The New York herald., 1922-09-03
UNTERMYER WARNS
" U. s. FROM EUROPE
Raps Cox and Morgenthau
for Their Interviews and
Il Plans of Assistance.
CITES FALSE HOPES
Says Motor Tourists in Few
Weeks Visit Prescribe
./ Remedies.
MARVELS AT THEIR EASE
Scores 'Blundering, Well
Meaning Mischief Maker in
Austrian Capital.
.MARVELS AT THEIR EASE

Special Gable to THE NEW York Herald.
Copyright, 1899, bv THE New York HERALD.
New York Herald Bureau.
London. Sept. 2.
Samuel Untermyer, New York law
yer. says America should use extreme
caution in mixing in European affairs
at present. In discussing the compli-
Gated situation to-day with THE New
York HERALD's correspondent Mr.. TN
teffnyer took a good natured fling at
j. A. Cox, former Democratic candi-
date for President, and Henry Nor
genthau, former Ambassador to Tur-
key, calling them globe trotting sages
without specific remedies or a real
knowledge OF the economic ills they
expect America to doctor.
Il spent almost a fourth of the last
thirty years of my life in central
Europe. Vhere have intimate social.
business and professional connections, y
said Mr.. Untermyer, land there is
frankly very little we can do. how
ever great may be our desire to help
in preventing a debacle of civilization.
Mnrvels Mt World Remedies.
s'when / read the columns of inter
Views and speeches on European con-
ditions by prominent Americans. who.
after spending few holiday weeks mo-
torlng through these countries regard
less of speed regulations and who do rot
understand the language of the people,
] marvel and an mortified at the debo-
Lair ease and confidence with which these
self appointed spokesmen tell us what
america can and should do to sava the
stricken world With the best intentions
Ia the world they are doing incalculablc
harm. The harm they are doing is H.
lustrated by what occurred few weeks
ago in Vienna
A gentleman, whose life was spent
and fortune made in specializing in New
York real estate and who taccidentlly
found himself in a diplomatic post dur
ing the war. startled the expectant
world with the announcement from
Vienna of plan to save and rehabili-
tate Austria. He had spent less than a
week in Austria. His plan is imposs-
BILE on the face OF 1t, yet the despairing
statesmen of Austria seized upon it and
gave II serious consideration on the as
entioned mischiefmaker could get the
help Of America to carry through his
p-eposterous scheme.
Entire World In Trouble.
Everyone wants to help. OF course.
but the whole world is in trouble. in
Guiding our own country II we were
to beat down the tariff walls instead OF
building them up higher in self-protec-
tion, and were to supply these coun-
tries with raw materials in return for
their manufactured goods. we could. Of
course. help them. but that would mean
that We would have to finance them in
order 10 destroy ourselves by closing our
factories and throwing our workmen
into the streets.
Never in history has there been a
time when enlightened selfishness SO
strongly dictated the necessity of pro-
tecting our labor from annihilation,
which will follow competition with the
pauperized labor conditions Of central
and southeast Europe"
Mr.. Untermyer said IL might be pos
sihle to help some IL the Government
would establish a department to fur
nish raw material. accepting payment
in manufactured goods which either
would not compete with our own or
which, after paying a sufficient pro-
~NNss 80 NC SOtt CT a.
profit.
This would require branch depart
ments in all the countries concerned.
however, and would be a mere drop In
tho ocean on the way to recovery, he
said.
No Magic Money Wand,
"But there Is no magic wand that
can convert bankruptcy. whether It be
national or individual. into prosperity"
continued Mr.. Untermyer. 1T must be
done by the painful rebuilding OF capi-
tai and credit"
He says that readjustment of the
reparations also would help. but that IL
would not be cure ALL Great Britain
he went on. docs not need and probs bIy
would not accept the remission of a
penny OF the principal or interest OF tn.
debt she owes us--it would be an insult
20 suggest it--but there Is no reason
why the United States should noe toIn
her In canceling the debts owing che
United States from the other Allies and
crcditing the amount thus remitted to
the rcparations bill against Germany
nor why the balance OF the reparafIons
debt should not be funded in such n
way that II will render payment possible
OF which now there lis not the rcmotest
hope.
America and Great Britain might just
as well cancel them that way, for the
debts Will not be paid anyway.
1T is wrong toward the United States
and Europe for American visitors TO 20
on raising hopes. and am hoping that
now that the silly season Is over our
globe trotting sages VIII get safely home
where we know how to gage them at
their true value. and let the Govern
ment have chance to make our COM
nitmcnts In its own way after proper
study OF these gigantic problems"