The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1922-10-18
IS
CLOSE TO WAR
Once MORE
F Financial, Economic
a n d Reparations
Problems Must Be
Quickly Solved to
Prevent Disaster

Quickly Solved to
Prevent Disaster
Hebeken, n. j., Oct. 13--Europe
lis closer to military conflict than
lat any period immediately preced-
ing the world war, members of the
international trade commission Of
the Southern Commercial con-
,gress declared today upon their re-
turn on the President Harding.
/ The commissioners stated that
! their study Of conditions III all the
European countries convinced them
THAT immediate solution of the va
rieus financial. economic and rep
saration problems was necessary to
avoid disaster.
!, Fourteen members OF the COM
! mission. headed by Clarence j.
Owens Of washington, D. c.. re-
turned on the President Harding. A
report Of the commissions investi-
cations will be presented to the
18th commercial congress in Chi
cago November 20 to %.
Notwithstanding the treaty Of
Versailles and the low economic
status of European nations" said
ia preliminary report of the COM
mission. Europe is more nearly
on verge OF military conHict than
! at any period Immediately preced-
ing the world war. The Belgian
compromise is purely temporary
land unless some solution of the
problem is reached prior to the eX-
piraticn Of the six months period
the conditions in Europe will be in
fnitely worse.
The fundamental problem is
that of the settlement of the war
debt and reparations. The set
tlement can not be handled piece
meal, blatss must include all the ma
tons parties. to international fin
anciaI obligations America as q
creditor nation, TO the amount of
$4,000, ,e00: o 90 plus accrued inter
est must see that its interests are
protected in contract of settlement.
france and Belgium base their en-
tire program of reconstruction and
rehab bilitation on the return Of ex-s
change to an approximate normal
status upon German reparation
payments. They say Germany must
pay. Germany, with its gold and
securities of value out of the coun-,
try with apparent financial collapse
but with an almost frenzied asr,-
cultural and Industrial activity IN
production, boldly claims that the
treaty of Versailles must be
amended that Germany be freea
to compete economically and COM
snercially with other countries of
the world and claims that Germany
can not pay anything like the sum
demanded, nor at all until she is
free to export.
Holland, as a neutral observer,
agreed that Germany can not pay
and plainly says that the economic
future of Holland is bound up with
the fate of Germany.
Italy has more nearly balanced
her budget and England has BAL
aneed its budget. These nations
do not maintain that their economic
future is dependent upon German
reparations. However, both ma
tons haze t1leiraexterior debt aud
both expect Germany 90 pay an
adequate amount. If a settlement
is reached. and settlement must
be reached, if the peace of the
world is to be restored and guar
anteed, then two basic considera-
tons must be understood and ac-
cepted. viz:
First America can not cancel
the debts of the nations. but all
nations must ultimately pay their
obligations with dignity and honor:
second. the world war is ended
and while hate and anger is still in
the hearts Of many. the settlement
between nations formerly belliger-
ent must be on basis of mutual
respect and consideration.
Two words contain the. solution
of the worlds problems in the in
ternational settlement in this hour
of unhappy and chaotic uncertain
ty. They are moratorium and
amortization Let no nation ask
for its debt to be forgiven but only
for time and patient consideration.
The allies must pay America;
Germany must pay reparation OBJ
legations. but amendment TO the
treaty of Versailles must be agreed
upon. giving Germany the oppor-
tunity to free competition. eco
nomically. with all nations and
France and Germany must have
guarantees OF freedom from moles-
tation and military attacks.
# there was adequate reason
for six months moratorium there
will be q greater reason for long
er extension ut the expiration OF
the period. a moratorium Of a
longer aud absolutely definite pc
riod must be accepted. IT America
as a creditor nation attempts to
force payments from the nations
of Europe, the result would be dis
astrous. And it the former allies
attempt to force the defeated na-
tons beyond their ability TO pay.
it would be equally disastrous and
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