Evening star., 1923-09-09

tending that I had anything to do
with it, in favor of closer friendship
with Great Britain and economic CO.
! operation with Europe. In every city
TO which 1 went 1 found at least two
or three thousand people, according
TO the size of my place Of lecture
quickly and ardently responsive to
the idea that America and Great Brit
ain, acting together. might lift the
world out of its ruined state and lead
| civilization to a higher plane. In city
clubs, private dinner parties, drawing
| room meetings, I found great num-
bers of people desperately anxious
about the responsibility of the United
States toward European nations.
| eager to do the right thing. though
doubtful what to do, poignantly de-
sirous OF getting some lead higher
than that OF self-interest (though not
conflicting with it), and with a gen.
erous warm-hearted sympathy for the
British folk.
Doubtless these groups were insig-
nifcant in numbers to the mass of
citizens with whom I never came in
touch, among whom there was an old
strain of suspicion and hostility TO
England Only blind observers would
now say that the United States has
not revealed in recent acts and in
huence that Broadening OF outlook
which I perceived at work below the
surface in 1891, and did something,
perhaps-not much-to help. by a
simple and truthful veport Of facts
from this side OF the world.
TN the United States / had, strange
~ as II may seem, certain authority
as an economic expert! This may
surprise my intimate friends. and
most Of all. my WIFE who knows that
have never been able to count my
change. that I have not as much head
for figures as newborn lamb. and
that I have never succeeded In MAX
ing out list Of expenses for jour
nalistic work without gross errors.
which have put mo abominably out
of pocket. Yet many Of the great
hnaneiers in the United Statesmen
Mitchell of the National City Bank
invited me to address them on the
economic situation in Europe. and
agreed with my arguments and con-
clusions,
remember one dinner at which /
expounded my views on that subject
to no less than sixty OF the leading
financial experts in New York, after
ward being subjected to a fire OF
questions which, to my own amaze
ment, was able to answer.
The truth is. as I quickly perceived
that a few very simple laws underlie
the whole complicated system Of In
ternational trade and anance. As
long as one held on to those laws
which did like grim death. one could
net go wrong in ones analysis OF the
European situation, and all facts and
figures adjusted themselves TO these
elementary principles.
Money. for example, is only sym
boil for the reality of values behind II
---in grain, cattle, mineral wealth, la
ber and credit
When paper money 10 issued II
advance of a nations real value, 4
is merely promissory note on fu'
tura industry and production.
France, Germany and most Euro
pesn nations were Issuing vas
quantities OF these ,prcmissory notes
which were not supported, for thu
most part, by actual wealth
The prosperity OF a country like
Germany increased the prosperity
OF all other countries Its pevert,
would lead to less prosperity In al
other countries.
Commercial prosperity depend,
upon the interchange Of goods be,
tween enc country and another. ant
| not upon the possession of meme,
/ tokens. And so on,
Among the men who asked me te