The Lexington progress. (Lexington, Tenn.) 1884-current, 1921-12-02
DEFEAT OF THE
VERSAILLES TREATY.
BY JUDGE coRDELL HULL

A.
all time. The immediate appraise-
ment of the policies pursued by peo-
piles and governments in dealing with
the postwar problems of reconstruc-
ton, however, has become a matter Of
passing Importance, in view OF the
extremely unsatisfactory nature OF
the recent and present world political,
financial and economic conditions. The
masses in many MURAL countries and
in those countries participating in the
war which were helped economically
more than they were hurt as net re-
suit, are daily seeking the causes Of
the great sudden transition from a
condition of general prosperity at the
time of arnAistice was signed to one of
industrial depression and paralysis
eighteen months to three years later.
This state of anxious inquiry exists
throughout America to-day.
What were the principle underlying
causes Of the great business depres-
sion, far more destructive than any of
the past, which now grips the world
as in a vice?
Whose was the responsibility for
this awful castrophe, which entailed
losses only secondary to those of the
world war itself?k
Would the pursuit of wiser methods
and. somder policies since the armis-
tice, have avoided the world eeonom-
ie collapse in its chief efforts?
"One great truth proven by all hu-
manity experience rs that at the con-
clusion of any important war the ma
tions engaged have found it impera-
tively necessary to establish condi-
tons of peace as the first vital step
towards the restoration of normal po-
litical and economic conditions. What
then, were the economic consequences
of the refusal OF the United States
government to agree to peace terms
during 1919 and thereby to contribute
its fair share of moral and economic
cooperation towards the early estab-
lishment of domestic and world con-
ditions of peace? Facts and develop
ments to date clearly reveal the hos
tile conduct and attitude Of America
towards present and permanent peace
and hence towards any kind Of inter.
national cooperation during the
past two and one-haf years, as Of
fering the principal underlying cause
Of the economic plight in which this
country now finds itself.
Valaes Decline Forty Billion.
The most ignorant person will re-
call with certainty that, following the
armistice and until after the defeat Of
the Versailles treaty leading Ameri-
can bankers, business men and eco
nomists, everywhere directed atten-
ton to the great actual and potential
supplies Of foodstuffs, raw materials
and manufactures in the United
States, to their extreme scarcity in
other countries, to the demand that
would be made on American industry
for an indefinite time TO aid in the re-
construction and rehabilitation of Eu-
rope, to the dire need of that part of
the world for all the products and SER
vices America could spare; and those
noted economic authorities unquali-
fiedly predicted and proclaimed a
period of uninterrupted and unparalell-
ed prosperity for the American peo-
pie. 1t was only after the defeat of
the treaty, and Europe, as a result,
was seen to be slipping further to-
wards political and economic disaster,
that these men hurridly modified their
views.
Every person who knows that dur
ing the past six months the value of
form products suffered a sudden and
violent slump of 60 per cent; that
near 100000 persons are out of en-
ployment and that many more will be
in similar plight by March, 1922;
that our foreign trade has declined
$4,000, 000, 900 during the first eight
months of 1921; that our great mer-
chant marine is idle; that the num-
Der of commercial failures is vastly
increasing over those of past years;
that factories and mines are largely
shut down or running on partial time;
that slump in commodity and secur-
ity values of near 5000 ,000, 900 has
been experienced, and that, in brief,
the nation has suffered losses from
the present industrial panic as great
as those of any other three panics in
its entire history. The average Amer.
lean history knows and feels the ef-
fects of these physical facts and con-
ditions, whatever he may read or hear
to the contrary.
No Discussion Of Economic Phase.
The singular fact will be recalled
that the opponents of treaty ratifica-
ton, instead Of considering the eff.
fects Of the treaty failure upon the
future course of economic conditions
so vital to the welfare of the masses
avoided any discussion of that phase
In pitching their fight on racial and
religious grounds and prejudices, and
on the doctrine of political isola.
tion," they found themselves obliged
in order to carry out their controlling
purpose Of defeating the treaty at al
hazards, to couple the doctrine Of
economic isolation" with that of "po.
litical isolation"
Republican leaders were thus en-.
abled to ignore the vital problem Of
the economic welfare of every Amer
lean citizen and to dismiss the sub.
ject by proclaiming the false doctrine
that Americas sole concern was fol
her home industry and domestic com.
merce, and that her people could bes'
live and prosper within and among
themselves, They waived aside N
subject of our foreign finance anc
commerce with a contemptuous ges
ture and impatiently inquired, "Whai
cares America for foreign trade rela
tons, or any other kind Of foreign re
lations?" American business fact.
and conditions now can no longer b,
ignored.
II The American citizan a& n-...,.4 4.