The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1922-01-26
FINANCIAL CRISIS
OF UNITED STATES
DUE TO TREACHERY
Many Republicans Now Realize
That Leaders Have Forsaken
Teachings of Lincoln.
DEMOCRATIC PARTY is
READY FOR NEXT FIGHT
$James M. Cox Declares Party
y Stands Just Where it Did
When Votes Were Counted.
AN rhn AasonIated Pressl

(By The Associated Press)
DAYTON, Ohio, Jan. 25.-James NJ.
Cox, democratic candidate for presi-
dent In 1920 and former governor OF
Ohio, tonight told democrats gathered
here at a Jackson day banquet that
their party stands just where it did
when the votes were counted" and is
ready for the next fight" Public
opinion, he declared, has steadily
borne the destiny of America nearer
each day to the seat OF the league of
nations at Geneva"
In his first public address since the
campaign OF 1890, Mr.. Cox assailed the
policies Of the present administration.
condemning the work of tho Washing
ton armament conference, declaring
that America had refused to accept
world leadership and that financial de-
preston was due to the treachery Of
Lodgism" Thousands of republicans,
he declared, NOW realize that the
leaders OF their party in the making
OF policy have profaned re-
publican history by forsaking tho soul
of Abraham Lincoln for the spleen Of
Henry Cabot Lodge"
Mr. Cox said in part:
"As ] interpret proprieties. the de-
feated candidate for the presidency
should hold to the unspoken word until
time has brought the unmistakable
evidence OF payment or default by
those in power on campaign pledges.
almost fun year lhas elapsed and
very properly can we apply an analy-
|, sis OF its developments, the ruins OF
which stili mar the international per-
spective. Willing industry is without
the aid OF financial credits. Countries
solvent II not rich In natural resources
are IN idleness and misery. The re-
action, true to prophecy. is upon us
and every community is affected. The
echoing cry of America first is
mockery to human intelligence as un-
happy experience tells us that we are
a part OF the whole world in soul, by
the will OF tho Almighty God. and in
practicaiities by the logic OF natures
laws-republican dictum TO the con-
trary Notwithstanding.
'Farm products have diminished in
price much below the labor cost Of
production; vast inventories of shop
and mill have followed the downward
trend until thousands of farmers and
business concerns are hopelessly In
solvent. Only the resilency Of our
banking system has averted the most
destructive panic in all history. In
yentories have diminished In value, but
debts remain the same. There can be-
but one Anal result to this situation.
"And how needless 1t all has been.
when peace came Europe needed re-
building. America had the supplies.
Europe required credit, America had
xrh pnllln
have been given.
"The distress In Russia is chargeable
to the terrors OF sovietism; the dis
tross In America to the treachery Of
Lodgism.
"The first essential thing TO our
prosperity is the formal recognition
by our government of the fundamental
cause Of depression. Since this would
carry acceptance of the theories of
woodrow Wilson, there is hope only
for the belated relief that Will come
from the pressure OF public opinion.
Every economist and statesman in the
world whose mental processes are free
from Interior thought, admits that the
house OF civilization cannot be put in
order. without the cooperation of the ma
tion possessing both the leading gold sup
ply and the facilities of tremendous pro-
rductivity. In the face OF these funda-
mental truths, the administration at
washington is vainly trying TO bring
better times, by resort to the noisy
methods Of a circus.
"Of the present treaty between the
governments Of the United States, Great
%ritain, France and japan. prudence
might suggest that Judgment be reserved
until we know what the treaty means
and the extent OF Mr.. Lodges secret
understandings. The President gave in
terpretation OF the written word: Mr..
Lodge instantly corrected him with the
statement that the real meaning was IN
tho unwrltten word,---in the understand
ings between the representatives-whic
Mr. Lodge had refrained from mention T,
ing when he addressed his eountrymen,
Just when nations seemed committed to
open diplomacy. Mr.. Lodge in the name
OF America resortsd TO the diplomatic
methods OF old.
''Tn It's behalf II IS said OF the treaty
that It recognizes the principle OF arni-
tratlon and gives protection against ex-
" ernal aggression. On the other hand J
II creates group OF nations. and thus
may encourage the establishment Of other
groups This treaty creates division OF
moral purpose. The league OF nations
the merging OF purpose. /
YThis treaty sets uD a new enterprise that !,
may lead 20 other like projects, The !
league OF nations assemblies all nations |
deserving Of names. IL the present pact. |,
after mature reflection, is TO be accepted !
by America, Il should be provided that |
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