Evening star., 1926-05-31

gwen. NO student can uOuDt tnat IL
was to Il large extent The economic
condi ION of Europe that drove those
Overburdened countries headlong into
the World War. They were engaged
in maintaining competitive arma-
mentS. II one country laid the keel
of ore Warship, some other country
considered i necessary to lay the keel
of two warshipS. if one country en-
rolled a regiment. some other country
enrolled three regiments. Whole peo-
;lies Aere armed AMI drilled and train |
II - he detriment of thrir industrial
lie. aud charged and taxed and as
sesyed until the burden could no
'on~er la horne. Nations cracked
under the loal and sought relief from
The int"lerahle pressure by pillaging
each her. 1t was to avoid a repe-
titiOn of such n catastrophe that our
Government proposed and brought to
II ~u"cessfu! conclusion the Washing
ton conference :ur the Limitation of
Naval Armoments. We have been
4itu.t,. be- deS!ruI,s of an extension of
his p":uy irjA and for that purpose have
sent our Delegates to n preliminary
conference of nations now sitting at
Geneva. Out OF that conference we
expect some practical results. we be- |
,ieve that other nations ought to join
"
picions and hatreds sufficiently to |
agree among themselves upon methods
of m,Ituai relief from the necessity |
OF the maintenance of great land ana
sea forces. This cannot lie done II
we constantly have In mind the resort |
to war for the redress OF wrongs ana
the enforcement uf rights. Europe |
has the I.eaS,i" of Nations. That |
ought to he able to provide those
countries with certain political guar |
antics which olif country does not
require. Besides this there is the
World Court. which can certainly be
used for the determination "f all
iusticiable disputes. We should not
underestimate the difficulties of Eu-
ropean nations. nor fail To extend to
them the highest degree of patience
and the moSt sympathetic consldera-
ton. But we Cannot fail to assert our
conviction that they are in great need
of further limitation of armaments
and our determination to lend them
every assistance in the solution of
their problems. We have entered
the conference with the utmost 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 |
and met and solved i'm a way that will
secure practical results. We stand
ready to give our support To every
effolt that is made in that direction.
Duty to American People.
While we are thus desirous Of the
economic welfare of other countries
in part because of its relation To
world peace. we ought to remember
that our Government owes great
duty to the American people in TINS
direction. 1t is for this reason In
part that | have insisted upon policy |
of constructive economy in the ma
tiunal administration. II We can make
the circumstances of the people easy |
If we can relieve them Of the burden |
uf heavy taxation, we shall have con |
trihuted to that cUntentment and |
peace of mind which will z" tar I"
render them immune from any enri- /
ous inclination toward other countries. !
If the people prosper in their husi- |
ness. they viii he the less likely To-
resort to the irritating methods or !
competition In foreign trade out OF |
which arise mutual miSundersiand- |
inss and animosities. They will not |
be driven to the employment of sharp |
practices In order to support anu
maintain their own position. Being !
amply supplied with their own re.
sources. they will not he so inclined /
to turn covetous eyes toward the re
sources Of other nations.
Such a condition will likewise give ,
opportunity to devote our surplus
wealth, not to the payment Of high
taxes, but to the financing OF the
needs of other nations. Our country J..
has already through private sources
recognized the requirements IN TINS
direction ard has made large advances I
to foreign governments and foreign
enterprises for the purpose of re- /
establishing their public credit and
their private industry. BY such ac' /
tion we have not only DISCHARGED an
obligation to huma nifty. but have like
wise profited in our trade relations
aud established a community or IN |
terests which cannot but he an added |
security for the maintenance OF peace.
In 50 far as we can confirm other peO- |
pie in the possession OF profitable
industry. without injuring ourselves,
we shall have removed from them |
that economic pressure productive or !
those dissensionS. discords and hos
tilities which are n fruitful source of |
war.
Made General Settlements.
Tt 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 q great truth. |
1t has been thought wise to extend |
the payment of our debts over long |
period Of years. with a very low rate
of interest, in order to relieve foreign |
peoples of the burden of economic |
pressure beyond their capacity to
bear An adjustment has now been |
made Of all these major obligations, |
and they have all but one heen mutu. !
ally ratified. The moral principle Of |
the payment OF international debts |
has been preserved. Every dollar
that we have advanced to these coun- |
tries they have promised to repay
with some interest. Our National
ness We did not make these loans
as a banking enterprise. We made
them to a very large extent as an in
cident to the prosecution Of the war.
We have not sought to adjust them
on a. purely banking basis. We have
taken into consideration all the cir
cumst nces and the elements that
attended the original transa ction and
all the results that will probably flow
from their settlement. They have
been liquidated on this broad moral
and huma nitarian basis. We believe
that the adjustments which have been
made will he mutually beneficial to
the trade relations Of the countries
involved and that out Of these eco
nomic benefits there will be derived
additional guarantees to the stability
and peace Of the world. ts..
But IL we Are to maintain our posi-
tion Of understanding and good will
with the nations abroad, we must
continue to maintain the same senti-
mentS at home. We are situated diff