The Birmingham age-herald., 1921-06-13
Country Must Line Up With
 Worlds Political Financial and Soc ial Affairs of Day
Decline of Foreign Money Blamed to German Purchase of Dollar Exchange, But Real Cause ls the Man
 ifest Poverty of Europe and Contnuance -4
 v of Coal Strike ..ss< s:fr
By THEODORE N. PRICE E tEedftox Commefce and F'tnances

Ia (tcdftor C0Enm mcfce amA F1naneos
 rf New York.D t.
 dcopyright. Theodore H. Price Pub , fishing Corporation. Is ExchanEe
 Place. New York)
 New York. Wine Sher 1t was so ob. June 5 was set aside as. disarrIia- ment Sunday at certain churches n New York. w neither 1t was go ,ob- served elsewhere r:do not know, but 1t Is worthy of note that in more than, one conservat.ve congregAtisa tn the city sermons that urged dis armaniert,. economy and An 'interaa- tional agreement to prevent war were heartily applauded or indorsed by a rising vote! X There arc those who may regard such demons,r,tlon as sentimentaI and without. econonic significance but I feel thst they, like tho decline in stock that .hss fol- lowed the recent. break in foreign exchanse., are important as fndica. ing that Americana are 'comins to \ re-appreciations Of the fact. that t,is country cannot divorce itself from a practical and affirmative interest in the worlds political, social and; fi- nanciai affairs. .'
 The story, of the weeks happening. in tie realm of bisiness3 is thus pre- faced because though one may pre- fer, to be optimistic. 1t would be fool ish to Ignore the apprehension that is coming to. be felt over tho disor- dered conditions exist abroad. These conditions have been brought forcibly to the attention of people on this side the Atlantic by a sharp de- cline in the value of drafts on Europe which carried sterling to l3.Cy x and has depressed other foreign bills d. most as much. E
 Export Trade Daffieuit
 This decline, which will oS courgs make export trade more difficult. Is attributed by tho newspapers to Ger man purchases of dollar exchange with which to meet reparation pay n1ents, but back of It is tho manifest poverty of Europe. tho continuAnce of tho coal strike in Engiand. tho strike In Lancashire as q result of which 5e0;oo0 cotton min operatives are idle. the, payment of une,npioy- ment "doles'. now amounting to ss.ooo. 900 a week and the unchecked extraysgance of the English gov ernment otherwise. the turbulence. in Ireland. the irritability of Franco, the prostration Of Austria and the fear that Germany Twili Twin the peacer through tho, industry of her people and willingness to woyk mt low wages. ,sAii' fthese things and many: others less i'm mportant taken G. sether have made 1t clear that tAe forces of ,civtlizatton must be scli1:- fled to meet the, strain and hsnce.it Is that a demand for 'sofne. sort. of world, union,e. in '..s sreeonstruction Is again being heard. .i s.
 Meantime British sco nsclss have so.A at 144N, which is .1dx of tho low rec ord of s43ss touched sihe. S29cand th5 London Economist says that there N a "business bediam" in England from which itsiss feared the govern ment may try tc. escape by Ire -infla- tior' .{.csts ,5.F
 But the. fall In the businsss sba- rometer here is not entirely Attribut- abie to thes area or low praseure In Europe for there is much concesn expressed at tho failure of Congress to cut down Appropriations and bn*i- ness man are becoming discouraged as the hope of reduced, taxes is e. ferred. From. the heAringssbefors the Senate committee. one is com peiled to conclude that there Is but little like- lihood that a sales tax will be adopted and meantime the "bonus bill'. which will make anew pond is- sue of 3a,o o0o,ooo.0o0 necessary $ being urged upon congressnnen. who are told that their politicAt futuro will be uncertain unless they vote for it. X :. ,s%
 Ms.ey Qaestisn }, < .4 r
 Just where all the money is to come from, no one ,knows:.@ Thirty six states have. already y6tedss 2 ifts to their soldiers a9EreGatipK. A27os- 0eo,o00 and tho ofrerinks of sstate T nh municipal bonds forsthS five :sionrhs ending May Fl, 1921, are,sthe largest on record being sssS,ooo. .deo as com