The Birmingham age-herald., 1922-01-26
U. s. BEING DRAWN INTO THE LEAGUE OF
 NATIONS, COX SAYS
(Continued from Page one)

(Continued from Page One) lessiy insolvent. Only the resiliency of our banking system has averted the most destructive panic in all history. Inventories have diminished in value but debts remaln"the same. There 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 Russia is
 chargcable to the terrors of so-
 vietism, the distress inA America
 to the trcaehery of Lodgeism.
 ''The first essential thing to our
 prosperity is the formal recogni-
 tien by our government of tho
 fundamental cause of depression.
 Since this would carry acceptance
 of the theories of woodrow Will
 son there Is hope only for the be-
 lated 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 In order without the CO., opera ton of the nation possessing both the leading gold supply and the facili- ties of tremendous productivity. In the face of these fundamental truths, the administration at Washington is vainly trying to. bring better times, by resort to the noisy methods of a circus.
 Surrender to Lodge
 "Thousands of republicans now realize that the present leaders of their party in the making of policy have profaned republican history, and ignored every thought of an honored inheritance, by forsakIng the soul of Abrahama Lincoln for the spleeny of Henry Cabot Lodge. Abject surren- der has been made to MT. Lodge
 With deliberate incustry the ad- ministration at Washington for all most 12 months faced the setting sun -7-and. yet the currents of public opin- ion nave steadily borne the destiny of America eastward. eastward, near CT uach day to the seat of the League of Nations at Geneva.
 "Of the present treaty between the governments of theN United States, Great Briain, France and Japan. pru- dence might suggest that Judgment be reserved until we know what the treaty means and the extent of Mir. Lodges secret understandings. The President gave interpretation of the written word; Mfr. Lodge instantly corrected him with the statement that the real meaning was in the unwrit- ten word-in the understandings be- tween the representatives-wh Mir. Lodge had refrained from mention ing wken he addressed his country men. Just when nations seemed com mitted to open displomacy. Mir. Lodge, in the name of America, resorted to the diplomatic methods of old
 Principle of Arbitration
 Tn its behalf it Is said of the treaty that it recognizes the princi- pie or arbitration and gives protec- ,son against external aggression. On the other hand it creates a group oi Eations, and thus may encourage the l establishment of other groups. This treaty creates division of moral pur. pose. The League or Ma tions contem plates the merging of purpose. Thi. treaty sets up a new enterprise that may lead to other like projects. The League of Nations assemblies all nations deserving of the name. Il the present pact, after mature refiec- ton, Is to be eNaccepted by America, il | should be provided that whenever America joins the League of Nations then the Washington treaty shall bs | null and void
 Our faith in the official pro. nouncements of. 1920 is unaffected by the result of the election of thai year, We stand in our treaty tracks just where we were when the votes were counted. We have pot retreat ed step. The flag still flies ant we are ready for the next fight | Joining forces with the former Ohio governor in criticising tn, Harding administration were Sena tors Pat Harrison of Mississippi ant Atlee Pomerene of Ohio; Joseph r