Evening star., 1932-11-20

tCOnIuueO FROM EuSC Page.1
understood to take the position that the
world needs such a conference without
delay while others have suggested that
the conference could not possibly be
held until next Spring.
Senator Hull described graphically
the situation which now confronts the
people of America and the peoples of
other nations
Text of Statement.
Numerous economic problems and
conditions" he said, equally pressing
and differing only in degree as to their
intimate relation with business recov-
cry, imperatively call for basic treat
ment either by the United States alone
or by it and other countries under its
leadership.
Our 80 millions impoverished farm
population are demanding relief from
their mortgage indebtedness of S9,260,-
900 600; the allied governments are de-
manding relief from their Indebtedness
of $11 900 900. 900; international trade
is bound hand and foot by every Cort
Of arbitrary restrictions; cur Federal,
State and local budgets, hopelessly out
of balance, present gaping deficits cal
culated to affect public credit; the
financial distress of the railroads could
scarcely be more threatening; the panic
ridden American taxpayers. groaning
under an overload Of taxes; most Or
ganized minorities making almost I'M
possible demands on public treasures
everywhere; unprecedented tariffs and
exchange restrictions, rendering it i'm
possible for debtor countries to pay debts
without complete extinction of their
gold reserves: breakdown of the proc
oF ltc4r ND nj, Vo cf
unemployment, with collapse of high
wages and high living standards; i'm
possible surpluses piling higher and
higher in this and certain other coun-
tries, with accompanying slump in COM
modify pricesj mali-clistribution of gold;
frightful conditions Of monetary insta-
bility in many parts Of the world, and
each nation under American leader
ship still foolishly and futilely striving
to live by Itself.
Opinion on Debts.
1T is in the face of these monu-
mental difficulties that must be sur
mounted in the early future that the
allied nations owing our Government
request us first to single out their item
of indebte edness at an impossible time
and grant their request for leniency
All creditors, public and private, should
be considerate toward their debtors, as
am sure our Government has been
and is. Foreign governments, however
underestimate the breadth and depth
of the panic conditions that must be
grappled with in a fundamental way
before either they or we can return to
sound and permanent business pros
perity.
Economic disarmament and mill
tary disarmament are patiently the two
most vital and outstanding factors in
business recovery. Their solution has
been lodged and delayed for three
years. with the result that the ravageS
of the panic continue almost unabated
The Hoover administration has not
pretended to offer any basic remedies
but only temporary panaceas or tonics
The industrial and other civilizations
here and everywhere, will soon be seri'
Ously threatened unless StatesmanshiI
Immediately can summon sufEcien
vision, resolution and constructive abil
ity to undertake the speedy end funda,
mental solution of these critical con
ditions.
Debts Not Major Issue.
without the slightest reference t
the merits Of the foreign debts due on
government, however important they ma,
be, they were not major cause of tn
panic, nor are they a major remedy
This country loaned Europe ampl
monies with which to make the pay
ments received by us prior to 1885,
while the annual payments due at pres
ent amount to only 2 per cent or pc
cent, or less. of the budgets of tn
debtor countries.
THE strangulation Of internationf
trade from a normal level of near S55
600 600 600 down to $4,000, ,0o0,0C0, b
extreme tariffs, quotas, enbargces an
eyef.a1ge restrictions, constituted th
g.c-.t-zt 5in5le cause OF the panic, Uhil
ttS restoration is an indispensable pre-