The Washington herald., 1922-11-25
Money and Trade
European Unrest.
Causes Of Unrest.
Germany's Finances.
Inter.Aliied Debts.
By GEORGE w. HINMAN.

By GEORGE w. HINMAN.
CHICAGO, Nov. 24.-Suppose
Americas business II wholly en-
tangled with Europe'sf Suppose
Americas economic welfare II act.
ually bound up with Europe's eco
nomic welfare? Suppose Amert.
cas- commercial prosperity II en-.
tireiy dependent ON Europe's pros
perity?
Suppose all these things which
are not so and-what then?
The question keeps coming back.
It is put and answered by propa-
gandists before chambers of COM
merce and business mems assocta-
tons. At present an eminent for.
eign statesman is addressing busi.
ness men on the subject. What
then? Let US see.
WHAT CAUSES UNREST?
First, all the familiar answers
aside, what and who are the
causes of the unrest that npsets
Europe's business, paralyzes Eu-
ropes industry, pauperizes Eu-
ropes population? In the East.
Russia. In the West, France.
Russia and France may dispute
this. Other nations In Europe do
not. Other nations lay the cause
of the continued business turmoil
largely at the doors of these two.
Let Russia's case pass. What
brings US to another point.
Second1France il disturbing the
worlds business and IL perpetual
ir0 nvriol hx, fol
lowing primarily a policy not of
geance upon Germany. She has
history and is trying to get sat
all. As John Leyland says in the
last Fortnightly Review, France
still has the "Napoleonic idea"
Vengeance kills business. Suppose
labor tried to wreak vengeance on
capital for all the WRONGS Of q
hundred years or capital tried to
avenge on labor all the grievances
Of a century in the United States.
Imagine then the condition Of bust.
ness. So also in international
affairs.
THE GERMAN DEBT.
Third. in following this policy
France has made the business Of
Germany and Central Europe a
grotesque and almost impossible
proposition. German reparations
can't be paid because Germany is
stripped Of money and resources
to satisfy other demands of France.
Today Germany owes more repar-
atoms than ever. 500. .000, 900 more.
She has made more than $2,500.-
100000 in cash and far more In
kind. but she owes more than ever.
She has paid billions Of gold marks
to support the French army Of
occupation, yet she owes more
in reparations is above $4,000
100000. France says that, until
this debt is paid there can be no
economic reconstruction. yet she so
handles the debt that it cannot
possibly be paid. as Mr.. Leyland
says. There Is no economic re-
vival Of business reconstruction on
the continent of Europe.
INTER-ALLIED DEBT.
Fourth, we hear that the inter-
Allied debts must be readjusted be-
fore confidence and business can
dSdlIl. SdHS Snt
cannot take in hand her debts to
England and America unless she
first gets the reparations from Ger
many-the very reparations which
she has made IL impossible to pay.
Yet, as an English financier has
pointed out. the interest on these
two debts would be about a fifth
Of her annual expenditure, whereas
she now Is devoting nearly
third Of that expenditure to the
French army which keeps the rest
Of Europe in a condition of fear,
militarism and business prostra-
ton.
Under these circumstances the
United States can do nothing that
will really help.
The United States cannot plunge
into the age-old quarrels that France
has raked up to reckon with afresh;
cannot restore Germany as fast as
France strips her and thus furnish
new billions for the payment of
the growing mass Of reparations;
cannot reduce Frances vast mill
tary establishment, change Frances
imperialistic policy beyond the
Rhine, nor by Government decrees
or popular loans. finance the fan
tastic program OF speculation and
oppression and Germanic ruin.
Only France herself can do these
things. She is sovereign and she
cannot be compelled.
So, IL all the suppositions, at the
head Of this column, were true
which they are not-this nations
business still has everything to lose
and nothing to gain by joining
hands with those who make Europe
a juggle and call 1t peace.