Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-01-09
RrduCC I.an,l Forces


W/llAr has been described as the .trar-
w cdy OF the Washington conference
was the failure of that body of pIcnipot en-
tiaricS to deal decisively with the question
OF land ornaments. There can be no pos
sibie doubt that monumental blunder was
hlauc when the conferees persuaded by
france perhaps, decided to conine its arma-
Heht limitation to fleets and not to armies
as well. ~ disarmament conference to be
success, should be a disarmament confer
ence. 1t should put limit upon all fight
ing forces. not content itself with half
measures.
because armies have not been included
i'll the proceedings at Washington another
conference must be called. and Il should
be called without delay Nor should il he
IL conference upon world economies or upon
the financial rehabilitation OF Europe That
might come later. The most vital thing
before the world today is the problem of
militarsm and this cannot be solved mere
~ by limiting the number OF capital ships
any nation may have. or by laying down
rules for future submarine warfare. rules
which will be violated if war comes inst
as surely as they exist
II is futile TO figure upon the reformo-
ton of the finances of Europe as long as
nations upon that continent continue to
weigh themselves down with military bur
u"hS. behind the deprecated currencies OF
France. Belgium and even England are the
deficits in their government budgets These
deficits are covered by successive issues OF
paper money and with each fresh issue the
old ones lose in purchasing value Ii these
deficits are stopped through slashing re-
Suction i'll government expenditures, imam
cial reform will follow without outside
stimulation.
n ant Nnr
ties now agree. until militarsm is abolished.
Most OF the money that is expended goes
toward the maintenance of great armies and
~ the financing OF unnecessary wars This
IS particularly true OF France, Poland and
Greece. Taxation can no longer be relied
upon To raise the funds needed for military
purposes. Taxes are now higher than the
people can stand. Paper money is the only
means Of meeting the OUTLAWS, and as long
as II pours forth from the printing presses
financial chaos must continue
These views are supported unequivocnlly
by F. w liirst. former editor OF the London
Economist one OF the foremost British
financial authorities, who Is now in America
lectmring
II have heard of the article in the Lon
don New Statesman" Mr.. Hrst declares
stating that Europes desperate financial
condition is largely due 10 the fact that
'"c 'hlt'u suites HoluS SuCn vast quantities
of gold. That seems TO me to he smplv
rubbish Gold flows to the United States
because ii is the only money which this
country is willing TO accept. AS il is Erl-
rope simply goes on issuing new supplies of
paper money. 1t is the only way of meeting
deficits caused chiefly by the costs of keen
ing up huge armies. And the more money
there is issued tho less ii is worth"
Speaking Of the proposed cancellation of
the war debt Mr.. llirst adds
AS for the war debts owing the United
states and Great Britain, entirely sympa-
,hize with the American position SO long
"a the countries which are in debt 10 Amer
lea use the money which might at least nav
the interest on their bonds held here ia
keep up great land armamcnts, il would be
ioo!iSh Tor you-Or for us--tO even talk
about cancellation. 1t would simply amount
to telling them that we give them freedom
10 go on increasing their armies