The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-09-21
EUROPE sSP|R|T
MUST CHANGE,
He SAYS
Banker Thinks Moral Evolution
Must Precede Settlement
Of Her Problems.

VI GIGG GIOUtCNtISs
By w. s. COUSINS.
HCopvEight. 1874 BY Cosmopolitan News
aervice.l
NEW YORK, Sept. FLA COM
Dlste spiritual and moral evolution
Of the people Of some Of the
continental European countries
must pFecede the settlement OF
The political and economic problems
with which they are graphing to-
day, according to francis H. Sisaon.
banker and economist, who recently
returned from q two months tour
- the principal countries Of Eu.
Enpe.
1Er. Eieson saw little evidence OF
ehe ability OF the ccntendihg ma
tons to effect an agreement. al.
though he found the Ruhr dead.
lock q causing serious moral and
economic depression not only Ger
many. but IN England. France, Bel
GUM and other countries depend
ent On their products and their
trade.
Depression Called Ruinous.
show near these countries are
% getting together, nobody knows"
aid Mr.. Sisson today. ..but it seems
certain that Germany.s powers of
endurance must soon reach tho
limit. and force q conclusion, The
old pruvsrb says It is always darker
Just before the dawn, and 1t is
difficuIt to conceive OF q more
unsatisfactory situation than ex-
tsts In some parts Of Germany to-
day.
The long economic strain in
Germany is now being reflected
in the ruinous business depression
that exists there, with its attendant
evils OF unemployment, industrial
ntagnation, unbalanced budgets.
dizzy fluctuations in exchange. and
Drohibitive costs Of the bare neces-
titles OF life. The visible reactions
- these economic disturbances are
the wide open riots and street
lighting which already have taken q
afge human toll"
Mr.. Sisson found In many of the
districts he visited d great shortage
ef coal and food; giant factories
were smokeless and railroads In
very poor condition.
Effect on Germany.
The passive resistance in the
Ruhr." he declared, ..lsas created
= double problem for the German
government. It has made neces-.
eary the support OF . large popula-
ton IN enforced idleness; while de.
priving the government Of the pro-
auction which would normally cour,.
IN her export balances. 1nBtead Of
using the coal from the Ruhr
pectlons German IL compelled to
import coal at high prices, large
quantities of fuel coming from
England"
The prevailing sentiment among
British financial leaders. as he
heard II, was that the French
occupancy Of the Ruhr has mate.
rally retarded the whole economic
recovery OF Europe. They appeared
@quareiy behind Premier Baldwin
and his message to the French
nation to the effect that It cannot
crush Germany and stilI expect her
20 pay. But the French take the
matter complacently, believing that
the ultimate effect OF their policy
Of bringing Germany to terms,
win fully justify the pain ana OK.
Dense It has occaSioned. Mr.. Sisson
aid:
IN the material ,,nrrovSr,.nt a.
Austria, italy and Czechosl0ynkia.
ana Russia Mr.. Sisson found the
bright spots in the otherwise dark
@ttuation abroad.
Russia Progresses.
Austria is good Illustration Of
ehe potency OF stabilized currency
md exchange he declared. ''ItaIy
and CzechosiovalSia are ENJOYING
the fruits Of modest prosperity, and
Russia has made substantial prog.
sess. The splendid crop yields of
nave made an excellent contribution
70 their material wealth this year"
Lenin and Trotzly, Mr.. Sisson
declared. had greatly modified
many principles expounded by tho
Russian Soviet, but had maintained
authority In the vast land over
W AASA bACy Ae1Q sway RUSSIA &C.
cupies q better place in the bust.
ness world, and will have an ex.
portable surplus Of foodstuffs this
year, he reports. Her new gold
currency. backed by a rs per cent
reserve Of gold, with additional re.
serves Of foreign currency and
commercial bills, has restored order
IN the wake OF the worlds greatest
currency fiasco, Mr.. Sisson de.
Shared.
Currency More Stable.
She 10 still using the old ruble,
On the basis Of a mjlIion-to-one of
the new notes, but a measure of
gtabilizatfon has been perfected, the
banker found.
America can apparently do moth
1ng, at present, said Mr.. Sisson
% help In the untangling OF the
European snarl. Fortunately. how.
@ver, America has been developing
other avenues Of trade for the ex-
portable surplus OF raw and manu-.
factured products, and are not as
dependent on Europe as in pre-wor
days.
uAZZ AND MOTOR CAR FAN