The New York herald., 1921-03-06
IN CONFERENCE AWAITS HARDING'S POLICY

sometimes retires, but never disappears,
which advances keeping time with despair
and retires only when hope for the moment
returns to the suffering masses between the
Beresna and the Rhine.
At best actual recovery in Europe must
now be a matter of years. We have all of us
passed beyond that brief hour of easy opti-
mism when 1t seemed as if the cessation of
artillery fire on the western front restored
automatically that world which had existed
on August /, 1914 The actual injury done
to the whole structure of European civlza-
ton, to the economic system of the world
entire has month by month been revealed
more clearly. And as we have seen disclosed
the extent of the injury we have been forced
to recognize the amount of labor necessary
to rebuild. Yet to the present hour the main
task of rebuilding has waited upon the
actual liquidation of the war itself. And as
the world has waited, disintegration has ad-
vanced. So now come to what may well
prove one of the great crises in all of human
history the hour in which it must be de-
cided whether European civilization can save
itself, even with American aid. or, lacking
that will be whired still further downward
toward a ruin which has no parallel since
the days Of Rome itself
Before this article reaches my readers
they will probably have had some clear evil
dence from the London conference as to
the likelihood of an immediate freak AL
prophecy is therefore idle. Yet 1t is essential
to perceive that, even if break be avoided
the explanation must be sought rather In
the delay agreed upon to give a new Ameri-
can Administration opportunity to show its
hand than in any new circumstance in the
European situation itself. If, in spite of this
consideration the break does come and the
troops set in motion, we shall be in the
presence of what may prove still another
war and, at best must prove one more
dangerous postponement of the task of
reconstruction.
Consequences to United States
Considerable in Either Case
In either case the consequences in the
United States must be considerable. Our
own economic and industrial restoration re-
mains contingent upon European progress
toward order. Henceforth, in my Judgment,
nothing but the hope and assurance Of
powerful and intelligent American economic
cooperation can avert a new and vastly
greater catastrophe in Europe. Moreover,
nothing but the prevention of that catas-
trdphe can spare the American people from
a long period of economic and industrial
depression, incident both to the closing of
the European markets and the visible de-
struction of the values represented in our
enormous loans to Europe
1t Is almost seven years ago since the
American people noted in the headlines of a
few brief editions of their newspapers the
fact of the assassination of an Austrian
Archduke in Serajevo. Forgotten almost a.
soon as read, this announcement carried
with it the advance notice of the utter trans
formation of the relations of our country to
the whole world. In reality, from that mo-
ment to the present our own fortunes have
been locked UP with those of Europe. Our
safety. the protection Of our rights, led us to
Europe and to war, but. the war over, we
have not resumed our freedom. European
events still weigh upon us. the prosperity Of
the West and South remains measuraby
contingent upon decisions taken in Europe.
and Europe, on the verge of decisions which
have infinite importance for us, now waits
briefly upon the statement of American
policy This Is to-day.
Copyright. 1921. by the Mcclure Newspaper
Syndicate.