The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-04-02

failure. according 10 the Wcll-nigh
unsrlnous opinion held by officials
of the American government who
are familiar with the events leading
up 20 the parley.
y.i't,rIted states declined to partici-
gsfe, turning down the Italian in
,itation in sunni terms as to leave
,o doubt about what America thinks
Of the conference.
81 regret TO inform your excel
lsncy." wrote Secretary Of state
hughes. that it has been found
lmpossible to escape the conclusion
tbat the proposed conference Is not
prInarily an economic conference,
a. questions appear TO have been
EXCLUDED from consideration without
tbe satisfactory determination of
which the chief causes OF economic
disturbances must continue to OPP
crate. but it rather a conference OF a
noutical character in which the gov
erhucnt OF the United states could
nI helpfully participate"
seldom has q proposal OF one
friendly government been turned
down by another in such blunt Ian
euapg, Not content with merely
eending polite regrets, the United
states went 20 the length OF calling
world attention to the emptiness Of
the project and, by inference at least,
stated that the whole undertaking
was masqueradlng under false colora
by pretending to be something It was
rot.
Conniving for Credit.
Back OF the curt American note
lies q considerable background OF in
ternational pickering, scheming, con-
niyIng and planning, all politiCo-
commercial In character, and aimed
at re.establlshlng eastern Europea
ability 10 buy--on credit. II was the
realization that these facts formed
the background for the conference
that caused the United States so
bluntly to decline the invitation to
sit in
Go put the matter boldly. and
stfNped Of all pretense. American
officials consider the Genoa confer
encc an ambitious scheme engineered
by the astute Lloyd George to open
W the vast markets OF Russia and
eastern Europe TO British -manufac-
turel goods through some sort Of a
system OF international credits, the
burden Of which would be borne by
Great Britain and the United States
as the only two nations in the world
financially able to support such q
project. British trade being some
5000 miles nearer the markets, Il
would naturally dominate the tleld.
Italy, being dependent upon Great
Britain for vitality essential coal, and
being heavily in her debt. lent her
self TO the scheme as a natural ally.
France, casting yearnlng eyes her-
self on the markets of Europe, and
remembering the 3O,O00,00O,00O of
francs sunx in Russia, Is distrustful
so much so that she plainly stipu-
lated that the Genoa conference Is
not TO attempt to deal with repara
tions or change existing treaties and
Agreements under all of which
French interests are fairly well Sc
cured
England's Position at Stake.
The economic position Of Great
Britain, then, rather than the econo-
mic position of the world generally,
lies in the background Of the pro-
Ject. And while the administration
has only the kindliest consideration
and sympathy for the British pre-
dlcament. this sympathy does not
go 20 the extent OF being willing TO
further British trade at the expense
OF Americas own somewhat stag
nani Industry. Nor does 1t 20 TO the
extent OF being willing TO undertake
sun further financing for n Europe
that owes us $1,000, 700, a Eu-
rope that manifests no hurry about
paying, and that manifests little in
clinauon TO disarm and go TO work.
The Industrial situation in Great
Britain according to American OBJ
seryers abroad and reflected in their
reports TO government sources, Is
Al 80 90 In a
-lnited States, the end OF the war
found Britain with greatly expanded
means OF production and no mar
kets. Russia in chaos, Germany
squeezed dry, so far as buying abil-
ny went. and the rest OF eastern
Europe BROKE" afforded little out.
iet for the great industrial concerns
OF Manchester. Sheffield, Leeds and
Birmingham.
In the case OF the United state-
ana In case of France the Bituatior
was much the same as far as abb
senee OF markets was concerned. But
there was one vital difference-bott
france and the United States art
IN truth self-sufficiont. Great Brit
am II not. Her case in this respect
Was eloquently pleaded In Washing
ton few weeks ago by Sir Arthur
James Balfour in his now famous
speech urging abolition Of the sub
marine. In that speech he laid en-
\ phasis on the fact that Great Britain
) never has more than seven week:
ood' In England proper.
commerce Vital 10 England.
sOfelgn commerce, trade with the
outside, Is essential TO the prosperity
OF France and the United States, bui
70 Great Britain II Is vital TO hei
very life, for she produces but q
traction OF the food she eats.
reluctantly Lloyd George has beer
forced 10 turn 10 Russia, Germany
ana eastern Europe for British mar
kets. The United States is ricf
enough to buy but won't, because
she Is self-sufficient, producing
everything she needs. Ditto France
as Tor Russia and eastern Europe
tney are eager to buy but have
hothing to buy with except inflated
currency Of little or no value.
therefore, the problem OF the
harassed Lloyd George evolved IL
Stt into one OF finance and credit
us eyes naturally turned west ware
70 inc United States as the onll
nation able to shoulder with Grea
britain the enormous burdens o
word credit needed to get Europ,
& PACK on its feet, and incidentally sc
'oItaln's factories back TO work.
Lhat the talk Of credit and finance