Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-05-17
HOOVER. OUTLINES FIVE STEPS
TO GIVE EUROPE STABILITY
Tells Business Men Definite Business
Strides Are Already Being Made-Farm
Bureau Head Makes Trade Plea.

Stability in Europe Is one of the mat
tiers uppermost in the minds Of all to-
day. Secretary Hoover of the Depart
,ment> of Commerce told the delegates
at the Chamber of Commerce conven-
ton last night, and he laid down Ave
points of economic hygiene. disregard
OF which brings a continued harvest of
human misery and danger"
These conclusions, he said, reached
by the great majority. are:
Five Vital Steps.
First. such political relations be-
tween the states in Europe themselves
as will produce an atmosphere of peace
and destroy the atmosphere of war.
Second. the reduction of armament
not only TO lessen government eNpendi-
ture. but to give confidence of peace.
Third. the intergovernmental debts.
including German reparationS, to be
liked upon such a definite basis of pay
ment of interest and principal as will
create reasonable confidence that pay
Inents will be met
Fourth, the balancing of budgets
more through the reduction of eXpendi-
ture than the increase in taxation. and
a cessation of the consequent imitation
in currency and short-time bills.
Fifth. the ultimate establishment
or the gold standard. with the assist
ance of either credits or gold loans.
ana. where necessary. the acceptance
OF diminished gold content to many
old units of currency.
There are many less important
steps, but they become easy and GER
tain when these major issues are &C
complished. If these measures could
be accomplished tomorrow the stream
or commerce and industry would rush
economic recovery at a pace which
would amaze the world.
Until these are accomplished" he
continued. "our citizens must guide
their business with caution in rela-
.tion to the nations who are yet I'M
able to make these steps.
Lauds Progress Already Made.
Il am not one who believes that
civilization will crash because these
measures have been delayed by some
nations. in the multitude of passions
and almost unsolvable difficulties they
confront as the aftermath of the
greatest of wars" he continued We
are now more than three years from
the armistice. and, despite the failure
to secure universal economic hygiene,
the combatant states upon the CONT
mont, except Russia. have made very
definite progress in these directions.
The very fact that these states have
survived at all is proof of the virility
of their institutions.
Our people have deep solicitude
for Europe's prosperity and a SYM
patty for her difficulties. which are
comparatively so much greater than
our own. Our interest extends far be-
yond considerations of purely eco
nomic interest. Her burdens. indeed.
do react on our employment and the
difficulties of our farmers and of our
merchants. In argument of some
European business men and econo-
mistS, however. there is tendency
to overestimate our economic depend
ence upon Europe. and there is some
times a tendency to too highly stress
the word responsibility as applied to
the United States Our economic prog.
ress is to some extent freeing itself
from dependence upon the 1nterna-
tiona1 situation, as witness our recoV-
cry from the world depression. and
we have first to keep America strong