Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-11-17
Disarmament and Cotton

E<HEIIER 1eeung inspired by the arma-
ment conference in Washington" is
given as the principal cause for
| Mondays advance Of approximately four dol
| lars a bale in New York cotton futures.
| Frightened prospects for durable peace and
| for diverting to constructive ends some OF
the billions Of wealth now sunk in engines of
death registered Immediately on the mar
kets sensitive nerves. In the phrase of the
exchange it afforded the bulls" the oppor-
tunity they had been patiently awaiting, so
that 'the opening found values sevGnty-1ve
cents to one dollar bale above the last Sat-
urday.' Further, 1.-THE drive continued dur
ing early trading and prices were booste
nearly one hundred points, January touching
1892, March 1895, May 1886, July 1888,
and December 1910, the latter option show
ing a net gain of ninety-fve points, or four
dollars and half bale L is aoued that
although the expected profit-taking at the
crest of the advance, together with cover
ing by the big Short interest," caused the
wonted recession from top figures, 1.-The mar
ket retained it's strong undertone, and losses
amounted to only about one dollar bale.
If mere hope of armament reduction can
prove so effective, what will realization do!
Far more important than any reflex intiu-
ence upon markets will be the release OF
vast treasure for enterprise and production.
For the cost of one battleship ten universe
ties like Emory could be built. and endowed,
or comfortable homes constructed for more
than ten thousand families. OF the four-and-
a-half billion dollars spent by the American
Government last year, only one and three
tenths per cent went for the interests of edu
cation, scientific research, public health and
development, and less than eight per cent
for all purposes of peace. For war debts
and war preparations went ninety-two and
six-tenths per cent Of the billions which
American taxpayers poured into the national
till. To continue sinking these immense
sums, urgently needed for industry and bust
ness, in floating castles that produce moth
ing but rather incte to destruction, would
be madness, If by any means the nations
can agree to leave off. Leave off they must,
or face the alternative Of bankruptcy and
ruin. Well did Secretary Hughes declare at
the opening of the momentous conference
that whereas armament reduction once was
convenient or highly desrable,' it is now
"a matter Of vital necessity For, eff there
is to be economic rehabilitation, if the long
ings for reasonable progress are not to be
denied, if we are able to still the uprisings
of peoples made desperate in the desire to
shake off burdens no longer endurable, COM
petition in armament must STOP
If the Secretary's proposal to scrap ap-
proximately two billion tons of battle fleets
and proclaim a cessation Of navy building
for not less than ten years is accepted there
will be conserved for progress and prosperity
a fund of wealth and labor and thought
capable of Transforming the worlds eco
nomic self. Immediately the nations and
peoples of Europe and Asia would breathe
more freely, and soon their tax burdens
would tighten. Immediately the people of
America would sense the changed atmos-
phere, and soon their interest would feel
the enrichment. Conservative bankers have
estimated that a reduction of military and
naval expenditures by even one-haif "wou1l
set free probably not less than four thousand
million dollars annually fol trade, and tn.
credit speedily would revive with an increas-
ing sense Of security" Imagine the effect
on American export CONNIE ce-on cotton
and divers ether products of our fields and
factories. From countries that now buy mea-
gerly because armament bills keep their
purses bare, would come liberal orders; into
markets where now the tides of trade run
low and thin wou-l pour fresh vigor and op-
portunities uneyampled.
Material considerations alone should suf
flee to array the worlds common sense reso-
lutely behind the, forward thinking forces of
the Washington conference. There as in
every realm Of thought and endeavor, voices
of reaction doubtless will be heard. But let
them be marked for what they are, voices
of folly, voices of economic disaster and ruin
The forces of sound business, no less than
of humanity, should muster to disarmament
with determination that will not be denied.