, 1922-04-17
Wrong as Usual

rAurs NJ cox might profit II he gave closer seudy
y to contemporaneous history than he apparently oe-
votes OF IL. His Jeffcrpon banquet speech. wnen was
r-.~rned IN be In the MIXTURE Of a 1924 keynote is
SO obviously refuted by present history as 70 keep
James in the ridiculous class and at the nao o X /"
whore he was left standing in November lsZo.
The substance of Cox's address was that America
is suffering industrial depression and internahonai
exchange is disrupted because OF the rcrusa u .ns
country TO join the League of Nations The plain
facts are that American industry has been on the
upgrade nearly ever since the inauguration OF a
Republican administration demonstratea tne nmpos
sibility of the United States subordInating Is so'e,
eieuty and its interests to a super state. mternatlonai
exchange has been rapidly getting back to normal
getting back so rapidly as to surprise the most sam
guine.
The one great burden to American industry has
been taxation. The internationaIists who propose to
force the United States into a league OF nations are
also debt eancellationists who would have the ohitea
States, either voluntarily or through the influence OF
the league of nations, write off from our books some
eleven billion dollars due this country from European
na+;ons TT that debt were cancelled it would mean
an eleven billion dollar additional debt placed upon
the people of the United States for the liquidation OF
which they would be compelled to pay increased taxes
for probably a century to come Scarcely anything
could be done that would have a more depressing IN
fiuence on American industry than the cancellation OF
debts with the assurance, as a consequence, tnat Am
erican industry would have heavier Federal taxes to
pay.
American public win ignore the record when he at
tributes deprecated foreign exchange to our refusal
to enter the League fo Nations The fact is, that in
November 1920, when the American people decided
by a seven million majority that the United States
would not enter the League of Nations the British
pound sterling was worth IN the United States 1888;
and the French franc was worth ST cents, while to
day, without our having shown any indication what
ever of a disposition to enter the league, the pound
sterling is worth S4.42, and the franc 90 cents.
Moreover, the public assertions of Lloyd George
and other eminent European statesmen attribute de
lay in the restoration of Europe to normal industrial
conditions to the refusal of certain European coun-
tries to balance their budgets, reduce their military
expenditures, and return to the normal activities of
peace.
Neither is Mr.. Cox in harmony with the records
when he intimates that there has been a lack Of credit,
due to the refusal of this country to enter the league.
The records of our foreign trade show that during
1919 the United States sold abroad in excess of its
purchases, goods to the value of four billion dollars,
in 1920 to the value of three billion and in 1921 to
the value of two billion, making a total credit extended
to foreign countries, since the termination of the war,
of nine billion dollars. 1t would be interesting to
know how much more credit Mr.. Cox thinks the
United States could have extended if it had become
a member of the League of Nations, and from what
source, m his opinion, the United States could expect
to secure ultimate payment If larger credit had been
granted.