The New York herald., 1922-02-23
WAR MENACE ENDED
BY U.S., SAYS HOOVER
Reviews Results of Arms Par
ley in Address at Union
League Club, Chicago.
WILLING TO AID EUROPE
Wasteful Expenditure, How
ever, Would Be Disastrous,
He Explains.

CHICAGO. Feb. 22.-Looking at the re-
suits of the arms conference solely from
the American point Of view. I'VE can
content ourselves in great accomplish
ments." Secretary Hoover told the
Union League Club here tonight in a
Washington's Birthday address.
"The jeopardy of war" Mr.. Hoover
said, has been most assuredly driven
beyond our generation. Naval rivalry
with England has been stopped, with all
the implications which must follow from
that rivalry. The Anglo-Japanese alli-
ance has been abandoned. The points
of friction between ourselves and Japan
have been settled. The major difficult
ties between Japan and China have
been adjusted so that good will may
replace hate in the Far East.
''The tide of foreign aggression on the
frontiers of China has been turned back.
The open door to commerce and industry
of all nations in China has at last been
made effective. With all these solutions
vast growth of malign political forces
have been uprooted which. II un-
checked, would have driven unalterably
to war. The world could not go on in
these -rivalries in implements to KILL
rivalries that were based on growing
political irritations, without entering
upon the job of killing
still Face Financial Menace.
The agreed limitations of armament,
he said. however. may not bring so
much immediate reduction in taxes as
some have estimated, but had we con-
tinued in our naval rivalries and with
the programs we had before us. our
naval expenditure would have been
doubled within another decade"
With the exception of Russia, Mr..
Hoover continued, all Europe has made
progress since the armistice. "In Great
Britain and some other states reason
able hopes of economic stability have
been attained. Yet all this progress is
threatened by the steady degeneration
of governmental finance IN some of the
States on the Continent
"a large phase of this lies in the
causes which lead to the retention of
large armies, for they are indeed the
product which destroys economic hope
With half of Europe armed on basis
that in equal ratio. would mean
standing army of 100000 men in the
United States. with twice this number
of reserves. there is little hope of eco
the decrease of national production and
in the effect such decrease has on ma
tional finance is one of the great diff
culties of Europe"
Must Conserve Strength.
The United States is concerned in the
we'll being of Europe, Mr.. Hoover said.
as her burdens react on unemployment
and even affect the farmers and mer-
chants.
I'VE have desire to help" he said.
But before our strength can he en-
ployed toward economic stability
foundation OF political stability must
first be obtained. Economic stability
cannot be created in an atmosphere of
alarms and threats of political action
and it's possibilities of war. Economic
strength has not yet been built OF
armies"
The world is now. and will be for
many years. short OF capital for the
development Of industry and commerce.
he continued. but America, the only re-
naming great reservoir OF surplus CAPT.
tai. must conserve its strength IL the
world is to recover. Even taking care
of our needs. he added, we have a
surplus. but cit would be a disaster IL
it were dissipated in wasteful expendi-
t1ireS abroad"