Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1922-09-29
HELP FOR EUROPE
PROBLEM F Or u. s.
HERBERT HOOVER, SECRETARY
OF COMMERCE, TELLS WHAT
FOREIGN NATIONS MUST DO.
MAJOR ISSUES IMPERATIVE
Delay in Accomplishing Economic and
Financial Reforms Doesn't Imperi
Civilization, but Further Assistance
Requires Restoration of Confidence.
b. JAMES 2. HoRNApAY

IlOSC ID the MINDS OF all Oh us muSl
manifestly be the advance of Europe
toward the degree of stability which
we ourselves enjoy. The steps neces
sary for it's attainment have been in
vigorous debate for the last three
years. Business men and economists
the world over have long been in com
mon agreement upon the major steps.
This statement was made by Herbert
Hoover, secretary of commerce. Con
tinuing, the secretary said
THE conclusions of the great ma
jority include:
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 expendi
ture but to give confidence of peace.
Third, the inter governmental debts
including German Preparations, to be
fixed upon such definite basis OF
payment of interest and principal as
will create reasonable confidence that
payments will be made.
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 OF
tho cold e+o ,do,.d with +ha n sci "a n nc
Of either credits or gold loans, and
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 ac-
cOmplished If these measures could
be accomplished tomorrow the stream
of commerce and industry would rush
economic recovery at a pace which
would amaze the world.
Doesn't Fear General Collapse.
Il am not one who believes that civ
ilization will crash because these meas
ures have been delayed by some ma
tons in the multitude of passions and
almost insolvable difficulties they con
front as the aftermath of the greatest
Of wars. We are now more than three
years from the armistice and despite
the failure to secure universal eco
monte hygiene, the combatant states
upon the continent, 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 Earope's prosperity and sym
patty for her difficulties, which are
comparatively so much greater than
our own. Our interest extends far
beyond considerations of purely eco
nonic interest. Her burdens, indeed
do react on our employment and the
difficulties of our farmers and of ous
merchants. In argument of some Eu
ropean business men and economists
however, there is a tendency to over
estimate our economic dependence up
on Europe and there is sometimes a
tendency to stress too highly the word
responsibility as applied to the United
States. Our economic progress IS to
some extent freeing itself from de
pendence upon the international situa-
ton, as witness Our recovery from the
world depression, and we have first
to keep America strong if we would
be of assistance to anybody.
We Have Given Much Aid Already.
1--WE have, indeed, poured our re
sources into the assistance of Europe
ever since the war was won-to a total
of probably more than four billions OF
dollars Of governmental and private
loans, with an addition of over bill
lien of charity. If we had not done
so, the continent would have sunk into
chaos long before this. 1t is not our
desire to dictate but to cooperate il
every way that is possible and pract4
cable, and that will be effective.
when we come to the problems OF
deal with very realistic questions
First. the most unlikely event on the
economic earth is that the United
States will, as a government, again
engage in any governmental loans; and
second, as financial assistance must
arise from our private investors then
in order to attract these investors
confidence must be maintained in the
progress toward peace and economic
stability in that nation which wishes
assistance from our people.
But loans that are dissipated either
directly or indirectly in military ex
penditure or in unbalanced budgets
in the bolstering up of inflated cur
rencies, are a double loss to the world
They are not only a loss in that they
add nothing to. increased productivity
but they are a loss in that they entail
the postponement of those measures
which are vital for the economic re
Mobilization of the world"
Rowan's BeIated Decoration.
The man who carried the mes
sage to Garcia" during the Span
ish-American war received a Distin