The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-10-07

by experiences OF the past, he was
confident a correct solution would
be found
This Is not by any means the
tlrW time that economists have
proved that war could not he paid
TOR, he said. But the predictions
nave never heretofore come true; on
the contrary. IL Is strange testi-
mony OF history that after the period
OF recuperation. longer or shorter
as the case might be, even the
bolligcrent nations turned out to
have become richer and economl-
cally more powerful than ever be-
fore, the worlds trade larger than
ever before and prosperity and ac-
cumulated wealth greater than ever
before. In this | am not giving
theories or arguments but we'll
known facts with which every one
Is familiar. He added:
These older prophecies Of per-
manent economic ruin rested on two
fallacios-first that trade could re-
main permanently in a state Of
p;R lvsis when one community was
alHo 10 produce something which an
other community wished to pur-
chase; second. that neither interest
nor principal could ever be paid on
an unprccedcntedly large war debt
because the taxes and revenues OF
the pre-war period have been insult
flcient to pay it.
England was declared to be on
the road TO ruin half a dozen times
/ during the century OF costly wars.
which ended with the battle OF
/ Waterloo and which raised the
| British public debt from ESQ, 900, 900
| to $500, 100000 Franco was de-
| clared economically ruined three
/ times within two centuries. She had
| not only been depleted Of men and
! treasure by the disastrous cam
/ paiEns OF Louis XIV. OF Napoleon
/ and of the Franco-Prussian war but
| on all three occasions she lost, like
Germany great portions OF her ma
| tional domain France paid so
/ called impossible indemnities Her
/ history after 1920 and 1915 and
| 1871 is an open hook Nobody in
/ 1861 would have admitted that the
/ American people, without impover-
/ ishing themselves could have paid
after the war aggregate annual
| taxes - times greater than then
borne. But the American people
/ did 1t.
Remember "Black Friday"
-Four gears after the surrender OF
Lee" said Mr.. Noyes, the American
dollar was openly quoted at a de.
probation OF - per cent greater
than in April, 1865, and a wild
speculation for the fail inkhe dollar
and for the rise In everything else
/ exactly similar TO what has lately
happened in Germany, ended In tn,
collapse which the markets long re-
membered as Black Friday oi
1850" Bearing in mind the expert
cnces Of England and the United
States, he asked, may II not b'
that we are unreasonable in oui
despair at the absence of a spec
tacular recovery from a far create
war and lass than three years ale
tho termination OF hostilities2"
Real economic stability" tn
speaker concluded, possibly vii
have to wait until the central Euro
pean states come to their senses II
the matter OF the suicidal trad
embargoes they have been imposinI
on one another. II may have t
await some agreement on reduction
in national armaments. 1t may no
be assured until experiment an,
experience have shown what Ger
many can pay on separations ac
count and how It shall be paid an
until Germany herself shall hav
adopted a sane and rational. domes
tic, financial program. II may hav
to be postponed until the inevitabl
day when, as a result either of
great famine or an accumulation O
other causes, the red terror l.
Russia goes the way OF all previou
relationships. We are bound at leas
to consider the probabilities in tn
light OF human nature and mcSer
civilization as tested in the past an
. in the light of the absolute necessit
Of these great changes IL return I
normal conditions in life Is. to b
- ] achieved "