Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-01-26

league VI ldLlOllS dU NCllcN V
In his first public address since
the campaign of 1920. Mr.. Cox as
sailed the policies of the adminis1
tration, condemning the work of
the arms conference, and declared
that America had refused to accept
world leadership and that finan-
cial depression was due to the
the "treachery of Lodgeism."
Thousands or republicans he
declared, NOW realize that the
leaders of their party in the maxi
ing of policy, +. have profaned
republican history by forsaklng the
soul of Abraham Lincoln for the
spleen of Henry Cabot Lodge.
Industry Is without Aid.
"The ruins of war still mar the
international perspective" he said
willing industry is without the aid
Of financial credits. Countries SOL
vent if not rich in natural resourc-
es. are in idleness and misery The
reaction, true to prophecy, Is upon
us and every community is af-
fected.
"The echoing cry of America
first is a mockery to human intel
ligence, as unhappy experience
tells us that we are part of the
world in soul, by the will of Al
mighty God and in practicalities
by the logic of natures laws-re-
publican dictum to the contrary
Notwithstanding.
Farm products have diminished
in price much below the labor cost
of production; inventories of shops
have followed the downward trend
until thousands of farmers and
business concerns are hopelessly
insolvent. Only the resilency of our
banking system has averted the
most destructive panic in history.
value, but debts remain the same.
There can be but one final result
to this situation.
And how needless it all has
been! when peace came Europe
needed rebuilding. America had
the supplies Europe required
credit. America had a prosperity
on which credit could have been
given. The distress in Russia is
chargeable to the terrors Of soviet
ism: the distress in America is
chargoable to the treaChery of
Lodgesm.'
THE first essential thing to our
prosperity is the formal recognition
by our government of the funda-
mental cause of depression. Since
this would carry acceptance Of the
theories of Woodrow Wilson, there
iG hama nl1t1r fnIs fhn halofn1 ,.p1n-
ton that will come from the pres
sure of public opinion.
Noisy Methods of n Circus.
every economist and statesman
whose mental processes are free
from ulterior thought, admits that
the house Of civilization cannot be
put in order without the co-opera-
tton of the nation possessing both
the leading gold supply and the ia
cilitics of tremendous productivity.
In the face of these fundamental
truths, the administration IS vainly
trying to bring better times by re-
sort to the noisy methods Of cir
GUS
Thousands of republicans now
realize that present leaders of their
party in the making of policy have
profaned republican history, and
ignored every thought of an hon
ored Inheritance by forsaking the
soul Of Abraham Lincoln for the
spleen of Henry Cabot Lodge. Abb
tect surrender has been made to
Mr.. Lodge.
with deliberate industry the
administration a: Washington for
almost twelve months faced the
setting sun-and yet the currents
of public opinion have steadily
borne the destiny of America. east
ward, eastward. near each day to
the seat OF the league of nations
at Geneva.
Four-powcr Treaty.
"Of the present treaty between
the United States. Great Britain.
France and Japan. prudence might
suggest that judgment be reserved
until We know what the treaty
means and the extent of Mr..
secret understandings. The
president gave Interpretation of the
written word; Mr.. Lodge instantly
corrected him with the statement
that the real meaning WAS in the
Continued on Page Two.)