New-York tribune., 1922-02-08
The Genoa Conference

The troubles OF Europe, which have
their repercussions in this country
and throughout the world. are. of
course. commercial and industrial,
and such an international conference
as it is proposed to hold at Genoa
naturally seems proper agency to
consider them.
But back Of the economic causes
Of unrest are political evils of such
nature that their persistence
makes labor in the economic tield
largely futile. Business cannot be
done in whirlwind Of doubt I'm
less the disturbed countries, through
their own action. re-cstablish domes-
tic tranquility it is not worth while
to talk of restoring trade
We would he the last to suggest
that political action in itself will
bring back prosperity. This Will
come chiefly from individual work
and initiative. Governments. though
they can help by removing special
obstacles. can go but little beyond
this. The delegates at Genoa viii
represent political power able to or
der men to march. hut which only to
limited degree can force capital to
invest.
What. then, can be done through
political action to prepare the way
for trade To answer this question
it is necessary to consider the foun-
dations on which trade rests. The
first and most important Of these is
CONFERENCE.-The confidence of the
trader that he will not uniustly lose
through the action or non-act,on Of
the political power in the area with
whose people he bargains. Unless
there is security for principal and
interest it is idle to expect commerce
to spring up. AS an atmosphere of
nitrogen is required by vegetable
growth, so an atmosphere Of conf
dcnce is required for business
growth. No amount Of gusty talk
at Genoa or anywhere else Will
repeal this law of commercial life.
Now. what political action by the
PROSTATE countries will tend to re-
store outside confidence? Four i'm
portant items quickly come to mind
free elections, free press to give
the world honest information and to
assist in developing an enlightened
public opinion, courts that can be
trusted to do justice as justice is un-
derstood throughout the world. and
finally, stoppage of the presses
that print paper money. and a con
sequent stablization Of existing cur
rences.
Should an international confer
ence. speaking with the voice of
political power, deliver an ultima
tum embracing these demands. and
+ serve notice that until they be COM
piled with there could and would
De no trade, there would be basis for
hope. But solutions in terms Of in
ternational banking, unless other
things are done first, are scarcely
worth wasting breath or paper on.
President Harding and Secretary
Hughes are naturally slow in accept
ing the Genoa invitation, much as
they synlpathize with many Of the
declared objectives Of the gathering
The project so far is too satu-
rated with vaporish Keynes non
/ sense. It is true that condition
precedent is that Russia shall agree
to pay her honest debts But Of what
good is the promise? Another tyr.
amy at Moscow may follow the pres
ent one and at once repudiate the
agreements Of it's predecessor. The
pledge must obviously be signed by
those who have right to bind the
+ people OF Russia.
The agenda Of the proposed con-
ference are in need Of revision. To be
of practical benefit the conference
must address itself principally to
the business that it is competent to
deal with. The spirit Of practicaiity
which marked the conference at
, Washington must in some way lie in
/ troduced Secretary Hughes aptl5'
said some time ago that trade couli
not be carried on with vacuum, and
a trade vacuum Russia is likely to
continue to be as long as the existing
government lasts
Reducing the issue to one sen
sence, it may be said: What sane
trader, at his own risk. IS now will
, ing to sell goods on credit To So
v;eteers oY to those under Soviet
hondage?
The Crime Soviet
S.nce crime is approaching the