The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1926-05-31


ment Of their industrial life, and
charged and taxed and assessed until
the burden could no longer he borne.
Nations cracked under the load and
sought relief from the intolerablc
pressure by pillaging each other, 1t
was to avoid Il repetition of such Il
catastrophe that our Government
proposed and brought to II successful
conclusion the Washington Confer
ence for the Limitation Of Naval
Armaments. We have been alto
gcther DESTROYS of an extension of
this principle and for that purpose
have sent our delegates to Il prelim
mary conference of nations now sit
ting at Geneva. Out of that con
ference we expect some practical re-
suits. We believe that other ma
tions ought to join with Us in lay
ing aside their suspicious and ha-
trcds sufficiently to agree among
themselves upon methods of mutual
relief from the necessity Of the
maintenance Of great land and sea
forces. This can not be done if we
constantly have in mind the resort to
war for the redress of wrongs and
the enforcement of rights. Europe
has the League of Nations. That
ought to be able to provide those
countries with certain political
guarantees which our country does
not require. Besides this there is
the World Court, which can certainly
be used for the determination Of all
justifiablc disputes We should not
underestimate the difficulties of
European nations, nor fail to extend
to them the highest degree of pa
thence and the most sympathetic con
sideration. But we can not fail to
assert our conviction that they are
in great need Of further limitation
Of ornaments and our determination
to lend them every assistance in the
solution of their problems. We have
entered the conference with the ut
most good faith on our part and in
the sincere belief that it represents
the utmost good faith on their part.
We want to see the problems that
are there presented stripped of all
technicalities and met and solved in
way that will secure practical re-
suits. We stand ready to give our
support to every effort that is made
in that direction.
Duty to the People
"While we are thus DESTROYS OF the
economic welfare of other countries
in part because of it's relation to
world peace, we ought to remember
that our own Government owes
great duty to the American people
in this direction. 1t is for this rea
son in part that ! have insisted up
on a policy Of constructive economy
in the national administration. If
we can make the circumstances of
the people easy, if we can relieve
them of the burden Of heavy taxa
ton, we shall have contributed to
that contentment and peace of mind
which will go far to render them i'm
mune from any envious inclination
toward other countries. If the peo-
pie prosper in their business. they
will be the less likley to resort to
the irritating methods of competi-
tion in foreign trade out of which
arise mutual misunderstanding
and animosities. They will not be
driven to the employment Of sharp
practices in order to support and
maintain their own position. Being
amply supplied with their own re-
sources, they will not be so inclined
to turn covetous eyes toward the re-
sources Of other nations.
"Such condition will likewise
give opportunity to devote our sur
plus wealth. not to the payment Of
high taxes, but to the financing Of
the needs of other nations. Our
country has already through private
sources recognized the requirements
in this direction and has made large
| advances to foreign governments and
foreign enterprises for the purpose
of reestablishing their public credit
| and their private industry. By such
| action we have not only discharged
an obligation to humanity, but have
likewise profited in our trade rela-
tions and established community
of interest which can not but be an
added security for the maintenance
of peace. In so far as we can con-
firm other people in the possession
of profitable industry, without injur-
| ing ourselves, we shall have removed
from them that economic pressure
productive of those dissensions,
| discords, and hostilitics which are Il
| fruitful source Of war.
1T has been in accordance with
these principles that we have made
generous settlements of our foreign
debts. The little sentiment of live
and let live expresses a great truth.
1t has been thought wise to extend
the payment Of our debts over long
period of years, with very low rate
OF interest, in order to relieve for
eign peoples Of the burden of
economic pressure beyond their ca
pacity to bear. An adjustment has
obligations, and they have all but
one been mutually ratified. The
moral principle Of the payment Of in
ternational debts has been preserved
Every dollar that we have advanced
to these countries they have promised
to repay with some interest. Our
! National Treasury is not in the
banking business. We did not make
these loans as banking enterprise.
We made them to very large ex-
| tent as an incident to the prosecution
| Of the war. We have not sought to
adjust them on a purely banking
basis. We have taken into consider
| alton all the circumstances and the
elements that attended the original
transaction and all the results that
will probably flow from their settle
ment. They have been liquidated on
this broad moral and Humanitarian
basis. We believe that the adjust
nlents which have been made will be
mutually beneficial to the trade re-
lations Of the countries involved and
that out Of these economic benefits
there will be derived additional guar
antics to the stability and peace Of
the world.
Good Will Necessary
But 1t we are to maintain our no
sition Of understanding and good
VIII with the nations abroad, we
must continue TO maintain the same
sentiments at home. We are situated
differently in this respect from any
- =, ss-sTr4 a.esA'ess
i.