New-York tribune., 1922-10-22

$500
ular course 70 so on borrowing. There
would have been less unemployment for
the time being.
what lis the next coursea thor
cughly unpopular ccurses Make your
patriot pay. One way is by ruthlessly
reducing expenditure. Everybody said,
cut down expenditure, and when VIC
started on this some one would say
we didn't mean to cut that down. There
were always those rnaking cheap
speeches about economy, but when
ever We faced the problem OF cutting
down some item and got into difficult
ties with the people Interested tho
eanti-waste' party was never there.
American Dollar the Standard
"The one great test was the dollar.
America has practically received all
the gold reserve of Europe, and
America was In very prosperous con-
dition. Before the war, if you went to
America, you would receive $3.50 for
your sovereign. After the war you
would only get $500. Everything yen
bought in America cost you much more
because the purchasing power Of the
sovereign had gone down.
I'VE went on reducing expenditure
and balancing our budget. Having no
deficiencies, what happened? The credit
of this country rose and rose. Our
sovereign, instead Of being 1920 is now
| s4.47. We are just beginning to look
the dollar in the face on equal terms
We need not bow the head. We are
very nearly where we were before the
war. That is because our two Chan
cellors Of the Exchequer, Mr.. Chartb ber-
lain and Sir Robert Horne, were men
not only OF capacity, but of real cour-
age. They did unpopular things be-
cause they knew it was right. They
got the soundest advice and, although
they had been abused like pickpockets
during the whole of these years, they
kept on steadily. The result is that
our credit has risen and risen, and at
the present moment we are recaptur-
ing the money markets OF the world"
Houses Built for Workers
Mr.. Lloyd George asserted that the
government had erected 1af,0 900 work
Ingmen's houses, and that there would
De 100000 such houses when those un-
der construction were completed. The
hundred railroads of the country, he
pointed out, had been combined into
four groups, with saving of ego 900 900
a year.
II am delighted" Mr.. Lloyd George
went on. "that one of the things we
| have been able to achieve was some
thing which I think has far more to do
with the breaking up Of the coalition
than anything else, and yet it is one of
the things of which am proudest. We
have made peace with the Irish race.
loud cheers.) The feud which had
lasted for centuries with one Of the
most difficult races in the world-how
difficult they are only those who have
been fighting them can tell---a feud
that was costly and embarrassing to
the British Empire, feud that brought
no credit, no honor, no strength, has
been closed by an act honorable to
both.
al know the effect Of the peace
Great Unionist statesmen took part in
1t. They will not be forgiven by the
'die-hards,' but let them be Of good
cheer, for their names will be honored
forever.
War in East Squelched
II am also glad that Great Britain's
firmness in the East brought renewed
prestige and renewed confidence to the
British Empire. We have secured the
freedom of the Straits, for which so
many died. We have prevented the war
from spreading into Europe with a
repetition of spectacles of atrocities
which would have made the world shud-
der. That l claim we have done by
the determination with which we con-
fronted our difficulties despite all criti-
cism.
Il want to say enc word how all
that ended. We had been harassed at
every turn by criticisms while the con-
ferences were sitting. While the ne
gotiations were pending this country
has been weakened. and at last the
combination which think achieved
memorable things for the country haG
been terminated. have no persoSll
reproach. | have received much KIDD
ness, consideration and indulgence
from men who differ with me entirely.
have never concealed from them, from
the House of Commons or from the
country that my sympathies were al
ways democratic and progressive"