New-York tribune., 1922-01-26
Cox Condemns
Arms Council
In Party Plea
tour-Power Treaty Outcome
of Secret Diplomacy, He
Tells Ohio Democrats Mt
Jackson Day Banquet
Assails Harding Policies
Declares That Financial De-
preston Is Due to the
''Treachery of Lodgism"

DAYTON, Ohio, Jan. 25.-James NJ.
Cox, Democratic candidate for Presi
dent in 1920 and former Governor of
Ohio, tonight told Democrats gathered
here at n Jackson Day banquet that
their party stands just where it did
when the votes were counted" and Is
ready for the next fight" Public
opinion, he declared, has "steadily
borne the destiny of America nearer
each day to the seat Of tho League of
Nations at Geneva"
In his first public address since the
campaign Of 1920 Mr.. Cox assailed the
policies Of the present Administration,
condemning the work Of the Washing
ton armaments conference, declaring
that America had refused to accept
world leadership and that financial de-
preston was due to tho "treachery of
Lodgeism." Thousands Of Republicans,
he declared, nov realize that the lead
ers Of their party In the making of pol
icy hsve profaned Republican
history by forsaking the soul Of Abra-
ham Lincoln for the spleen of Henry
Cabot Lodge"
Mr.. Cox said In part:
"As l interpret proprieties, the de
feated candidate for the Presidency
should hold to the unspoken word un-
til time has brought the unmistakabe
evidence Of payment or default by those
in power on campaign pledges.
Almost full year has elapsed and
n 10
of its developments. The ruins of war
still mar the international perspective.
Willing industry is without the aid Of
financial credits. Countries, solvent if
not rich in natural resource. are in
idleness and misery. The reaction,
true to prophecy, is upon US and every
community is affected, The echoing
cry Of America first is q mockery to
human intelligence. as unhappy ex-
perence tells US that we are a part
of the whole world in soul, by the will
Of Almighty God, and in practicalities
by tho logic Of natures laws-Repub-
lican dictum to the contrary notwith-
standing.
Farm products have diminished in
price, much below the labor cost Of
production; vast inventories of shop
and mill have followed the downward
trend until thousands of farmers and
business concerns are hopclcssly in
solvent. Only the resiliency of our
banking system has averted the most
destructive panic in all history. Inven-
tories have diminished in value, but
debts remain the same. There can be
but one Anal result to this situation.
"And how needless it all has been.
When peace came Europe needed re-
building. America had the supplies.
Europe required credit. America had a
prosperity upon which credit could
have been given. The distress in Rus
sia is chargeable to the terrors Of
Sovietism; the distress in America to
the treachery Of Lodqism.
1.-THE first essential thing to our
prosperity Is the formal recognition by
our government Of the fundamental
cause Of depression. Since this would
carry acceptance Of the theories Of
Woodrow Wilson, there is hope onlv
FOR tho belated relief that will come
from the pressure of public opinion
every economist and statesman in
the world, whose mental processes are
free from ulterior thought, admits that
the house Of civilization cannot be put