Evening star. [volume] (Washington, D.C.) 1854-1972, 1922-05-17
American Position as to Russia
Explained by Secretary Hoover

cannot come from without until the
basis is provided within. When the
American people are called upon TO
place their savings In Russian invest
ments they will ask for security Tor
repayment and evidence that there
will be a return to productivity In Or
der that payment will be made.
Neither Of these has yet been provid-.
ed by the men who have usurped
power and sit as the government at
Moscow.
The American government will not
make or arrange any loans to the
government Of Russia. That Is a set
tied fact, and all the arguments the
Russians may make at Genoa or Mos
COW or elsewhere will not alter 1t.
Whatever American help is extended
Russia must come from the the mer-
chants and investors of this country.
And in Secretary Hoover's statement
with respect to the possibilities OF
such help there is food for reflection
for Russia and the rest Of Europe. He
says:
UNLESS the confidence Of these
cured there will be no credits extend
ed other than the minor sums of the
greedy speculator. Our citizens in
considering these things naturally
raise the question Of the treatment OF
our fellow countrymen who have al
ready invested their savings in Rus
STA, not alone because Of any solici.
tude for the comparatively small
amount of such Investment. but be-
cause their treatment will be the In
dex OF confidence to others. and. FAR
beyond this, because there lies here
NtvHN NrrI1 IL 1k. toa
pie must needs take heed, for that
principle lies at the root OF the whole
basis of international commerce. This
principle Is that unless foreign mer-
chants and investors may enjoy prop
erty and security OF contract under
the terms Of the institution by which
they acquired them. or, alternatively.
receive compensation for the loss of
them, then the whole fabric OF inter-
national trade and commerce Will dis
appear and the world will go up In
chaos. It is impossible to conceive
founded upon the right of property
and upon the sanctity Of contract. A
century ago nations were nearly
enough self-supporting to Withstand
such a shock. The world has now
grown into absolute interdependence.
the movement of commodities and
goods from one nation to another.
Property rights are not fetish. They
are an instrument of industry ana
commerce, and are as indispensable as
ships. Unless there can be an assur-
ance Of the security Of these rights OF
foreigners, there can be no processes
of exchange in goods or investment
of savings. There Is no enforcement
Of property rights and contract be-
tween nations unless we are to force
the test Of war. which America has
always refused to do. Our only course
is to decline relationships until these
things are maintained. Upon conf
dence in the good faith in these prin-
ciples among nations rests the whole
fabric of international life.
There are the foundations of real
ism" upon which it will be possible
for America to help in the reconstruc-
ton of Russia. There are no other
, foundations Lloyd George may ma
neuver and Tchitcherin may plead
and argue, but they cannot change
these basic facts.
The American vision is blurred by
neither fear nor self-interest. Moral
values and business common sense
still prevail this side the Atlantic,
no matter how far adrift Europe may
be from these mooringa The Amer.
lean people will continue to do what
they can in the way Of charity. much
more than any other people in the
world will do. but they will not con-
found charity with business. What.
over they have to give for the RELIEF
Of suffering. they will give freely and
without expectation Of return. But
when they are approached for credits
and Investments, they are going to
ask for security which will consti-
tute a reasonable guarantee that
principal will be safe and profits be
returned.