New-York tribune., 1922-05-17
u. S. Business
Seeks Cure for
Europe's Woes
Assured Peace and Rigid
Agreement or Debt Vital
Abroad. Hoover Informs
National {. of C.. Meeting
Domestic Trade *Reviving
Steady Gain in Momentum
Is Foresccn: Tariff Wall
Objected To by Farmers
By Mcrryle Stanley Rukcvscr

intimations from the White House tha
the rejection by the United States o
the invitation to Join the new Europca,
conference at The Hague did not clos.
the door to further discussions. 400,
American business men gathered her,
to-day informally to exchange view:
on. the same moot questions of Ole
World economies which the government
- present declines to debate with othe,
nations.
III calling to order the tenth annua,
convention Of tho Chamber Of Con.
merce of the United States Joseph IL
JefreeS, the president. asserted tha,
the question of how and when to aid
Europe was to-day the greatest issue
before American business. "When NC
look eastward to the center OF modern
civilization in Europe" he said. "it Is
only the hopelcssly ignorant or the in
eurab'c optimist that can work out any
immediate assurance of comfort or sta
hihty' Regarding domestic trade the
president OF the chamber remarked ed
that ne shared "in the general conf
dence that business conditions arc on
the mend
Hoover Summarizes Remedies
Europe's plight and its effect on
American commerce was the theme of
many addresses at the general sessions
tonight and this morning, and at group
meetings at the various hotels this
'ternoon. In an address tonight Sec
letary OF Commerce Hoover summar-
lzed sentiment regarding the funda-
mental things that need TO be done.
Inc conclusions Of tho great ma
jority," Mr.. Hoover said, Include:
"flrst- Such political relations be-
tween the states IN Europe themselves
as VIII produce an atmosphere of peace
and destroy the atmosphere of war
"Second-The reduction of arma-
ment not only to lessen government
expenditure, but to give confidence of
peace.
Third The inter -governme entail
debts, including German reparations.
TO be fixed upon such a definite basis OF
payment of interest and principal as
will create reasonable confidence that
payments Will be met
Fourth. the balancing Of budgets,
more through the reduction of expendi-
ture than the increase in taxation, and
IN currency and short time bills.
Fifth, the ultimate establishment
of the gold standard with the assist
ance of either credits or gold loans,
and where necessary the acceptance of
diminished gold content to many old
units of currency"
Not Dependent on Europe
The Secretary of Commerce declared
that there WAS disposition to oxag
gerate the Importance of European
tladc to American business "Our peo-
pie" he explained. "have a deep solici-
tude for Europc's prosperity and a
sympathy for her difficulties which arc
comparatively so much creator than
our own. Our interest extends far be
yond considerations of purely economic
interest Her burdens, indeed. do re-
act on our employment and the diff
culties of our farmers and our mer-
chants. In arguments of some Euro
pean business men and economists, how
ever, there Is tendency too highly. to
stress the word responsibility as ap
Piled to the United States. Our eco
nUmic progress is to some extent free
ing itself from dependence upon the
international situation, as witness our
recovery from world depression, and
We have first to keep America strong
il VIC would be of assistance to any
body"
A European view of the situation
abroad was given by Arthur Bafour,
vce-president of the Association of
British Chambers of Commerce and a
steel maker at Sheffield.
~ can say to you that In England
certainly, and in some of the other
countries" Mr.. Balfour concluded, Eve
have seen the worst. We are reaching
economic conditions where trade on q
proper basis will again be possible, and
| am very hopeful that before the end
Of the year trade will begin to flow in
its normal channels and the disastrous
unemployment from which We are suf-
laring will gradually pass away"
Ordinarily the commercial interests
o. country are more alive to foreign
trade situations than the farmers, but
James R. Howard, president of the
American Farm Bureau Federation. who
addressed the delegates tonight at
Convention Hail. said that the Ameri-
can farmer had a greater stake in the
European situation than the banker or
man of business.
Farmer Against Tariff Walls
THE agricultural interests of the
country will not be best served by tariff
walls so high as to become artificial
barriers to freest possible exchange of
commodities" said Mr. Howard.
In an address before the Fabricated
Production Group this afternoon DR..
Wesley Claire Mitchell. authority on
business cycles, remarked: present
indications are that the United States
is in the earlier stages OF revival of
business activity. Unless checked by
some powerful counter acting agency
not in sight. experience justfies the
belief that this revival will gradually
gather momentum and turn into a
period of full -hedged prosperity. But
experience also forbids us to hope that
this period of prosperity will last more
than two or three years at the most.
If the future is like the past, pros
perity will breed crisis, and the crisis
will be followed by a new period of
depression like that from which we are
new emerging.
Lay Stone for {. Of c. Home
At ) O'Clock this afternoon dele
gates gathered at the site of the new
Chamber of Commerce Building, where
the cornerstone was laid. Former
Secretary of Commerce Nagel, at
whose suggestion the national cham
Der was organized in 1912, spoke, and
Secretary Hoover and Harry A. Wheel