The Birmingham age-herald., 1922-11-27
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large capital. Do you think that when he reads the Turkish papers to- day--papers which daily announce that fact that when Constantinople is given back to victorious Turkey there will be no more place for a special regime of guarantees in favor of Chrstians--do you think that that business man would not be sorry that he had placed such confidence in the word of the governments?
 As a fact, such instability maIiifestx itself almost everywhere, bringing in it's train the same insecurity. No one in Europe is certain of the imme- diate political future. Practically nothing remains of the victory won on the hattlefieids of the Near East. and the Turks are once again in Thraee in the selfsame conditions which rendered possible their entry intGN the war in 1914 against the allies and with all the inevitable con sequences. The western victory Gin France) has heen widely assalled and the future groupings announced by the treaty of RapallC permit no coun- try to be completely at east That such condition oftevents has been fostered by the insistent canpaigns waged against the treaties of 1919 in the name ( economic materiaIism and it's exigencies, cannot be con- tested. That such a condition of events has aided or can aid toward a revival of business-who will dare to suggest such a thing as possible?
 The Keynes system seems. there fore, to be condemned by experienc. l would add that cf all European countries, those which have work ed most effieaciously toward readjust- ment Of economic interests are the states of central Europe.
 No One. Sure of Anything
 And these were the countries whose frontiers were the most profoundly modified by the peace treaty. What IS to be said unless it Is that the resolute acceptance of state of affairs, admittedly heavy with diff culties, but conforming to the na- tional aspirations Of a people, is not incompatible with regrouping of economic fences; that. on the con trary, the more country accepts with resolution, as definite and un- alterable, the statute born of the victory, the more it has a chance ot adapting itself to the unforseeable exigencies of production and of the exchange
 I do not desire to. throw suspicion on the intentions of any one and 1 bear in mind only results. The result of political creed exclusively eco homie, and which may have had such success in the Anglo -Savon countries must be Judged by experience. In 1919 this political creed added to the inveitable consequences of the war, when 1t rudely broke the interallied bonds that had been tied during the war. Since then 1t has impregnated political conditions in Europe with an uncertainty which has, in turn. ex- cited repercussion on general eco homie conditions. In the past, Baron Louis said, Make good politics for me and I will make good finance" That is still true. Such politics as the world has had to suffer for three years from day to day has had a disastrous effect on our economic engagements because no one is any longer certain of anything.
 At bottom this theory, all theories which have been recommended to Continental Europe 0nc1uding those which at times it has even been sought to impose upon her), have the drawback of having geen manufac- tured for the benefit of the European continent by men who do not be- long to that continent. Our own Con- tinent of Europe, so cruelty battered by centuries of conflict, differs so radically from insular England and from far away America that English and American brains will always be very hard put to it tc' legislate for her.
 Our passionate and sanguinary his. tory impregnates us. Our fathers fought for liberties and for frontiers which are dearer to us than life. So when people come and tell us that because of the location of an iron or coal mine we must change our coun- try our whole being rises against such an inhuman theory.
 Whether one wishes it or not, the great war of 1914 was more political than economic. and our victory. was one of nationalities. It is on that basis of fact that we must work. We should restore. over and above the new frontiers, the old relations af- fecting the common interest; we know it and we are ready to do. it. But if those same frontiers are constantly being reconsidered, do you think that will facilitate the necessary restora- ton? Many Anglo-Saxons thought SO. They made mistake. Events prove so. Europe has found basis of political equilibrium. Perfect? No. But better. very surely, than that of 1914
 We must install ourselves in the .