The Waterbury Democrat., 1931-07-03
VITAL MOVES ARE
AHEAD IN EUROPE
TO HELP THINGS
Debt Moratorium Is But
Temporary Move to Help
Germany - But There
Are Important World Az
fairs in the Offing
BY LOUIS +. KEEMLE
Omitted Press Cable EditOr)

New York, July 3.-(UP)-BacK
of the weeks foreign news, which
was concerned chiefly with the ire
mendously important move by the
United States to have the nations
declare Il years moratorium on
debts, lay an undercurrent OF
more vital moves ahead.
The years moratorium, obviously,
is temporary move, designed TO
help Germany on her feet. but even
more so, to help the whole world
and to restore confidence, sadly
needed az a psychological factor to
overcome the universal depression.
It's psychological effect was i'm
mediate. The markets of the world
took heart, and while they did not
skyrocket, they showed a slow and
hesitant return of confidence in the
ability of the leaders of the CAPT
talistic world to lead the way out
of darkness.
The high peak of the Hoover
boom" as may have been expected,
was not sustained. There was hesi-
tation over the debt negotiations in
Paris and the trading fell off, but
there was no collapse.
The moratorium proposal, being a
temporary one, leaves the observer
of world affairs wondering what is
to follow it. The indications are
plain that the United States and
Britain. the leading monetary pow
ers, intend to follow it up by strik-
ing further telling blows at depres-
sion, and one of the most important
will be to seize the present situation
to force home the necessity of re-
ducing the tremendous economic
waste of ornaments.
France and Italy enter important
ly into the situation in that regard
and the reluctance of France, with
her tremendous gold reserves-sec-
ond only to those of the United
States-to join in the Hoover move
has led to unprecedented efforts by
the United States and Great Britain
to swing her into line.
The United States has made no
secret of it's desire to have Europe
join in general arms reduction,
and the present depression and debt
situation is a powerful argument to
bring the "nationalstic" nations in
to line
The significance of Premier j..
Ramsay MacDonald's remarks in
the house of commons last Monday
on ornaments should not be over
looked. He told the world plainly
that Great Britain has gone as far
as she may in showing the way. and
looks to the others to join. Winston
Churchill, tricky conservative ora
tor. while Ostensibly attacking the
labor position, aided to drive the
point home when he belabored the
government for allowing the nation
al defense to fall below the safety
line.
Never since the days of Charles
H. he said, have we been less able
to assert our Independent view
against our French neighbors. "This
is formidable fact"
The implication-almos the
threat-peeps through the oratory
and diplomatic dealings to indicate
that France and Italy will be urgent
ly pressed to come into the 1882 dis
armament conference at Geneva
prepared to meet halfway the
Anglo-Saxon willingness to attempt
at last a real step towards disarm-
ament, not the figurative, paper dis.
armament of previous meetings, but
a genuine reduction of arms and
| arms expenditures that can be
translated into dollars and cents de.
| voted towards budget needs, indus.
trial development and the relief Of
] unemployment.