Evening star., 1923-11-01
MCCORMICK RATES
EUROPE POOR RISK
U. S. Has Greatest Prospect
in South America and Tax
Cut, He Declares.


Mccormick Of Illinois, discussing the
Hughes-Curzon plan of a reparations
appraisal commission, declared that
while we herald the perilous enter
prise to which we have been invited
by Lord Curzon, let US, in heavens
name, realize that the greatest as
surance of a restored and enduring
prosperity for the American citizen
lies in the development ,of pam
American markets and in checking
the appalling increase in the taxes
and Indebtedness of the states and
local taxing bodies"
The statement follows:
"Since British and French as we'll
as American public mon have dared
to doubt the certain success of the
proposed economic conference In
Europe. let us ask those who willfuliy
misconstrue their doubts and abuse
them, to face the truth. If the war
wrought the ruin of Europe, the
treaties of Versailles and st. Ger
main shackle those who would have
labored to rebuild the ruins. The an
cient hatreds of the peoples for one
another and the rivalries between the
dominating industrial groups of the
various countries have prevented
even that measure of recovery which
might have been possible under the
unWfse and unrighteous treaties of
peace.
Poincare Policy Scored.
IF SHINES and his group have
exploited the German people and
thwarted the payment of repara ations.
nf in bar
of the comite du forges (the French
steel combine), that in their endeavor
to overmaster the SHINES group
they have too often dominated poli-
people. With their collaboration, NJ.
Poincare has set up a dominion COM
parable to that of Mussolini.
Americans who know France and
French and to whom French bankers
anu public men have talked freely
will tell you with what misgivings
they view Raymond Poincare's policy.
If anything important Is to be
accomplished there ought to be a
revision of certain economic clauses
of the treaty of Versailles, and that
seems impossible without an election
IN France. What a spectacle have
we beheld upon the European stage
as Shakespeare had In Hamlet
Ihen came each actor on his ass
the best actors in the world, either
Tor tragedy, comedy, history, pastoral,
pastoral -comical. historical pastoral.
tragical- historical, tragical- comical-
historical pastoral, scene inuiVidable,
or poem limited
Sees Slow Recovery.
'It Is not fair to mislead the Amer
lean people. We must realize that
at best with the present obstacles to
European economic regeneration, the
establishment of European markets
will be long and difficult task. For
a year the English in their ripe ex-
perience, have been painstakingly
developing new fields for investment
abroad and seeking new markets for
exports. l notice that during the
first eight months of this year we
sold as much to the new world-to
the Americas-as we did to all of
continental Europe, exclusive of Rus
sia
Here in the Americas Is to be
found the source of our prosperity
held OF Pan American investment and
the Pan American export market
with half of intelligence and energy
devoted to the consideration of the
plight of Europe, I wish that we
might devote half the energy and in
telligence to checking the increase in
local taxation that we do to the prob
lem of taxation and Indebtedness in
Europe.
II wish that the President might
dispatch to Latin America a commits
sion of farmers. manufacturers and
bankers to develop new fields for in
vestments and new fields for exports.
/ wish he might call together the
authorities responsible for taxation
and expenditures in the municipal
tiles and the states in order that the
states and the local taxing bodies
might emulate the national govern
ment in retrenchment.
u. s. Cuts Its Debt.
my ha Iac ha
gregate annual taxation and expend-
itures of the national government
have been cut in two-have been
reduced to about $4,000. 100000 year.
The national debt today is nearly
four and a half billions less than
''The tax-exempt securities issued
by the states and the local taxing
bodies now amount to over ten bill
lion dollars. The volume is con-
stantly increasing. while the national
pointed out that So per cent or more
of all taxes payable by American
people were collected by the states
and the local taxing bodies. The un-
completed tables of the bureau OF
last decade taxes levied by munich
palities of 10000 or more population
and by the states have increased by
over 100 per cent.
"They are still increasing. While
we herald the perilous enterprise to
which we have been invited by Lord
Curzon, let us. in heavens name,
realize that the greatest assurance
Of a restored and enduring prosper
ity for the American citizen lies In
the development of pan-American
markets and in checking the appall-
ing increase in the taxes and in
debtedness of the states and local
taxing bodies"