The citizen. [volume] (Berea, Ky.) 1899-1958, 1922-09-28
HELP FOR EUROPE
PROBLEM FOR j. 5.
HERBERT HOOVER, SECRETARY
OF COMMERCE, TELLS WHAT
FOREIGN NATIONS MUST 90.
MAJOR ISSUES IMPERATIVE
Delay In Accomplishing Economic and
Financial Reforms Doesn't lmpsriI
Civilization, but Further Assistance
Requires Restoration Of Confidence.
BY JAMES p. noRNAoAv

Requires Restoration Of Confidence.
BY JAMES p. HoRNAoAY
Washington.-"Next to our domestic
economic problems, the matter upper
iiost In the minds Of all Of US must
manifestly be the advance Of Europe
toward the degree of stability which
we ourselves enjoy. The steps neces-
sary for its attainment have been In
vigorous debate for the last three
years. Business men and economists
the world over have long been In com
mon agreement upon the major steps,"
This statement was made by Herbert
Hoover. secretary of commerce. Con-
tinuing. the secretary said:
The conclusions of the great ma
jority include:
First, such poIitical relations be-
tween the states In Europe themselves
as will produce an atmosphere Of
peace and destroy the atmosphere Of
war.
Second, the reduction of armament
not only to lessen government expendi-
ture but to give confidence of peace.
Third, the inter-governmenta debts.
including German reparations, to be
fixed upon such a definite basis Of
payment of interest and principal as
will create reasonable confidence that
payments will be made.
Fourth, the balancing OF budgets
more through the reduction Of expendi-
ture than the increase In taxation, and
a cessation of the consequent imitation
In currency and shOrt-time bills
Fifth, the ultimate establishment Of
the gold standard with the assistance
OF either credits or gold loans and.
where necessary, the acceptance Of
diminished gold content to many old
units of currency.
There are many less important
steps but they become easy and GER
tain when these major issues are &C
complished. II these measures could
be accomplished tomorrow the stream
Of commerce and industry would rush
economic recovery at q pace which
would amaze the world.
Doesn't Fear General Collapse.
Il am not one who believes that civ
ilizatiOn will crash because these meas
ures have been delayed by some ma
tions in the multitude Of passions and
almost insolvable difficulties they con-
front as the aftermath Of the greatest
Of wars. We are now more than three
years from the armlstice and despite
the failure to secure universal eco
nomic hygiene. the cOmbatant states
upon the continent. except Russia, have
made very definite progress In these
directions. The very fact that these
states have survived at all Is proof Of
the virility of their institutions.
"Our people have a deep sOlicitude
for EurOpe's prosperity and a sym
pathy for her difficulties, which are
comparatively SO much greater than
our own. Our interest extends far
beyond considerations Of purely eco
nOmic interest. Her burdens. indeed,
do react ON our employment and the
difficulties OF our farmers and Of our
merchants. In argument Of some Eu-
ropean business men and economists,
however. there is a tendency to over
estimate our economic dependence up
on Europe and there Is sometimes q
tendency to stress too highly the word
responsibility as applied to the United
States. Our economic progress is to
some extent freeing itself from de-
pendence upon the International situa-
tiOn, as witness our recovery from the
world depression. and we have first
to keep America strong if We would
be Of assistance to anybody.
We Havs Given Mreh Aid Already.
I'VE have. indeed, poured our re-
sources into the assistance OF Europe
ever since the war was won-to total
OF probably more than four billions Of
dollars Of governmental and private
loans, with an addition OF over a bill
lion OF charity. II we had not done
SO, the continent would have sunk into
chaos long before this IL Is not our
desire TO dictate but TO cooperate In
every way that Is possible and practi-
cable, and that will be effective.
"When we come to the problems Of
further economic assistance we must
deal with very realistic questions:
First, the most unlikely event on the
economic earth Is that the United
States will. as government. again
engage In any governmental loans and
second. as financial assistance must
arise from our private investors then