The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-05-03
HARDING
MAY DECIDE RULES
FOR RECONSTRUCTION
by MARK SULLIVAN

WASHINGTON, May 3.-The desir-
ability and indeed the inevitableness
Of the Harding administration taking
some affirmative step about Europe of
the sort indicated by recent public ac-
tions can be illustrated by the analogy
to recent events here in the United
States just about year ago business
prosperity in the United States was at
it's lowest ebb, and every indication
pointed towards a serious crash.
The prices of farm goods were lower
than at any time for so years, and
there were stagnation and discomfort
of an acutely alarming kind.
If this condition had been left alone,
and if the normal phenomena sure to
arise from such a condition had been
permitted to take their course, certain
things would have followed as surely
as May follows April.
Great numbers of farm mortgages
would have been foreclosed and many
farmers would have passed through
bankruptcy. Banks to a number that
might well have run into thousands
would have closed, to the immediate
distress not only of borrowers but of
/ depositors and stockholders.
! The resulting calamity to business
men, to the railroads, to labor and to
every variety of business would have
been such that it would be difficult to
overstate it.
Energetic Action.
! But the condition was not permitted
to continue to its normal sequence of
calamity. Able men within the govern
ment laid hands on it. Prompt and
energetic action was taken. Money
was made available by congress, and
an agency of the treasury in the shape
| of the war finance corporation was di-
rected to make use of the money.
In the communities most acutely
affected loans were made with stern
safeguards for security and contin.
gent on the raising of more money by
the local bankers and others on other
stern conditions laid down by the fed
eral government.
AS a result, this dangerous condi
ton was alleviated. 1t may require
some imagination to realize the con
trast between what is and what would
have been, but the farmers and bank
ers and the communities that were
involved realize it well.
Must Solve Problem
Now, the present condition of Eu
rope presents complete analogy
! That condition is not only responsible
for much that is wrong in America
and the world, but contains the men
ace of worse things yet The case 1:
more complex than American agri
cultural depression of a year ago
Nevertheless, it is merely problem
and it does not defy solution.
The ability and the resources that
enabled the government to work &
cure in America can also work a cure
of the larger problem. The Harding
administration, and especially the
treasury department, contains an ex
traordinary amount of business tai
ent. What they do not already have
they can command America car
save Europe and the world from
chaos.
The fact that America is the rich
est and most powerful of the nation:
gives America both the duty and the
capacity to act.
America is in a position to dictate
whatever this country deems to bt
necessary on the part of others. Wha
America names as the price of hell
will be agreed to. The call to America
is clear.
Can Follow Hughes
We can ignore this call and le
! things go on to something worse. o.
we can heed it In the matters affect
ing Europe and ourselves, we can la!
down as concrete a program of definite
|, actions required as Hughes laid dowl
: about naval armament.
In the same words that Hughes useC
we can say of ourselves that Americs
proposes" to do such and such; ant
of the other nations we can say Amer
lea proposes" that each nation takt
the steps we deem necessary abou
currency, about external debts, abou
armies, and about all the other ele
; ments of the problem.
Such procedure might seem arbi
, trary in tone; but so was the concret'
method adopted by Mr.. Hughes abou
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