The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1922-04-18

Lovelock, Winnemucca, Yerington,
Fallon, Elko and Carson City.
cox WRONG ON
ALL COUNTS
"The substance of the keynote
speech Of James M. Cox at the re-
cent Jefferson day banquet was
that the United States is suffering
industrial depression, and interna-
tional exchange is disrupted because
of the refusal of the United States
to go into the League of Nations,
but recent industrial and financial
history refutes his contentious"
declares the republican publicity
association, through its president,
Hon. Jonathan Bourne, Jr. "Ameri-
can industry has been on the up
grade nearly ever since the inaugu-
ration Of a republican administra-
ton demonstrated the impossibility
of the United States subordinating
its sovereignty and its interests to
a superstate. international ex-
change has been rapidly getting
back to normal-getting back SO
rapidly as to surprise even the most
sanguine.
"The one great burden to Ameri-
can industry has been taxation.
The internationalists who propose
to force the United States into q
league of nations are also debit
cancellationists who would have the
United States, either voluntarily or
through influence of the league Of
nations, write off from our books
some eleven billion dollars due this
country from European nations.
If that debt were cancelled it would
mean an eleven billion dollar addi-
tional debt placed upon the people
of the United States for the liquida-
ton Of which they would be COM
PEELED to pay increased taxes prob
ably century to come. Scarcely
anything could be done that would
have more depressing influence
on American industry than the can
collation. of debts with the assurance,
as consequence, that American
industry would have heavier federal
taxes to pay.
"Mr. Cox ignores the record, and
assumes that the American public
will ignore the record, when he at
tributes deprecated foreign ex-
change to our refusal to enter the
League Of Nations. The fact is,
that in November 1920, when the
American people decided by a seven
million majority that the United
Safes would not enter the league,
the British pound sterling was
worth, in the United States 1898;
and the French franc was worth
81 cents, while today, without our
having shown any indication what
ever of a disposition to enter the
league, the pound sterling Is worth
$4.42, and the franc 90 cents.
Moreover, the public assertions
Of Lloyd George and other eminent
European statesmen attribute delay
in the restoration Of Europe to
normal industrial conditions to the
refusal of certain European coun-
tries to balance their budgets, re-
duce their military expenditures,
and return to normal activities of
peace.
Neither is Mr.. Cox in harmony
with the records when he intimates
that there has been lack Of credit
due to the refusal Of this country
to enter the league. The records
Of our foreign trade show that dur
ing the calendar year 1919, the
United States sold abroad in excess
of its purchases, goods to the value
of $4,000, 900, 900; in 1920 to the
amount Of $4,000, 0OO, 900; and in
1921 to the amunt Of $4,000, 000,-
900, making a total credit extended
to foreign countries since the ter
mination of the war Of $4,000, 00O,-
600. It would be interesting to
know how much more credit Mr..
Coz thinks the United States could
have extended if it had become a
member of the League Of Nations
and from what source, in his
opinion, the United States could ex-
pect to secure ultimate payment if
larger credit had been granted"