The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-02-08
Borah Explains Economic Conference


ing the word that puts over what
statesmen and the public have beer
thinking about but have hesitated tc
utter. When the question of reduc-
ing naval ornaments was milling
around and getting nowhere he came
out at the right moment with a declar
alton that the United States ought tu
take the initiative and /; did Re
Gently he startled the administration
in its economic drifting policy with
respect to European affairs by declar-
ing that the United States should take
the initiative in the solution of the
economic problem that confronts the
world as result of the world war
and the outlook is now favorable 20
the summoning of an international
economic conference in which the
United States may be expected TO take
the lead. just as it did in the arms
Limitation conference. The senator
did not consider the arms pact an
entangling alliance, and he does not
consider that what might be called
economic Intervention in Europe is in
any way a return to the principl = of
the league of nations, ratification Of
which was so vigorously opposed by
him.
Favors international Agreements.
Il have always favored internatione
al agreements concerning economic
matters" said the senator when l
raised the ENHANCEMENT point at the
beginning of our talk. ITO my mind
there is a sharp distinction between
political pacts or alliances and eco
nomic conferences. 1t is as proper
for a government to promote the COM
mercial well being of its citizens by
foreign as by domestic arrangements"
"But would it be possible for this
country to intervene economically in
Europe without becoming involved
politically" l asked.
81 do not think that we shall have
any difficulty in that respect if we
stand pat on our economic objective"
but do you not suggest that as a
condition of our commercial and fin
ancial cooperation Europe must COM
pose its political connicts?"
Eyes, but that is a very different
matter from our becoming. a party to
treaties or compacts relating to in
ira European affairs. We find here a
deadlock between European nations
and if we can be helpful to break the |
deadlock and find an amount salts
70,
we have in effect acted as arbitrators |
I believe a situation often becomes
such that a new face in a conference /
creates a better outlook at once.
ut is true that we are involved in
the European economic debacle |
through self-interest of the most APP
pealing character, but our interests /
will not be protected by any action we |
may take in that direction unless the |
political situation is likely to be such |
that it will not neutralize any poten-
tial improvement in the economic sit
uation. 1 make no concealment of the T.
judgment that nothing in the world is
more important to the well being of |
our internal affairs at this time than
the economic sterilization of the world "
of Europe. The CONNER
cial and industrial distress of the old I
lands not only destroys their ability
to trade with us and purchase our
surplus products, for which there is
no other market-so that the agony. of
the old world is felt throughout the
new-but it actually tends toward /
the disintegratiOn of our civilization.
which is primarily supported on an I
economic base. Every sort of internal
helpful legislation we may undertake
is useless or at least superficial so
long as this fundamental evil of a
panicky if not an insolvent world per-
sists. Tariffs. rural credits ship sub
sides, good or bad in themselves, are
futile so long as the prosperity they
are intended to promote or conserve
is vanishing through the devouring
gap of failing world markets.
"The cry of distress from the pro-
1ucers of this country-the producers
Of agricultural commodties-is more
piteous than at any time since the
wal IL plO1ldlllAo Nit piGStnl dCtlN
ty of the cities and the shops as the
deceptive veneer of a rotten condition
It forecasts commercial misery to I,
come to all of us. only second in in
tensity to that Europe now undergoes.
Why vote subsidies, build ships and
capitalize agriculture when there are
no cargoes for the ships and no mar
Sets for produce? Moreover, we find
now that with land ornaments unre-
stricted by any agreement, we have
not perhaps made the naval agree
nent broad enough to prevent the re-
vival of competitive warship building
N another direction Unlimited arm
es and a new naval rivalry mean ,
more weight on a sinking world There
could be nothing more destructive of
Ill hope of recovery in economic af-
fairs than a reopening of a competi-