The New York herald., 1922-10-28

Every man or nation in order to meas
ure up to obligations must work and
save; must be prudent and fair and
economical.
"All this applies 10 the payment OF
debts TO the reestabishment and prog
ress of business. to the money rates of
exchange, to the financial ard other ex-
changes of commodities or activities. 1t
is insisted rates of exchange cannot be
restored for maintained except by obe-
dience to the simple rule of supply and
demand Foreign debtor nations need
not expect return of fair rates of ex-
change except by producing and selling
to other countries what can be utilized
by the latter 1t is believed some. II
not many. of the great debtor nations
can produce more than they are now
producing and can. without suffering,
materially increase their economies.
When a man or nation Is in debt there
should be practiced at all times rigid
economy and maximum industry until
after debts are paid and the equilibrium
of the basis for exchanges is restored.
1t is needless to ignore the we'll tried
law of supply and demand. 1t cannot
be done successfully.
Personalities have not been indulged
ir. 1t has been intended only to discuss
and apply rules and principles OF COM
mon knowledge to call attention to the
fact that artificial eNpedients cannot be
satisfactory or successful. Every nation.
every state. every people, every class,
every group, every man, woman and
child must always be treated fairly. rea-
sonably justly. Every one must act
with due regard to the rights and in
terests of all others. This Is the panacea
for all human troubles.
Conference Plan.
ut is to be hoped there will soon be
held in Washington another peace con-
ference for the full and frank discussion
of all unsettled financial commercial
and Industrial questions in which our
people are interested. directly or In
directly. to be participated In by able.
open minded, well disposed representa-
tives from the different nations. such as
those who appeared at the recent
limitation of armament conference. II
there shall be such a meeting and the
delegates are all of the type referred "a
there will result incalculabi gopc to all
who are parties. They would not de-
eide or discuss how to abolish or over
come the old established law OF supply
and demand. how TO avoid or repudiate
existing legal obligations, but rather how
and when to fulfill them without ir-
IcpdTdDlc W any OhC VI Vic s's~>-
Iifice of principle. 1t would n. found
that the United States is always dis
posed to be just, reasonable. Ienient, I'M
partial and friendly While II is true
that members of such a conference
w0uld be compelled to consider. and in q
large measure be governed by. the
wishes Of their respective constituencies.
n IS believed that the large majority OF
the populations making up such con-
stituencles would be sensible and honest
THE world, now more than ever be-
fcre, needs PEE nterna sional end do
.nestic polite social, ana Industrial
u Is time for work, economy. saving,
q t; hc enable and intelli-
sc 1servance and en-
fcr. mem IS of raw, propriety
ard CONN use. Gent,eme'. what
We preach le US practice. conscientious
~. persstently and loyalty. lie: us al
ways transact our business on TIE basis
Of rendering O. full equivalent for what
we demand or receive. Thus We shall
best succeed and prosper"