Evening journal., 1922-10-03
.SEESUS. S. AT
Ways PARTING
Lamont Asks Has Nation
Done Full World Duty
Since Armistice
OUGHT PART OF
DEBT BE CANCELLED

/ Press. America has como TO the
parting OF the ways and must de-
eide now whether 20 ''co-operate in
the counseis OF the mother country
and tho old world" or 'stand aside
and add 20 our national stock OF
gold" Thomas w. Lamont OF J. p.
Morgan and Company declared in an
address to the American Bankers
Association Convention here today.
The United States, he declared, Is
entering new business circle with
clearing skies and fair weather"
''Ths nation has gained great pow
or" he said, "and with II goes
welghty responsibility"
During the world war this respon-
Hibility was discharged a Thousand
fold" but since the armistice there
Is doubt about Il.
Nov we have. II would seem,
come TO the parting OF the ways"
he snid shall we meet the respon-
sibility that has come 20 US With
power. or shall we raii7"
I.ammot's speech was heard by a
huge gathering OF delegates repre-
sentinF the nations banking ma
chinery assembled for the first seq
sion OF the convention az which they
plan TO formulate policies on what
action America should take with re-
gard 20 forgiving Europe's debts,
taking hand in the European
financial tangie and other grave
problems
Points made by Lamont in his
speech Included;
1. America has passed through a
cycle OF fiattening OF prices. with
business on its back" and now bust
ness ~has bound up its bruises and
Is slowly moving on 20 new
goal"
2. business sim has some hurdles
10 Jump. including low prices pre-
vailing for farm products but Il
never knew any country to go broke
because OF its abundant crops even
though our farmers suffer disap-
pointment."
5. with regard 20 labor employers
have a responsibility 10 study more
fully than we do today the condi-
lions OF labor and be sure that, every
competent worker has an interval in
the drudgery OF work for enjoyment
or life"
4. Concerning the tariff bill. 1--WE
shall be fortunate indeed ~ we do
not find that IN practice II protects a
lot OF Industries that do not require
protection and cuts or from our
farmers and manufacturers lot Of
foreign markets that are ready to
buy our commodities"
8. Europe. although politically I'm
the dolrrums or worse. economically
Is on tho mend. The people OF Eu-
rope are saving money" The inter
Allied debt problem. Lamont said, Is
OF paramount Importance. Europe
ownes America si0.15O.f54.1ss. The
first half OF this debt was contracted
between the time the United States
declared war. and the time Ameri-
can soldiers first entered the
trenches.
Ought therefore. any part OF this
FIRST half OF the debt 10 be cancelled
by American tax payers7" he asked.
zone thing Is certain. IL some one
on April 4. 1917 had been able 20
give US our choice as 10 whether we
should rather give up freely and for
all time FIVE billion dollars in money
Or give up the lives OF several hun
bred thousand OF our sons there
would have been no hesitation az 10
BUR choice. Fate was the one that
determined that choice. II deter
mined that Great Britain and France
mould give up the lives during the
lrst year and that we should fur
lish. not our blood. but our money;
aklng in place OF II the promises 20
,ay OF our Allies" That was the
,niy thing TO do during the war, he
pointed out, but now he asked IS II
,enerous TO make some composition
u this matter7 What Is your opin-
on7"
European nations face great dan
,ers, no said. and America also is
acfng a crisis.
1--WE have gained great power.
With the power goes weighty re-
Have we discharged Il?
FOR the period OF the world war my
nswer IS yes, thousand fold yes.
FOR the period since the armistice,
an any one OF US search his heart
nd answer yes?"
America. he declared, has been
timfd and fearful OF petty entan-
dement's, but now mas come TO the
arting OF the ways"
Thomas p. McAdams. OF Rich
,ond. va, retiring president OF
he organization. was one OF the lead
rs in an attack upon American
nanclal isolation and selfshness.
ct do not believe there IS any =
,,ne in the history and ideals Of
mr. people which can justify our
,ilure TO help in a situation where
mr. counsel and assistance are so
Genital TO restoration OF world or
err" he maintained. I
Permanent prosperity for this
,untrv rests upon the use Of her
in brain and money to
,ip bring about practical solution
the chaotic situation now threat
ling to destroy the economical life
! Europe" he added.
McAdams in summing up the con-
lions OF the four years following :
IL armistice pointed out, I'VE stand
iv by. neither suffering assistance
,r making a suggestion" England,
. said. despite the suspicion cast I
Jon her motives must be regarded
a stabilizing Influence ''in pro
citing the wrecks OF Europe state r
,od from further Generalization"
rance. he said. could not entirely
blamed for refusing TO Gerniany's :