Evening star., 1922-11-27

: instability Menace.
When no one can be certain
whether engagements signed yester-
day will not be opened UP again for
debate the very next day, 1t is hard
to expect a return of confidence.
fundamental condition of renewal of
business Take, for example. q busi-
ness man who in 1919. relying on the
war aims of the allies and on the
terms of the armistice, developed
business In Constantinople employing
large capital. Do you think that
today-papers which daily announce
the fact that when Constantinople Is
given back to victorious Turkey there
will be no more place for special
regime of guarantees in favor Of
Christians-do you think that that
business man would not be sorry that
he had placed such confidence in the
word of the governments?
AS fact, such instability manifests
Itself almost everywhere, bringing in
its train the same insecurity. No one
In Europe Is certain Of the immediate
political future. Practically nothing
| remains of the victory won on the
battlef1elds of the near east. and the
Turks are once again in Thrace In
the selfsame conditions which rem
| war in 1914 against the allies and
| with all the inevitable consequences.
The western victory Gin France) has
been widely assailed. and the futur.
groupings announced by the treaty of
Rapallo permit no country to be COM
pletely at ease. That such a condi-
t}on of events has been fostered by
| the insistent campaigns waged against
he treaties of 1919 in the name of
economic materialism and its ext
gencfes cannot be contested. That
| such condition of events has aided
or can aid toward a revival of busi-
ness-who will dare to suggest such
! thing as possible?
The Keynes system seems. there
fore, to be condemned by experience.
would add that. Of all European
countries those which have worked
| most effcaciously toward a 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 a state of af-
fairs. admittedly heavy with difficult
| ties, but conforming to the nationa!
| aspirations Of a people, Is not incom-
| patib1e with regrouping Of economic
forces: that. on the contrary. the more
a country accepts with resolution. as
definite and unalterable. the statute
born OF the victory, the more 1t has a
chance of adapting itself to the un-
forseeable exigencies of production
and OF the exchange.
1 do not desire to throw suspicion
on the intentions of any one. and
bear in mind only results. The result
OF political creed exclusively eco
nomic. and which may have had such
success in the Anglo Saxon countries
must be judged by experience. In
1919 this political creed added to the
when it 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
nomic conditions. In the past. Baron
Louis said. Make good politics for
me and 1 will make good finance. +.
That is still true. Such politics as
the world has had to suffer for three
years from day to day have had a
disastrous effect on our economic well
| being. No one dares to contract en-
gagements because no one Is any
longer certain of anything.
At bottom this theory, all theories
| which have been recommended to
continentdl Europe (lncluolnH those
| which at times 1t has even been
| sought to impose upon her), have the
drawback OF having been 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 1t to legislate for
her.
War Was Political.
Our passionate and sanguinary his
! tory impregnates US. Our fathers