Evening star., 1925-11-20
COOLIDGE DECLARES
COMPETITION OF U. S.
IN BUSINESS UNS0UND
Continued from Page Twenty-one.1

oassions which had been aroused Dy
-FOUR years of conflict, would nave rap.
tdlv followed. Others did what theS
could. and no doubt mace ,ai ~.
credits and food which we supptted
that saved the situation.
Aided Europe's Recovery.
When the work of restoring the fis-
cal condition OF Europe began. II was
accomplished again with our assist
ance When Austria determined "
ant her financial house In order we
furnished a part of the capital " hei,
Germany sought TO establish sound
fiscal condition we again contributed
a large proportion OF the necessary
gold loan. Without this, the repara-
lions plan would have utterly failed.
Germany could not otherwise nave
paid The armies OF occupation Wouio
have gone on increasing international
Irritation and i'll will 1t was our large
guarantee Of credit that assisted Great
Britain TO return to gold OASIS
What we have done for France. ltaiy.
Belgium, Czechoslovakia, Poland ana
other countries is all a piece or the
same endeayor. These efforts and &C
complishments, whether they be ap-
preciated at home or received with
gratitude abroad. which have been
brought about by the business inter
ests of our country, constitute an
enormous world service. Others nave
,aade plans and adopted agreements
for future action which hold a rank
of great Importance But when we
come to the consideration Of what has
been done, when we turn aside from
that which has been promised, to ex-
anime what has been performed. no
positive and constructive accomplish
Inent OF the past flve years compares
i0I hyo,a ~ a n
contributed TO the financial stability
Of the world. 1t clearly marks new
epoch.
This holds a distinctly higher rank
than a mere barter and sale. II reach
es above the ordinary business trans.
action into broader realm. America
has disbanded her huge armies and re-
duced her powerful fleet. but in at
tempting to deal justly through the
sharing of our financial resources we
have done more for peace than we
could have done with all our military
power. Peace. we know. rests 10
great extent upon Justice, but 1t Is
very difficult for the public mind to
divorce justice from economic oppor-
tunity. The problem for which we
have been attempting solution is in
the first instance to place the people
of the earth back into avenues OF
profitable employment. 1t was neces-
sary to restore hope. TO renew cour-
age. A great contribution to this end
has been made with American money.
The work is not all done yet. No
doubt it will develop that this has not
been accomplished without some mis-
takes, but the important fact remains
that when the world needed to be re-
Vived we did respond. AS nations
see their way to a safer economic eX-
istence, they will see their way to a
more peaceful existence. Possessed OF
the means to meet personal and public
obligations. people are re-establisn-
ing their Self-respect. The f1na ncial
strength of America has contributed
10 the spiritual restoration Of the
world. It has risen into the domain of
true business.
Debt Settlements.
Accompanying these efforts to as
Rist in rehabilitation have lately come
the negotiations for the settlement OF
our foreign debts Ten nations have
already made settlements for S6.3S3.-
al .669 of these debts. exclusive Of ac-
Crued interest. The principal sums
and interest which have been funded
and are to be paid TO the United States
aggregate SIS, ,056, 1885, 900. There re-
main nine nations, with debts III the
principal amount Of s3.673. .342. .362,
The nine nations, France represents
S3,340 900. 900, Greece SIS. 900 900, and
Yugoslavia S51 ,oo0. 600. OF the remain
ing six, Rumania is now negotiating a
settlement. Nicaragua is paying cur
rently, and a moratorium for 20 years
has been granted Austria by act Of
Congress. Armenia has cea sed to exist
rs a nation. the Government Of Rus.
sta has not been recognized, and Ii.
IBERIA owes but $4,000.
1t has been the belief Of the Govern
1nent that no permanent stabillzation
of European finances and European
currency can be accomplished with
out a definite adjustment of these
obligations. While we realize that
1t is for our advantage to have these
debts paid. it is also realized that il
is greatly for the advantage Of our
debtors TO have them finally liquidated.
We created these values and sent them
abroad in a period Of a bout two years
We are extending the time for their
return over a term Of 81 years While
settlements already made and ratified
by Congress, and those which will be
presented for ratification, are very
generous. believe they will be alike
beneficial TO ourselves and the coun-
tries concerned. They maintain the
principle OF the integrity of interna-
fional obligations. They help for
@ign governments to establish their
fiscal operations and will contribute
10 the economic recovery of their
people. They will assist both IN the
continuance OF friendly relations
which are always jeopardized by un-
settled differences, and the mutual
improvement Of trade opportunities
by increasing the prosperity Of the
countries involved.
L. S. Must DO Share.
The working out Of these problems
Of regulation. government economy
he elimination OF waste in the use
81 human effort and Of materials. con
servation and the proper investment
Of our savings both at home and
abroad, is all A part of the Mighty
task which was imposed upon man
kind Of subduing the earth. America
must either perform her full shade In
The accomplishment Of this great
world destiny or fail For almost
three centuries we were intent upon
our domestic development We
sought the help OF the people and the
wealth OF other lands by which to in
crease our numerical strength and
augment our national fortune. We
have grown exceedingly great in pop
ulation and in riches. This power
and this prosperity we can continue
for ourselves IL we will but proceed
with moderation. II our people will
but use those resources which have
been intrusted to them. whether of
command over large numbers of men
or Of command over large Investments
Of capital, not selfshly but generous
". not to exploit others but to serve
others, there will be no doubt Of an