Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-12-12
HAS OPTIMISTIC VIEW
Of EUROPEAN ECONOMY
Hoover Declares Recovery Is
Difficult, but Is Making
Good Progress.
FINDS ONLY ONE FAULT
FINDS ONLY ONE FAULT
Asserts Government Finance IN Field
OF Continuous Degeneration and tx
= Causing Commerce or Whole world
TO Suffer.
tBy Associated Pressl

WASHINGToE. Dec. 1.-THE eco
nomic recovery of Europe. while
necessarily slow and difficult. liz max
ing substantial progress. Secretary
Hoover declared in q review OF in
'ernational trade conditions made
public here tonight The situation
Contains great dangers" he said.
but is mot at all as gloomy as some
statements would make II appear"
"A survey OF European conditions,
he said. will show that the dangcr.
OF Bolshcvism Is past" partly through
improved standards OF life and
partly through the salutary lesson
to Russia
Whole World suffers.
The "onc field OF continuous de-
generation" he declared TO he that
of government finance. citing AS fac
tors "unbalanccd budgets and conse-
qucnt currency initiation" The COM
merce OF the whole world, the sec
rotary said. suffers from this failure
in government finance. and unless
remedies arc found the great recu-
peration affected In social. political.
Industrial. agricultural and CONNER
ciai life will be endangered.
The most dangerous OF the un-
balanced initiation situations. Mr..
Hoover said, is Germany. whose case
depends upon the method and VOL
rme OF reparation payments"
No Right To Interfere.
AS the United States does not
participate either IN Its control or In
IT'S receipts" he added. we have no
voice or right to interfere. 1t Is
earnestly TO be hoped that tho pres
ent negotiations upon rcparations
may succeed ia findIn., n sound basis
mat VIII secure permanent economic
and political stability 10 Germany
and certainty o. regular payment to
the allies. With this effected the
way Is open for constructive con-
sidcration OF the situations in other
states. The American people have
never been and will not be remiss
In participation in these further
measures, but our people cannot sue
c"ssfully enter until those who have
control OF the separations have set
tied this major issue upon so sound
an economic basis that we can look
upon the future OF Europe with con-
fidencc.
0utIoois Encouraging.
Outside of the government fl
nance OF limited number of states,
the outlook is very encouraging.
Democratic institutions are gaining
strength among the 100000 people
formerly supporting autocracies. In
Russia itself extreme communism
is slowly boiling to death in n cald-
ron of starvation and it's leaders
freely acknowledge its failure
I'm the fisi of international polit-
zeal relations. aside from conflict in
Turkey, war has ceased and treaties
of peace are effective throughout the
world. Russia no longer threatens
any serious military offensive. There
are bright prospects OF limitation in
naval armament. Agreed limitations
in land ornaments arc tnot very
hopeful. but the economic pressure
of taxes and unbalanced budgets is
slowly disarminG Europe, and 1t will
disarm more OF them yet The num-
Der OF men under arms has decreased
by fully million In the past twelve
months:
I'm the field of economic life, the
progress of agricultural and indus
trial production year by year since
the war Is very marked. Famine has
disappeared from Europe except in
Russia. Generally. there is progress,
and the problems yet to be solved
are being steadily narrowed and
their solutions better understood"