The Cordova daily times., 1922-10-25

NEW YORK, Oct 25.-It is strange that the great mass of the peoples of all the belligerent nations should have believed that after the war they would have so much better times and such a different world, that labor hours would be shorter and easier and the remuneration would be great f. CT, says Percy H. Johnstone, president of the Chemical Bank of New York, on his recent return from Europe.
 During the great struggle, propa- ganda of every description was sowed broadcast in every war-torn country: the peoples drank in such rose-tinted phrases as making the world safe for democracy" and "the self-deter- mination of peoples" They took these and other alluring phrases too literal ly They were lulled into an expect ancy, the fulfillment of which was as absurd as the story of the pot of gold at the end of the rainbow
 AWAKENING AT HAND
 The sad awakening has now come. The peoples have come out of the trance to find that their situation is far worse instead of the expected better; that their governments are burdened with crushing debts and that heavy and beyond what anyone prior to the war had thought people would or could endure.
 Above everything else the peoples of Europe want peace and an oppor- tunity to work and to pursue gain full occupations They certainly do not want charity, even if there were charity continuously to provide. They do realize, however, painfully and almost hopelessly that their burden is far too heavy for them to carry. What they need and really ask is that we help them to help themselves.
 From a careful study of fundamental conditions I am convinced that Flu rope owes more than it can ever hope to pay. If the depressing and crush ing governmental debts could be wiped out, conditions would soon be- come normal.
 Almost four years after the ending of the great conflict we find England alone able to balance her budget. The debts of other belligerent nations have vastly grown and in some in stances have more than doubled since the war closed.
 There can be but one result from this staggering burden of debt and this reckless currency imitation, name ly national bankruptcy
 HOW WE CAN HELP
 Except in the case of England, the situation with the belligerent na- tions is not unlike that of an Ameri- can company whose creditors dis cover that reverses have been met and that the company is indebted for more than it can pay.
 The commonsense procedure under such a circumstance and the only one followed by sensible business men is for the creditors to meet, to agree to an extension of the debts or in a bad case to effect composition settle ment, always arranging the settlement where possible so as to let the busi- ness continue.
 The European situation sooner or later will require a composition set, clement, and at that time the external and internal debts, together with cur. rency inflation, will all have to be taken into account.
 If Europe would agree to a sound program of debt readjustment and the eliminating of worthless currencies both America and England would well afford to agree to an indefinite post ponement of the large amounts due each on account of the loans made tc the respective countries during the | late war If such a program were agreed upon and put into operation trade and commerce between nations would soon revive, and thereby Amer i ica and England would indirectly re cover their principal in this manner much sooner than they can iron debtors who are totally unable tt pay and who are getting weaker veal | by year.
 No world stability can exist unde' these conditions.
 It is futile to discuss the details of such a settlement unless we cal agree on the principle by which it i! to be made.
 The world is 1OOzinp tO America t(