The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-03-15
Foreign Comment
Special Dispatches to The Argus from
Paris bureau OF The Consolidated Press,
10 re de PElysee.
American Gold at Genoa.
BY CASTOR DOUMERGUE,

Paris, March 14-The Genoa conference
must occupy itself with the economic recon-
struction of Europe. VIII it be possible to ind
solution to this problem in the absence of the
United States and the republics of South Amer
lea? This seems very difficult. But the United
States seems to be little disposed to come to
the conference and the South American repub-
lies have not been invited
Why has no invitation been sent to the South
American States? 1t is not without reason.
The supreme council has not told US what these
reasons are, but no doubt they are serious and
decisive. The mystery surrounding them is all
the more irritating. Meanwhile we must agree
that new diplomacy is not so adverse to secrecy
as it pretends and that it borrows those meth
DDS which it protested most loudly against
However that may be, America will lbe alb
sent from the conference. And yet it is in
America that part of the indispensable means
of economic reconstruction are to be found. And
if these means are not put at the service of
those who want to reconstruct it will be very
difficult for the plans to be realized
In order to carry out these plans. whatever
they may be, Europe must possess a large
quantity of gold. The penury of gold from
which she is suffering is one of the most GER
tain causes of the economic crisis. 1t is all
very well to say that gold only serves to meas
the value of things, it is all very well to
say that well arranged exchange of goods and
services might make gold superhuous. In prac-
tice these theories are contradIcted by facts.
Gold is indispensable for commerce, for pro-
ducng and carrying on economic activity Eu-
rope will not resume her activity until part
of the gold which has been drained from her
and sent to the United States has been restored
to her.
The United States has too much gold, says
NJ. Doumergue; Europe has not much as she
needs An excess of gold and a want of gold
both engender the same crisis. The United
States industries are seriously suffering from
a superabundance of this metal; Europe is
struggling with economic difficulties which
seem to be insurmountable because of the want
of this metal 1t is impossible to substitute it
at least for long time
If the nations which are about to meet at
Genoa cannot find way of bringing to Europe
the gold which has crossed the Atlantic and is
swelling the reserves of the great American
republic, all will be in vain. But to find this
way the cooperation and good will of the United
States is necessary. How is it possible to OBJ
tain this if the United States does not take part
in the conference, and if the nations repre-
scented there fail to make her understand that
the gold withdrawn from the world circulation
if economic and perhaps social catasprophies,
which will harm her as well everybody else,
to be avoided?
When a country as is the case with the
United States, continues the writer, is in pos
session alone of the greater part of the means
master of the world market. 1t is true that it
alone can buy, but it is impossible for it to sell
abroad, because nobody can pay. By protect
ing herself vigorously against imports from
abroad, the United States keeps her gold. She
even continues to receive more, for foreign
countries are still obliged to come to her for
certain products. Thus every day one of the
most active causes of the European and world
economic crisis becomes worse. For this rea-
son the non-participation of the United States
at the Genoa conference is bad omen for the
success of the efforts which will be made there.