Evening star., 1922-01-06
WORLD TRADE PACT
CONFERENCE URGED
CordeII Hull, as Democratic
Chief, Offers Plan at Jack
son Day Dinner.
BY the Associated Press.


NEW YORK, January 6.-Early
summoning of an International trade
agreement conference to iron out
commercial differences, which. he de-
clared, were the root of most modern
warfare, was urged by Cordell Hull.
chairman of the democratic national
committee. in an address last night
at the Jackson day dinner of the
Tennessee Society of New York.
During past years." he said. I'VE
have seen practiced with immunity
all forms of tariff discrimination and
retaliation, preferential right OF en-
try of ports, violations of the open
door" of copyrights: trade marks.
trade brands, wrongful interference
with trade routes, unfair utilization
of bountieS, bonuses, subsidies, draw.
backs and rebates. the economic and
financial violation of small, unciVli-
ized or backward nations, tonnage
and shipping Determinations. eco
nomic alliances, trade concessions and
other preferences by special agree
ment. Many of these are trouble
making, war-breeding practices.
international steps have already
been taken in a measure to deal with
certain phases of these dangerous
practices and policies. 1t Is certain
they can only be dealt with and abol-
iShed by International agreement.
Program Is Suggested.
The most feasible plan, he sug-
gested, would be adoption by all ma
tions of 1.-The most favored nation
doctrine in it's unconditional FORM"
While such a program would call for
sacrifice by all nations of certain
profitable special arrangements. these
Sd. at<r1a hNy odN
tages shared by all, >he asserted
Without referring directly to party,
Mr.. Hull laid on the shoulders of the
republican administration a large
share of blame for the present indus
trial slump. which, he said. had cost
the United States a panic loss OF
$4,000, 100000.
America. he declared, was in
wonderful condition" at the close of
the war, with a national wealth of
nearly s3OO,000,000.0O0; an inter
national commerce of $75.0OO,0OO,00o;
gold supply of s3,07s,000,0o0; for
trade balance of $4,000, ,oOo. 900: for
more than s11,00o.O0O,0OO; annual
savings of $4,000. 100000, and great
mercantile marine.
1.-The nation was immensely prosper
ous," he continued. 1--WE had become
rGerce. We had no imitation Of cur
rency, and no uncomfortable imitation
of credit. The other half of the world
was starving for our surplus. Every
banker and business man was then pre-
dieting for America an uninterrupted
period of unparalleled prosperity.
''Why then did this nation later
plunge over the economic precipice?
Why did every prediction made during
1919 by our ablest business men and
financierS for the first time completely
fail?"
Failed to Extend Credit.
The answer. he declared. was that
America failed to recognize the neces-
sity Of extending credit to stricken
Europe until she could get back on her
feet.
The economic cooperation and CO.
ordination practiced by allied nations
during the war was completely dis
solved, he said, resulting in an eco
nomic debacle throughout Europe
which could have been averted had
came out of the war relatively intact,
extended a helping hand to the disor-
gAnized but potentially rich countries
of central Europe.
Failing to get credit extension, he
said. these countries were driven to
d paper money OASIS, winch shattered
foreign exchange and eventually
made it impossible for Europe to buy
in America the surplus supplies she
SO much needed.
Thus American foreign trade was
"choked to death" and industrial
stagnation in the United States was
inevitable.
II have offered these observations"
he concluded, "in an effort to ascer-
tain what lessons America can learn
by which to profit in the future.
Condemns Provincial Policy.
'"The first conclusion I derive is
that hereafter this nation must rec
ogniZe that world economic condi-
tionS have a direct effect on our
domestic business and industrial Sit
uation and that the old time pro-
vincial policy of commercial isola-
ton can not longer be practiced by
our country with either wisdom or
safety.
I'm the second place the failure Of
this and other nations to Cooperate,
mainly through private financial and
and eastern Europe such timely
moral and economic assistance as was
feasible during 1919 and 1920, meas !
urab1y contributed to the commercial
and industrial breakdown which oc-
Cured there in the fore part Of 1920.
others of the stronger nations must
now furnish even a greater measure
of economic cooperation before Eu-
rope can get back on her feet, and
hence before this country can re-
turn to the stable level of perma-
Much of the surplus idle gold should
be at work in Europe today"
~-@p anr nrrn