The Union daily times. [volume] (Union, S.C.) 1918-current, 1922-10-14
EUROPE FACING
SERIOUS CRISIS

Il .,s4 H-N-
Hoboken, N. j., Oct. 13.-Europe is
closer to military conflict than at any
period Immediately preceding the
world war, members Of the interna
tional trade commission Of the South
ern Commercial congress declared to-
day apon their return on the Presi-
dent Harding.
The commissioners stated that their
study Of conditions in all the Euro
peanA eountries convinced them that
immediate solution of the various
financial, economic and reparation
problems was necessary to avoid dis
| aster.
Fourteen mempers Of the commits
sion, neaded by Clarence j. Owens of
Washington, d. c., returned on the
| President Harding. A report of the
commissions Investigations will be
presented to the 18th commercial con-
gress in Chicago November 90 to %.
Northumberland the treaty of
Versailles and the low economic
| status If European nations" said
preliminary report Of the commission,
Europe is more nearly on a verge of
| military conflict than at any period
Immediately preceding the world war.
The Belgian compromise is purely
temporary and unless some solution
Of the problem is reached prior to
the expiration of the six months
period the conditions in Europe will
be infinitely worse.
"The fundamental problem is that
of the settlement of the war debt and
reparations. The settlement can not
be handled piecemeal, but must in
clude all the nations parties to inter-
national financial obligations. Amer
lea as creditor nation to the amount
Of $1o.C00,000 plus accrued interest
must See that its interests are pro-
tected in the contract of settlement.
France and Belgium base their entire
program of reconstruction and reha-
bilitation on the return of exchange
to an approximate normal status upon
German reparation pay. Germany,
with its gold md securities of value
out Of the country with apparent
financial collapse but with an almost
frenzied agricultural and industrial
activity in production, boldly claims
that the treaty Of Versailles must be
amended that Germany be freed to
compete economically and CONNER
eiaNy .MatA aAthera conntxies of the
world and claims that Germany can
not pay anything like the sum de-
manded, nor at all until she is free
to export.
Holland, as neutral observer,
agreed that Germany can not pay
and plainly says that the economic
future of Holland is found up with
the fate of Germany.
"Italy has more nearly balanced her
budget and England has balanced it's
budget. These nations do not main
tain that their economic future is de-
pendent upon German reparationS.
However, both nations have their eX-
terror debt and both expect Germany
to pay an adequate amount. If set
tlement is reached. and settlement
| must be reached, if the peace of the
| world is to be restored and guaran-
teed, then two basic considerations
must be understood and accepted viz:
First, America can not cancel the
debts OF the nations, but all nations
must ultimately pay their obligations
with dignity and honor; second, the
| world war is ended and while hate
and anger is still in the hearts of
many, the settlement between nat lDnS
formerly belligercnt must be on
basis OF mutual respect and consid-
GRAFTON.
1.-Two words contain the solution Of
the worlds problems in the interna-
tional settlement in this hour of un-
| happy and chaotic uncertainty. They
are moratorium and amortization.
| Let no nation ask for its debt to be
forgiven but only for time and pa
tient consideration. The allies must
pay America; Germany must pay
reparation obligations, but amend.
ment % .the treaty of Versailles must
be agreed upon, giving Germany the
| opportunity to free competition, eco
nomically, with all nations and France
and Germany must have guarantee
OF freedom from molestation and mil
itary attacks.
''if there was adequate reason foi
six months moratorium there will
be a greater reason for longer ex-
tension at the expiration of the
period. A moratorium of longer
and absolutely definite period must be
' accepted. If America as creditor
!. nation attempts to force payments
from the nations of Europe, the re-
suit would be disastrous. And if the
former allies attempt to force the
defeated nations beyond their ability
to pay, it would be equally disastrous
and would inevitably lead to armed