Evening journal., 1921-11-26
SeTDefense Calls for Action
By James Simpson, vceesdent of Marshall Field Company

In Europe is economic and finan-l
cial chaos. Unless something is
promptly done to avert the disaster
increasing rapidity it will spread
from one country to another until
we are all involved in the mael-
strom.
The leading minds OF Europe while
recognizing disaster are looking as
through a fog and know not which
way to turn. They feel that their
only hope lies in America assuming
leadership in the restoration OF an
orderly state of affairs as between
nations.
You may say what care we7 Per-
haps we do not and thus far I must
confess It appears we either do not
care or do not appreciate the conse-
ouences that will inevitably result
to our own country II we continue
our indifferences to European condi-
tions. Let there be no mistake. No
country can save Europe but our
own.
Economic and financial questions
should be considered simultaneously
with disarmament discussions. They
are so closely allied they cannot be
separated. If we stand ready to give
Europe voluntarily the immediate
financial relief that later we will be
compelled to accord we can obtain
the support Of European powers for
those principles OF disarmament
which we believe to be in the best
interest OF the world
II we are prepared to lose every
advantage gained by the war, " we
are prepared to incur the cnmi.y and
hatred of the world, II we are pre-
pared 10 lose the markets OF .he
world for the sale OF our raw mate
rials-grain. cotton, steel, etcetera,
II we are prepared to build n stone
wall around ourselves, we are pur-
suing the right course But II we
desire to live at peace and fellowship
with the world and develop our
finest and best possibilities as a ma
ton we had better take strict ac-
count or ourselves.
II we aspire 10 a place as a leader
OF nations, the obvious question fol-
lows, what can we do? First OF all,
think Congress- II It has not al
ready done so, should confer upon
our President or Secretary OF the
Treasury unlimited power to act
with respect to moneys owing us by
other countries Power TO act is inn
portant because quick action is so
vitality necessary.
There should follow Immediately
conferences with our allies after
which neutral countries and perhaps
Germany should Join. Out OF such
conferences viii surely come a pan
to stabilize the exchanges OF The
world, without which enduring COM
mereial intercourse between nations
is not possible
II is a mistaken impression that
Germany is deliberately creating a
condition OF bankruptcy In order TO
obtain modification OF reparation
terms. So long as present condi-
tons exist she is helpless and must
continue working her PRINTING
presses overtime turning out money
until total financial collapse comes
And that will be in the near future
SO Tar as Germany alone can ac
two courses only are opened; one [,
continue as at present, in whicl
event financial collapse Is certain
such collapse will probably be fol
lowed by revolution.
The other course. the most llkel,
one for Germany to pursue. Is foi
her to decline TO continue repara.
ton payments. Then occupatior
would probably Immediately follow
Occupation means Industrial stagna
ton and probably, finally a repeti-
tion OF what has happened in Rus
sia.
Germany must have a breathing
spell to get herself in order. II may
take from one to two years. during
which time she could organize her
self to pay reparation OF not to ex-
coed IL billion gold marks per
year as against the - at present
demanded. She could raise perhaps
one-haf OF this amount by a tax on
: her exports which at the highest
point before the war reached 10 bill
g lion gold marks. This i-2 billion
marks per year should continue for
as many years as necessary to pax
the fun amount finally determined
upon as financial reparation. II Ger
Il many enjoys unexpected prosperit,
and her exports should exceed eigh
billion gold marks in any one year
she should be compelled to pay per
haps 20 to 25 per cent. OF such eS
a cess on account OF her indebtedness
for reparation.
think the leading minds in Grea
Britain have a keener appreciatio
OF the necessities OF the situauo
than elsewhere. think Englan
stands ready to bear its share of th
n burden in extending necessary fin
ancial relief to the world. But EN-
T. land Is not in a position to take n