Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-10-22
4 Business Body's V;e1u of
the Armament Conference

THERE has been no more significant or
impressive utterance on the subject of
armament restriction than the resolu-
ton of the San Francisco Chamber of Com
merce Voicing the best business thought, as
we'll as the prevailing sentiment Of the
Pacific coast. whose interest in national de-
tense is assuredly as vigilant that of any
other American region, this representative
body attributes 'the decline Of our foreign
trade and the reduced domestic consumption
Of manufactures to excessive taxation and to
the exhaustion of capital and credit" which
problems are closely inter-knit with the en-
lettering cost OF maintaining vast war ma
chimes. Further,
''It places a hope of substantial and
worldwide recovery upon the success Of
the Conference for the Limitation OF
Armaments and urges the Administra-
ton to use every effort to bring about
drastic reduction Of naval and military
expenditure, so that all countries and all
classes may be relieved of a staggering
burden which threatens some with in
solvency and confiscation and all with
trade stagnation and unemployment.
This is the conviction, be 1t observed, not
of idealistic crusaders. but Of matter-of-fact
men of business. Nor do the hardship and
peril from which they seek relief concern
one land or one group alone, but "all coun-
tries and all classes" American, Briton.
Japanese, capitalist, wage-earner, salaried
man, farmer, manufacturer, merchant-au
have vital stake in the endeavor to reduce
the gigantic drain of war taxes upon the
common sources of livelihood and prosperity
When Adam Smith nearly century and
half ago, our republic being then unborn,
warned against the progress Of the enor.
nous debts which Cypress and which will in
the long run probably ruin all the nations Of
Europe" Great Britain owed approximately
six hundred and twenty-five million dollars.
Today her national debt is about thirty-seven
billion five hundred million dollars. This Is
fairly illustrative of world trend which
must be checked, If not by the reasonable CO.
operation of thinking peoples, then by all
engulfing bankruptcy and woe. In 1914 the
debts of the principal nations aggregated
thirty-five billion sixty-nine million dollars,
today they aggregate two hundred and nine
ty-three billion six hundred and fifty-one
million dollars. 1t takes almost twelve bill
lions year to pay interest charge, alone.
Translated into terms Of daily human life
these figures reveal their true and dreadful
portent. They mean That II the burden con-
tinues to increase and the productive ener-
gies OF men continue to be consumed by In
struments OF destruction, there must be a
worldwide economic breakdown. The per
capita debt Of France Is now $1,218.10; with
an annual charge of $47.76. On basis of
five members to the average family. each
French household, a careful economist tells
us. sis obligated for a principal debt OF $6,-
090.50, which is far more than the average
wealth" To pay its part OF the interest
alone each must produce some two hundred
and thirty-nint dollars year. In most
other European countries the per capita debt
Is less than this. but in none Of them Is 1t less
than staggering to the producing power Of
the rank and file
AS for America. while her per capita debt
is something less than two hundred and
twenty-five dollars. her every, material In
terest feels the pressure and piLch Cf world
conditions. Truly does the Frisco Cham
Der Of Commerce declare that in this coun-
try heavy taxation, for unproductive pur-
poses has begun to restrict consumption"
the people 7oending less because the tax
gatherer is taking more Nor are these
watchful merchants unmindful that our ex-
ports which In 1920 were valued at approx
mately eight thousand million dollars. when
more thar half of them went to Europe, are
rapidly shrinking. The worlds capacity to
buy American products is seriously curtailed
by the all-devouring expense Of huge arma-
ments Great though our nations resources
and, as compared with others. light though
our debt, we can not expect a prosperous
trade IL those to whom We must look for oul
Chief markets are too impoverished 90 buy.
Not until the armament burden is sub
stantially diminished" contend the merchants
Of San Francisco, can the cloud of 4epres-
sion be expected to lift and vanish. "For IL
lustrat1on, they say, "a reduction Of mill
tary and naval expenditures by even one-haIf
would set free probably not less than four
thousand million dollars annually for trade,
and credit would speedily revive with an in
creasfng sense Of security But, eff the arm
ament rivalry continues, further con1scation
of wealth is inevitable; and the victors will
share the financial ruin of the vanquished."
Wherefore. business men everywhere are
urged ito move now to assure President
Harding OF their support in his great effort
to relieve the world Of staggering burdens
and to enforce salutary economy for the ben
eft OF the people"
The business leadership OF Britain and
Japan. 1t should be observed. have already
assured their respective Governments OF sup
port In this move toward peaceful retrench-
ment, awhile the masses of ali Europe i'm
plore that 1t may be brought speedily to pass
America, to whom the world looks for initia-
tive in this critical hour, must not fail. Her
own most practical interests, as well as duty
to humankind, &c her muster to the forth
coming armament conference the full lnf1u-
ence OF the richest strongest safest and least
encountered nation of the times In lifting
its potent voice to that end the San Francisco
Chamber Of Commerce has set a wise and
patriotic example which bushes and civic
bodies the country over will do we'll to emu
late.