Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-10-18
EUROPEAN CIVILIZATION
SLOWLY D|s|NTEGRATINC
UNLESS Political and Financial
- Evils Are Corrected Crash
VIII Follow.
ECONOMIC METHODS DENOUNCED
minneapolis Banker, Homo, From Two
Months Survey of Conditions
Abroad. Outlines Measures Ncces-
Asa~nry, In His opinion. to End Chnos,
IRy United News. |

.,.ss-s IBy United News.l
rets1NEW YORK. Oct. 17.-viBorous
denunciations OF the economic
methods Of European countries since
tho war. and Il warning that, unless
determined steps ere taken at once
TO correct tho evils which are leading
to political and financial disintegra-
ton. Europe will suffer the worst
crash in history. were voiced by John
Il. Sinclair. Minneapolis banker,
who has returned on tho Baltic, after
two months study OF conditions
abroad
European civilization is slowly
disntcerating," he declared. There
are no forces now ut work strong
enough TO resist, 1t is heading
straight for smash. Mob-orators,
who. during the past seven years,
have uscd their powers to fan the
base pass ons Of envy, fear and hate,
nrc reapinE the harvest. Possibly
its civilization might linrer. or even
survive, if certain bold measures
were undertaken, under the leader
ship OF determined men,
Measures 10 End Chnos.
Sinclair outlined the measures
necessary. in his opinion, to end the
CH1cS. as icIIoWS:
a vigorous policy to stop currency
imitation. Government receipts and
expenditures must he made to bal
nncc, even At the expense OF Curtaii-
ing many governmental enterprises
No government in Europe is meeting
this condition today. Frances pro-
posed budget for 1922. just announced
does not balanne by 100000 900
Without II correction of this element
l.. f,stz I.
Europe. for imitation will, of itself,
bring on tho smash.
All German indemnity payments.
including interest and principal.
amounting TO approximately .ona,-
100000 gold marks annually, should
be Cancelled, or. at least, suspended,
for II period OF years. This would
result in incalculable benefit, more
even to the allies than to Germany.
Resume Russian Trade Relations.
Trade relations with Russia should
be resumed Europe necds-and must
have, TO live-the raw materials OF
Russia. She cannot long continue to
purchase. with her fast-depreciating
currency, from the high priced cur
rency countries.
y ruthless cutting down of armies
and navies. These colossal fear
insurance expenses have, in them
selves the elements of their own de-
str'action, from the standpoint OF uni
versal necessity. Europe needs dis
armament far more than the cham
pions ut the Washington conference
Will ever dare admit.
II these steps. soon undertaken,
arrest further economic deteriora-
ton, then necessary measures can be
undertaken. such as the calling of n
worlds economic congress, to ayrcc
on 81 policy OF fixing price parity in
tho different countries, thereby
greatly encouraging international
trade: establishing n series OF barter
clearing houses among the nations OF
Central Europe. whose economic and
social conditions are the worst, and
arranging the machinery for credit
facilities and guarantees on scale
sufficiently comprehensive To meet
The needs.
.Eut II vigorous craftsmanship does
nat soon assert itself-and that OF
ri1c United states should he included
Europe will sink down into the
depths. her surplus population will
pass off into memory ana she will
begin again tho a Il c of the human
struggle