Pueblo chieftain., 1922-03-19
Why U. s. DECLINED INVITATION
TO ATTEND GENOA CONFERENCE

or these German reparationS is not .
matter in which America should par
ticipate. but is wholly n matter for
the European nations to decide OF
themselves, has been made evident re-
peateoly as part of American policy.
II is also the American policy that
the subject of the limitation of arm
ament on land must be faced and set
tied by the European nations before
anything can be done either by them
selves, or by us TO cure their economic
Ills. So long as France together with
several of the smaller nations in east
ern Europe continue TO maintain
armies OF an unreasonable size. they
cannot have economic or financial
stability. Some of the armies maintain
ed by these little countries in east
eFn Europe are OF such a size, that il
the United States maintained an army
IN proportion, il would amount to a
million and q half men. 1t is to MAIN
tain these armies that the governments
in question keep on printing paper
money and keep on spending more
than their revenue. AS respects land
armament. the United States is OBJ
viously justified in taking the position
that this subject can be only settled
by Europe. on this point we cannot
help them. America tried to do some-
thing about the limitation of arna-
ment on land. America placed that
subject on the agenda of the Washing
ton conference but when the Washing
ton conference got around TO consider
ing II France refused. 1t was this re-
fusal of France that caused the Wash
inston conference to throw the entire
subject OF land armament off the
agenda and to leave the problem OF
land armaments just where it was
when the Washington conference be-
gan. obviously the United States Is
not called upon now to again take
the initiative on this subject. Some
thing must be done about IT and Il
can only be done by the European gov
ernments themselves.
Until these two SUBJECTS OF German
reparations and of tec maintenance
.of large land armaments together
with the cost of those armaments arc
faced by the nations of Europe and
are settled upon sound basis. there
is nothing the United states can do to
help Europe toward better things. Jus,
as soon as these two SUBJECTS arc set
tied and settled right. the United
states will be the eager to put all its
weight into an effort to restore nor
NAL economic conditions in tho world.
America is as much interested as any
other country in the restoration of
normal economic conditions in the
world and in the restoration OF the
and country. but It ,s OF no use to at
tempt TO achieve that result by some
kind OF economic patent medicine. Il
can only he achieved by first remedy
ing the fundamental cause OF the ;rou-
bic That remedy is thing which
the governments Of Europe can only
achieve for themselves. We cannot i'm
pose Il upon them. They must first
achieve that much selt-hcip for them
selves Thereafter America can be and
VIII be OF great help toward the rest OF
the process. The chief cause OF the
paralysis OF international trade is the
fiuetuatfon Of cxchanSc and II il fire.
gucnHy said that some action should
be taken with the United States par
icipatlns for the siahiiix.ng OF exchange.
But exchange is merely n barometer
and tn talk OF .tsbiiirinK Il IL like pro-
posing TO regulate the thermometer by
some kind OF artificial means. Tho
true way to stabilize international eI-
change - to cure the conditions which
are tho cs-usc of Its violent fluctua-