New-York tribune., 1921-12-13

to be passed soon . measure which Will
give tho Secretary Of the Treasury
power to fund tho Allied debt, but al
ready discussion of the subject has
disclosed the fact that the present
temper on Capitol Hill Is totally hostile
to any CONCESSIONS to Europe. Con-
gress intends to grant the permission
which the President has asked for the
Secretary Of the Treasury, but 1t is go
ing to grant tho permission in a very
grudging spirit and 1t is going to hedge
the concession around with conditions
which will make 1t impossible for the
provide u method of payment. Indeed,
it is even going to insist upon s per
cent rate of interest:
Such being the situation and such
being the political temper in this
country-and no one can doubt but
that the Congress Is supported by the
mass Of the American peoplc--it is
obvious that any executive action look
ing to an economic conference in
Washington would provoke suspicion
and invite criticism. 1t might even do
more. 1t might compromise those de-
cisions Of the present Washington
conference which must be referred to
the Senate and, although certain to
to get final assent.
Position of United States Made Clear
In certain sense refusal to partici-
pate in an economic conference fol-
lowed by rather unyielding action in
the matter of the Allied debts by Con-
gress will amount to serving notice on
Europe chat the United States does
not mean to be drawn into any dis
on inn <,f al
to be prevailed upon to make any fur
ther concessions or show .any further
tenderness toward debtors while
Europe itself continues to follow
course which seems to most Americans
to approximate suicide.
One effect Of the recent agreement
among tho four great powers in the
Pacific, to be taken, together with the
prospect Of further agreements of the
same sort, including all nations with
interest in the Pacific, necessarily will
be the extension of the idea in this
country that method has been found
by which peace can be maintained, war
avoided and legitimate economic and
commercial interests protected. Be-
yond all question, as consequence of
what was done last Saturday and will
be done in succeeding days, Americans
are going to believe in increasing num-
bcrs that Europe can apply the same
methods if it chooses, and that until
it does the United States had better
abstain from all economic entangle-
ments in Europe and insist upon full
fillment by European nations of oblga-
tions which have been duly recognized
by all concerned.
Plea of Europe Persistent
There has been and there Is bound
to be enormous pressure cxerted upon
the President and his advisers to take
some steps now to assist in preventing
that financial collapse which for q long
time has threatened Europe. Appeals
to the United States to join in a move
ment to stabilize exchange, to restore
credit, to extend new loans, have been
coming from Europe very steadily in
recent months. Among the foreign Wis
ltors here, statesmen and journalists
al ke, there has been steady expression
Of hope that the United States would
take q hand, and in recent days there
has been a pretty generally circulated
rumor that the President was going to
irgton when the present arms confer
ence was over. Even more general has
been the report that America was to
share in some economic and financial
conference to be called at European
capital, possibly Brussels, some time
between January and April.
That such conference will be held
and must be held remains fairly clear.
The German default, which has just
been announced, and the conference be-
tween BRAND and Lloyd George, which
is also in the days news supply, are
signs which are readily interpreted
here: What is lacking, however, is any
suggestion that there has been any
basis of agreement between France and
Britain on the whole subject of repara-
tions, and pending such an agreement
and effective application of this ag1 ee-
ment, indeed pending a reasonable and
sane agreement among Germany,
Britain and France upon the whole
reparations matter, the United States
government seems to have reached
final decision to keep away from any
conference.
Copyright. 1921. by the Mcclure News
paper Syndicate.>