issue brought definitely before
the world as the result Of the Ge-
neva assembly OF the League OF Ma
tions The issue thus raised Will be
heard from many times in the fu-
ture. League or no League.
Il was based on the proposal TO
have the League create permau-
emit economic commission which
would meet every year to deal with
world problems OF trade and indus
try Sponsors for 10 were Belgium,
Switzerland and italy. but in the
background lurked others who were
powerful enough TO have the idea
adopted and brought TO the floor
with "a favorable committee report
Baked by Canadian Outburst.
only the dramatic Outburst against
European diplomacy by Newton W.
ROweu. the Canadian delegate, halt
cd the contamination of the scheme;
and the very vigor Of his action is
the best illustration Of the light
nings concealed in this issue.
The matter was left IN this form
The economic commission. together
with the financial and transportation
comm issiOns, We're created in a ten
tative form. They Will have only
consultative authority, not the real
authority given in the plan a. offer
ed. and can only recommend 10 the
next League assembly the policies
they think should be pursued in set
thing world problems. But they Will
have the power 10 examine into the
matter of pooling raw materials and
kindred topics.
Thus the nations which are seek
ing the pooling of the worlds
riches are placed in position 20 keep
up the agitation, and sooner or
later the question will have TO be
faced IL Will come with particular
emphasis before the United States.
for we are now the chief producer
of raw materials. we are constantly
reaching out 10 develop such re-
sources in other lands; and accord
ing to the extent OF our control OF
them will the agitation be directed
against us.
Old World Against New.
10 VIII be bitter struggle. which
before IL ends may bring some re-
markable changes i'm the politics and
even the map of the earth. II will
represent the stand OF the old
world against the submerCenCe with
which it is threatened by the amaz-
ing growth OF the new world. Eu-
ropes imperial powers fought their
devastating battles TO see which
should have the biggest share Of
the worlds riches. only 10 find In
the end that all had lost. While they
struggled and weakened each other,
the center of financial and economic
power at least temporarily shifted
20 the new world; and they knew
that unless something radical is
done to reverse this process the mill
itary power Will shift also.
European statesmdnship is accus-
toned to look at things as they are
and then take "a long look ahead. AS
IL does SO now here IS the state Of
things il sees:
Before the war. Europe took its
toll from practically all the wealth
of the world rs money had flowed
out into all the new countries for in
vestmeut and interest. and profits
flowed back. In particular il had
taken pains 10 control the raw ma
terials. Germany had brought this
scheme 90 such "a scientific pitch
that il agents in New York actually
fixed the prices OF American metals.
The whole world in fact was mort
gagged 10 Europe and had 20 cater
10 Europe's finanCiers as we'll as her
military power.
New World Buys Itself
During the war. and afterwards,
the new world bought itself back.
To get the money for the lighting
the European nations had TO turn
over 10 American and other capt.
alists the bonds and stocks they
held i'm Industries OF the countries
not at war When they had 10 buy
rood and materials for reconstruC-
zion the process was kept up. Last
month the editor of the Bankers
magazine OF London. A w Kiddy.
confessed i'm AN address 20 bankers.
that I'VE have comparatively little
IeIt i'm securities acceptable 10 the
American public which we could
dispose or"
With these resources exhausted,
Europ, has In turn been compelled
to- mortgage itself. IL owes almost
$4,000. 100000 TO the United States
government alone. It's debts TO the
other new countries are in proper
ton. while Lord knows what the
private debts now amount 10. For
eXampIc. with Britain the balance of
trade has run adversely almost 81
5oU.U00.0OO i'm the last year; which
OF course means that industries
which have been buying raw ma
tcrlals and the public itself have be-
come further involved.
This switch of financial power has
resulted iu a growth OF economic
the new resources 10 set up great in
power iva the new world. Not only
America bur all the other countries
producing raw materials. have used
dustrial machines OF their own. IL Is
necessary now TO send fewer of the