Evening star., 1924-04-22
new POLICIES SEEN
IN COOLIDGE SPEECH
Economic Rather Than Political
Ties With Europe Is Key
note of Address.
BY DAVID LAWRENCE.

NEW YORK, April 22.-President
Coolidge has undertaken to convert
the public opinion of the United
States to an economic rather than po-
litical relationship with Europe.
Pointing out that formulas for
peace, armament conferences and
even the revision of international law
must await "a composed state of mind
in Europe" the President has ap-
pealed to America to give it's moral
and material support to the Dawes
Young report for the economic re-
construction of Europe.
While Mr.. Coolidge defied critics
inside the republican party by an
nouncing his unaltered belief in the
necessity of American membership in
the World Court, he seized the op-
portunity afforded him in addressing
the editors assembled at the annual
luncheon Of the Associated Press here
to begin a campaign of education on
the part America shall play in help
ing Europe to economic stability
Mr.. Coolidge asks, in effect, that the
investors of the United States shall sub
scribe to the forthcoming loan, not
merely to resuscitate German finances,
but to aid in the general reparation set
tlement. He significantly pointed out
that the United States refuses to dis
cuss reduction of allied war debts still
owing to America, but that this policy
never meant that America was not
willing to lend it's assistance to the Solu-
ton of the. European problem in any
way that did not involve us in their
purely political controversies"
Against Economic AIoofness.
Mr.. Coolidge's address carries with it
an appeal of transcendant importance.
1t means the turning point in the policy
of isolation which has been enormously
interpreted, not only as political detach-
ment, but as economic seclusion. The
President follows the note of Secretary
Hughes recent speech in arguing that
political independence for America does
not mean economic aloofneSs. Realizing
that the pendulum has swung away
from Europe too much. Mr.. Coolidge at
tempts in his New York speech to bring
American opinion back to economic
realities-the very thing which League
of Nations advocates used in their early
championship of that cause. Mr.. Cool
idge however, draws the line sharply
between political association and eco
nomic coalitions. The one is a product
of governmental action and agreement,
and the other is the natural flow of
funds and private business energy.
Urges American Loan.
Part { the plan (the Dawes-Young
report) contemplates," says Mr.. Cool
idge, that a considerable loan should
at once be made to Germany for i'm
mediate pressing needs, including the
financing of a bank. l trust that pri-
yate American capital will be willing
to participate in the financing of
works OF peace in Europe, though we
have repeatedly asserted that we
were not in favor of advancing funds
for any military purpose. 1t would
benefit our trade and commerce and
we especially hope that it will pro-
vide a larger market for our agricul-
tural production. 1t is notorious that
foreign gold has been flowing into
our country in great abundance. 1t
is altogether probable that some of it
can be used more to our financial ad-
the United States. Besides this, there
is the humanitarian requirement,
which carries such a strong appeal,
and the knowledge that out of our
abundance it is our duty to help
where help will be used for meeting
Just requirements and the promotion
of a peaceful purpose. We have de-
termined to maintain, and we can
maintain, our own political independ-
ence, but our economic Importance
will be Strengthened and increas sed
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