Evening star., 1927-05-02

which is entitled to the guarantees af-
forded by security and confidence;
justice, which means consideration to-
ward the states possessing the riches
which open the door to foreign cap
ital, to the end that such capital may
enjoy the protection and jurisdiction
of the sovereign law of each country;
justice, in the ample and open sense
that the worlds material elements
may be the contribution by each to
the common civilization of humanity,
to be used for the common well being
and the continued development and in
creasing greatness Of the race, unim-
peded by disturbing natural egoisms or
jeaIousies; justice, that mutual respect
in economic and political relations
born of the principle of juridic equal
ity of stateS-in which considerations
of moral order take the first place
and not the material force welded by
any given aggroupation Of men.
Factors of Production.
"These great factors of production
find the indispensable element for their
prompt and complete development in
American capital. Circumstances have
contributed to facilitate and foster in
no small measure that cooperation.
The United States, transformed into
the financial center of the world, both
in its bankers and economists, turn
without hesitation toward South Amer
lea as a fitting place for the invest
ment of those funds which the present
prosperity Of this great Nation permits
to be exported. This attitude is of
transcendental benefit to Latin Amer
IN hn roo fya.
ton of public works, sanitation prof.
ects and other undertakings affecting
public welfare and civilization, the
execution of which would otherwise
have been delayed for decades. The
credits opened in the United States to
the governments, municipalities and
private corporations of Central and
South America in the last 10 years
may be likened to formulating wave,
with respect to the general prosperity,
which may be noted today throughout
this continent.
"An event Of such Importance as
this cannot fail to give rise to rehec-
tions and conclusions as to the pos
sible consequences, not only from the
economic but also from the political
standpoint. Indeed, there do not lack
those who proclaim the existence of
danger to those countries who in such
magnitude are assuming the role of
debtor nations. Nor are there lack
ing those who add that such a move
ment of capital constitutes a form of
economic Imperialism with the newt
| able consequences in the political field.
Responding to one of those objec-
tions, the President of the Republic of
Colombia recently set forth the follow
| ing concepts which, 1 venture to be-
lieve, present in a very exact form the
ethical aspects of this question in SO
far as it touches the debtor nations:
The nation which lives in peace
| guided by institutions which respect
the most precious rights of nationals
and aliens, whose government is both
prudent and respectful in the use of
its mandate, whose administration of
| justice is absolutely clean and upright,
need have no fear for her sovereignty
and independence, except when those
who are sworn to guard these com
promise them in pacts or treaties or,
when contracting loans, guarantees or
conditions are stipulated which may
affect them, in certain eventualities
however, remote, if not fulfilled as
contracted
with respect to the point of view
of the United States, permit me TO
| quote a few words from an address
delivered recently before the George
| Washington University by the Under
| secretary of State, Joseph Grew
| in refuting existing opinions with re
spect to financial or economic i'm.
| perialism on the part Of the United
| States:
Such policy, or measure taken
| in line with such a policy would be in
| disaccord with the fundamental princi
| pies of the American Government. No
| such policy could receive the approval
| or support of our Government s
! agencies.
| " Our Government does not seek tC
| exploit or extend control over other
nations through the agency of foreign
| trade and the investments of Amer
! lean citizens in foreign countries. il
will furnish and safeguard fair and
| equal opportunity for American enter.
prise and investment abroad, but it
will not undertake to sponsor private
| interests or urge them to engage in
! special enterprises in designated coun
| tries
These words may be accepted with
a feeling of confidence because they
| spring from an orientation both sane
and just.
ITO believe that international life is
free from situations which imply ar
! imperfect recognition and. at times
an absolute violation of existing
rights, would be to confess an al
! together exaggerated type of ingenu
| BUSINESS But it cannot with justice
be denied that the jurShc conscience
Of mankind has in recent times made
notable pEogress-bX reason perhaps,