The Hays free press. [volume] (Hays, Kan.) 1908-1924, 1922-10-26
AMERICAS DUTY AND WORLD
RESPONSIBILITY

Association met in New York City
and issued world economics and
Americas duty and responsibility.
Resolutions touching these important
matters were adopted. Briefly, the
essential recommendation are:
l. That the administration con-
slider the advisability of promptly
making its representative on the re-
paration commission an official of
that body;
?. That Congress extend the
powers of the Debt Refunding Com
mission so that it can negotiate more
effectively with the foreign nations
owing money to the United States:
3. That the administration form
ulate the principles on which it can
cooperate in rehabilitating Europe.
What is Americas duty and re-
sponsibility in world economic af-
fairs? Can economic problems be Sc
gregated from political problems, in
view of the present temper of Eu-
rope?
The aggregate debts of the nations
of Europe engaged in the recent
World War reach gigantic proper
tiOns. They are counted in billions
Of dollars on a pre-war basis; yet how
few stop to consider what a billion
dollars mean?
These debts were incurred in des-
perate struggle between the central
powers and the allies to gain the as
cendancy in economic power, political
authority and world trade. When
ever any one of these nations found
itself short of funds to pay war ex-
penditures, resort was had to the
printing press and irredeemable paper
money.
Today it is estimated that the vol
ume of paper money in Europe ex-
ceeds three hundred billion dollars
Con a pre-war gold basis), not count
ing the thousands of billions of Rus
sian rubles, worth nothing, in gold.
A German paper mark, and an Aus
trian paper krOnen have shrunk to al
most nothing in gold value while a
French or Belgian franc and an Ital-
ian lire are badly discounted.
Obviously, this state of affairs dis
turbs the credit and trade of the
world, and makes international ex-
change worse than a gamble. Bust
ness cannot be conducted between
men or nations while the unit of mon
etary measure is varying daily or
dropping to little or nothing in ex-
change gold value
What is Americas duty and re-
sponsibility? The various European
allies owe each other vast sums of
money, while their combined debt to
the United States is something like
So, 0OO,00O,0OO How to handle this
debt and at the same time serve the
interests of the United States as well
as the world, is the biggest problem of
the times.
What has the United States done
already TO help Europe? Incurred
debt of some S24,OOO,OOO,OOO; sent
two million armed soldiers to France;
spent billions in a merchant marine
to transport troops and munitions of
war 10 Europe; purchased on private
account between seven and nine bill
lions of dollars worth of European
securities, before and since the armi-
stice, thus investing more American
capital in European enterprises than
in American enterprises; sent many
-, ;II;ors of 5oI1ov--s ,,rc,-&I - ed cd
clothing to alleviate hunger and suf-
fering. Americas generosity has
transcribed anything of similar ma
ture in all the worlds history. Yet
some talk about Americas selfshness
and aloofness! America has per-
formed her duty and fulfilled her re-
sponsibility, in so far as world
brotherhood and Christian help are
concerned.
But some want more than this;
they want all the debts wiped out or
largely reduced, including the debts
due the United States. The Amer
lean people are divided into two
camps-one favoring wiping out the
war debts, including the So, 100000
600 owing the United States, the
other strenuously opposing any can
collation. or reduction of the debt.
The one faction argues that the
nations of Europe with the excep-
ton of Great Brittany cannot pay the
debts; that the gold standard never
can be restored to Europe; that any
attempt to collect the debts will not
only injure American industry, but
force the crippled nations still further
into bankruptcy.
The other faction argues that the
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