Evening star., 1924-04-22

looking upon it with full sympathy
and Germany has expressed a Will
ingness to cooperate in the execu-
ton of the plan. There appears
to be every reason to hope that
the report offers basis for a
practical solution of the repara-
tions problem. / trust that it may
commend itself to all the European
governments Interested as a method
by which, through mutual conces-
siors, they can arrive at a stable
adjustment of the intricate and
yexatious problem of reparations,
and that such an outcome will pro-
vide for the restoration of Ger
many and the largest possible pay
ments to the other countries
Difficult Situation Met.
If this result is secured, the
credit which will be due to the
Secretary of State, Mr.. Hughes;
to President Harding for adopting
it and supporting it, and to the
three Americans and their assist
ants, by whose wisdom and dis
cretion it was formulated and
rendered so acceptable, will be suf-
hcient to warrant the lasting ap-
probation of two continents A
situation at once both intricate
and difficult has been met in
most masterful way. Our country
men are justified in looking at the
result with great pride. Nothing
of more Importance to Europe has
occurred since the armistice.
Part of the plan contemplates
that a considerable loan should at
once be made to Germany for i'm
mediate pressing needs, including
the financing of a bank. 1 trust
that private American capital will
be willing to participate in ad-
vancing this loan. Sound business
participate in the financing of
works of peace in Europe, though
We have repeatedly asserted that
we were not in favor of advanc-
ing funds for any military purpose.
It would benefit our trade and
commerce, and we especially hope
that il will provide a larger mar
ket for our agricultural produc-
tion.
1t is notorious that foreign gold
has been flowing into our country
in great abundance. 1t is alto
gether probable that some of il
can be used more to our financial
advantage in Europe than il can
be in the United States. Besides
qutrement, which carries such q
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 determined to
maintain, and can maintain. our
own political independence, but
our economic independence will be
strengthened and increased when
the economic stability of Europe
is restored.
Beginning Of Peace.
We hope further that such a con-
dition will be the beginning OF n
secure and enduring peace. Ger
tainIy it would remove many of
the present sources of disagree
ment and misunderstanding among
the European nations When this
adjustment is finally made, and
has had sufficient time of opera
tion to become a settled European
policy, it would lay the foundation
for a further effort at diSarma-
ment in accordance with the theory
of the Washington conference.
Although that gathering was able
to limit capital battleships, it had
to leave the question of sub
marines, air craft and land forces
unsolved. Tho main reason for
this was the unsettled and almost
threatening condition that still
existed in Europe. A final adjust
ment for the liquidation of repara-
tions ought to be the beginning OF
a new era of peace and good will.
In the event that such a condi-
j.
nent to examine what can be done
by our own country, in co-opera-
ton with others, further to rid
ourselves and the rest of the world
of the menace and burden OF com
petitive armamentS and more eff
fectively insure the settlement OF
differences between nations, not by
a recourse to arms, but by a re-
course to reason; not by action
leading to war, but by action lead
ing to justice. Our past experience
should warn us not to be over
confident in the face of so many
failures, but it also justifieS the
hope that something may be done
where already there has been some
success, and at least we can dem
onstrate that we have done all
that we can.
AS a result of American initia-
tive there is already in existence
equipped to function wherever
arbitration seems desirable, and
based in part on that. and in part
on the league, there is the Inter-
national Court of Justice, which is
already functioning. A proposal
President Harding for our adher-
ence to the covenant establish
ing this court, which 1 submitted
to the favorable consideration of
the present Senate in my annual
message. Other plans for a world
court have been broached, but up
to the present time this has SEEM
But these proposals for arbitra-
ton and courts are not put for
ward by those who are well in
formed with the idea that they
could be relied upon as an ade-
quate means for entirely prevent
ing war. They are rather meth
cd of securing adjustment Of
claims and differences and for the
enforcement of treaties when the
usual channels of diplomatic ne
gotiation fail to resolve the diff
Guilty,
CodihcatiOn of Law.
Proposals have also been made
for the codification of interna-
tional law. Undoubtedly some
thing might be accomplished in
this direction, although very
large body of such law consists
in undertaking to establish rules
of warfare and determining the
rights of neutrals. One OF the
difficulties to be encountered
would be the necessity Of Sc
curing the consent of all the ma
tions, but no doubt the agreement
of the major powers would go very
far in producing that result
I do not claim to be able to ap-
nounce any formula that will
guarantee the peace of the world.
There are certain definite things,
however, that I believe can be
done, which certainly ought to be
tried, that might relieve the peo-
pie of the earth of much of the
burden of military armaments
and diminish the probability of
military operations: believe
that among these are frequent
;ptarna cnDfaYpncpS emitted