The Washington herald., 1922-02-23


economic stability can be assured.
Some would remedy all things at
oace-but progress comes by slow.
though assured steps.
The creates. problem outstand-
ing in mems minds today is the
economic instability of many ma
lions on the continent of Europe.
We currently speak of the necessity
for stabilized exchange as IL this
were the solution Of all things. yet
exchange is only a barometer; II Is
not the weather The weather" IL
unbalanced budgets. overtaxed
peoples. large armies. and unbear-
liable debt both domestic and exter-
) nal-all bearing their fruit Of infia-
> tfon and instability. The practical
result is that Europe cannot under
'~these burdens recover her stan
dsrds Of living. her real produc-
tivity and consuming power. Nor
can she recover her stability until
these problems are solved.
Progress of Europe.
Outside of Russia. all Europe has
made great progress in many direc-
,tions since the armistice. In Great
Britain and some other states rea
SonabIe 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
1the continent. The public debt of
MANY of these states. allied as well
as enemy. has doubled since the
war was over. At parity of their
;. cuTrencies many of them have OBJ
legations greater than their entire
national wealth. 1t has been right
ly estimated that in many coun-
,ries as much "a four norths Of
every years labor must be devoted
to pay the government. This con-
ditfon of affairs canrnr - "n IL
governments and civilization -
which is dependent upon govern
ment-are to survive. nor can
single nation ignore her danger Of
Infection by her immediate neigh
, 3ors.
a large phase Of this lies in the
-HtaTses which lead 10 the retention
.~-of large armies. fo= they are indeed
the product which destroys eco
re mic hope. With half Of Europe
srmed on a basis that. in equal
) ratio. would mean standing army
= Of 1900. 900 men in the United
: states. with twice this number OF
reserves. there is little hope of eco
nomIc progress. The economic loss
IN the decrease of national prodUc-
yfon and in the effect such ue :rease
Shas on national aITEcc is one of
the great difficulties of Europe. Yet
..faere is greater lIss thin oil
dis, for ecorCnic life can tnr:v"
anIy in an atmosphere Of peace.
THE well-teinE Gt the continent
-. indeed. a matter of concern TO
rs. Our people have deep solicit
,iltde for Eurupe's prosperity and
-,Ympathy for her difficulties which
are comparatively 50 much greater
than our own. Her burdens, indeed,
do react IN our unemployment and
,he difficulties of cur farmers and
II our mere hants. We have de-
sire to help. But before our strength
can be employed toward economic
: stability a foundation OF politlcdl
-~stE biIity must first be obtained. Ec-
nnomic stability cannot be created
in an atmosphere of alarms and
: threats of political action and Its
nossibiIities of war. Economic
Strength ras not yet been built OF
aFlEies.
-ss''The Warrington conference has
Eliminated the (nalign political
forces between the great group OF
nations with which we wee direct
tation on arms in this group. II
must be cur wish that other great
groups OF nations where We ave
less direct interest should take up
the same processes. We have no
problem # land armies. Ttose po-
;,tical difficulties in Europe which
breed armament. with its train OF
economic jeopardy. arise from
causes in which we do not pa=ti"i-
nate They do affect us in their
results. We find ourselves much
torn between an earnest wish -
he Of service and 4 right:u! d"SIrs
to keep ourselves free from
matters to which we are not
party and which we cannot rem
r6y. participation in which would
,evertheless undermine our
strength. our influence, and our
ability 10 render real service in
the future. The Washington con-
ference found some solution to eX-
cessiye naval armament ana the
rolitical causes ;hat gave rise TO
IL. All America hopes that the cor
ttrent of Europe can enter uT"n
those steps which will lead 10
reduction of her land armament,
ana thus lay the foI ndations upor
which economic reconstruction can
Se safely built.
No One Nation Blamed.
Nor do I sympathize with those
who would blame any one nation OF
Europe in this matter. No one
bIames any one of the great naval
powers for the race of naval arma-
ment. and there is in Europe the
same sort of fears fermenting politi-
cal forces which breed armament
between. Russia. Eastern Europe and
Western Europe. Disarmament by
nations must march in step. do
not underestimate the terrible
wrongs done before and during the
war: the justifable sense of injury;
the fears of a return of these dan
gers. But IL the future is to be
predicated upon the expected repe-
.Iition Of these things there Is little
hope indeed. There must be a great
srecall to reason or Europe may yet
Join Russia through economic de-
generation. Such a recall. indeed.
might prove to be comparable IN
good with the Washington confer
ence in its contribution to political
stability and its effect upon eco
nomic progress.
The limitation of land armament
and the mitigation of malign forces
in Europe would. indeed, be the
companion pier to the accomplish
ment in naval limitation at the
Washington conference. 1 believe,
then. that America. out of her own
interest. would join her economic
strength to build the span on these
firm piers so vital for economic
proeress without foundation there