The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-06-22

most other European countries are better of than
Germany But they, too, are headed in the same d.
rection Of financial bankruptcy social unrest Facist
dictatorship, and the radical revolution which is
reaction from such dictatorship.
England is in worse shape than at any time since
1914, and France is beginning to feel the downward
pull Of the sinking nations around her.
No wonder Europe halls today the Hoover mora
torium as beam of hope in great darkness.
We would like to believe that one-year mora
forum will put Europe her feet But that is ex-
pecting too much from too little. Such relief, if
given last winter, as urged upon the President would
have been more effective. But no mere negative
measures which involve only delay can change the
situation basicaly.
Hoover hints as much in the conclusion of his
statement: IT wish further to add that while this
action has no bearing the conference for unita-
ton Of land ornaments to be held next February
inasmuch as the burden of competition in ornaments
has contributed to bring about this depression, we
trust that by this evidence of desire to assist
we shall have contributed to the good will so neces-
sary to solution of this major question"
Certainly disarmament is a major question" Ma
tons spending vast funds armies to keep Germany
down can not long expect us to rescue financially
Europe whose bankruptcy is fastened by those ara-
ments. Any financial moratorium on allied war
debt payments to us, which results only in Iberat-
ing more allied money for this armament race will
precpitate the war it proposes to prevent!
If the former allied nations do not reduce arma-
ments drastcay at the February conference they can
be the American congress will refuse to renew the
moratorium and that American public opinion will
react against further cooperation with Europe.
as they promised to do in the treaty by which they
disarmed Germany and as they morally obligate
themselves to do in accepting this American morator-
unl-they can expect eventual cancellation of war
debts.
They need not take seriously Hoover's present
statement: 81 do not approve, in any remote sense,
the cancellation of the debts to us" Despite this as
sertion we already have cancelled those debts from
20 to so cents on the dollar, because we had to.
And, unless Europe prevents us by her armament
insanity we shall cancel the remainder when forced
by economic facts.
But neither moratorium, nor cancellation, dis
armament, alone can create permanent European
prosperity upon which our own prosperity in part de-
ponds
Tariffs must be reduced. his is the judgment of
the ablest statesmen. This is the judgment of vr-
tualy all economists and international experts This
is the judgment of business leaders and bankers here
and abroad.
The chief reason Germany today is near bank
ruptcy and thus revolution and war, is the world
tariff wall She can not pay her debts because she
is not allowed to export goods
In the long run, foreign debts can only be paid
with exports. The tariff wall blocks those exports
with which Germany would pay the former allies
and with which the former allies would pay their
debts to us.
We are largely responsible for that world tariff
wall Our part of that wall is the highest and ours
in turn has forced others to build higher. Until that
tariff wall is scaled down by us and Others interna
tonal trade can not flow freely again, international
health can not be regained.
Therefore we hope congress will grant the pro-
posed debt moratorium, but not only that. We hope
congress also will initiate the reduction in world
tariffs upon which peace and prosperity wait.
Intergovernmental debts and PREPARATIONS can not
be dealt with alone AS of this world crisis,
they are secondary to the tariff conflicts and the
preparations for war.
A star pitcher you will notice. is also one who is
good to the last drop.