The Columbia evening Missourian., 1922-03-18

Ifor her people. Italy was proud TO cal
America her ally, is genuinely Thankful
THAT we gave her many men and muci
money. Italy appreciates that she can
not return the American boys who mad.
the supreme sacrifice, but can she, con
sistent with her traditional honor, say
that she cannot at some time return to u
every dollars she owes. The true plea oi
Italy is, Give US time, America!
I'VE cannot afford to ignore these con
Observation-Disclosures that have theiI
iorigin in the conscience and honor Of the
European nations-when we set about to
discover the facts and tendencies making
for the best solution of this problem.
Looking at it from the viewpoint Of hon.
or rather than the viewpoint Of sheer ma
terialism the only defensibe attitude is
one that calls for full and ready recog-
milton of debt rather than its cancellation.
Investigation is sometimes pleasant
and sometimes unpleasant. We have been
thinking Of the highest considerations of
national honor; of the loftiest motives
that can actuate a government, but at
the same time W cannot avoid the con-
sideration Of the prosaic, yet very peril
nent, matcrialistic elements that must en-
ter into the settlement of this problem.
What would be the effect upon Europe
and America we're these debts cancelled;
what would be the effect were they not
cancelled?
AMERICA Is WORLDS BANKER
"The investigator cannot 60 far into
the analysis Of these materialistic consid.
erations before he finds one thing, if only
one thing. America is today the banker
of the world. This is her first great ad.
venture in granting International credit,
and should it have the unexpected conclu-
sion of being cancelled, the American res
ervoir of capital will in the future be pre-
vented from flowing in the direction Of
Europe. 1t is inconceivable that Ameri.
can investors, should they find that for.
eign obligations are so lightly regarded
as to be cancelled when their payments
become onerous, will again 90 into their
pockets to find funds for future interna.
tional loans. This is a point European
debtors may well take into consideration.
In the rehabilitation of Europe, there
will be great need for American capital,
and no action should be taken by either
America or Europe, that will cut off this
great source Of International credit. Our
great aim should be to restore confidence
with these nations. This must be done
before We can expect them to take added
enthusiasm in the affairs Of the world.
No one can make a thoughtful and inter.
pretative investigation Of these material
facts-an investigation directed toward
the inner and casual rather than merely
toward the external and somewhat super.
ficial-without realizing that if we are
to bring Europe back to solid business
the only course is to get the
European people to place confidence
both in US and in themselves. Business
is built on character and we must help
them build up character.
AGAINST CANCELLATION
I'VE have seen that the European hon.
or will not tolerate cancellation of these
debts; even though Europe, her vision |
clouded and distorted by the writhing |
pain that she experienced during the |
most blind and hideous nightmare Of
blood and tears that nations have ever
lived through, even though poor Europe
can see only the immediate and crying |
necessities. We have seen, too, the eff.
[ect such cancellation would have upon
Europe and America.
"A third basic consideration confront.
ing us in our investigation is closely in.
erwoven with the second. 1t is simply
his: What can Amreica do to aid in the
Of Europe, to make it easier
or those less fortunate nations to put
,onor above necessity, to keep in mind
hose better motives which always are OBJ
'cured in time Of trying need?
America holds a unique place in
world affairs largely because of her geo.
graphical position. 1t was partly on ac-
ount Of this position that she could as
ume leadership of the world when the
var ended. Now she has the opportunity
# going beyond anything she has yet
lone and Of proving herself a worthy
eader. Will she do it, is the question
yeryone is asking. Now is the time for
Is to show our colors. We can and must
id Europe. The first thing we can do
5 to be creditor both lenient and in.
elligent. Our Allies must have terms
'hich will meet their needs and at the
anne time will not frustraie their desires
rehabilitating Europe. |,
They must acknowledge the debt as /,
just debt. legally and morally binding.
tut instead Of exacting huge sums from Z
hem while they are in the early stage Of
ecovery, let us be willing that this mon-
y shall remain in Europe for the pres
Mt Tor the purpose Of restoring her civi.
zation.
SHOULD AID REHABILITATION III
Indeed every dollar to be paid US by Il
urope could be and should be for many
ears to come turned back to Europe for
lis purpose. A development of her in
ustries, the restoration of her mines. the
Improvement Of her cities, as to santa. I
on and hygiene, the rebuilding of her
iucational system, the introduction Of
ew farm machinery, and a full deyelop.