The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-09-03
FEAR MUST Be
BANISHED FOR
WORLD REVIVAL
Arms Cut Must Accompany
Any Reduction of
War Debts.
BY WILLIAM PHILIP SIMMS
scripps- Howard Foreign Editor

Resources OF the united states
increased in value approximately
S22, 500 900 900 as a result of the re-
r cent advance in commodity and
security prices, according to the
New York World Telegram.
That is exactly double Europe's
total war debts to the United States
even if they we're going to be paid
in full, which, very decidedly, they
are not.
This stupendous advance occurred
in about three weeks time. That is
more than billion dollars every
tWenty-four hours. In other words,
a single days advance brought a
book gain to the American people
equal to more than three whole
years of average war debts INSTALL
ments.
Farm products alone rose more
than a billion dollars.
Prices Go Soaring
In the three weeks following the
July low, wheat rose 10 cents
bushel. Increase, 100000. Cat
tie gained S140 a hundredweight.
Increase, $5O,OOO,OOO. Corn went up
4 cents a bushel. Increase, $780,
100000.
The upturn in cotton totaled
Sl20,000,00O; oats, $30O00,000; hogs,
SOL 100000 And so on all along the
line, until American farmers were
better off to the tune of a thousand
million dollars or four times the
1892 war debt installment from
Europe, which has not been, and
never may be, paid
A relatively small, but genuine,
improvement in the world situation
would make gain like that stick.
Anything which would cause even
a gentle zephyr of world confidence
to start blowing and remain con-
slant would do the job.
Europe says-"Why doesn't the
United States do something about
the war debts? Then times would
be better"
War Debts Not Main Factor
The war debts are a factor, and a
big factor, but not the predominant
one. Revision, or even cancellation,
by itself, would not be sufficient
to bring back good times. Debts
alone did not cause the world crisis,
and they alone can not cure it.
If the stupendous dislocations of
capital, labor, populations, and trade
due to the World war started the
depression, the wars vicious after
maths are keeping it going. Some of
these are:
l. The world race for ornaments
and the fear Of another war.
2. Preparations and war debts.
3. The Balkanization of Europe.
4. Faulty distribution of gold, COL
lapse of silver, freezing of credit,
monetary chaos, and the breakdown
of international exchange.
5. The worldwide tariff war and
trade strangulation.
6. The isolation of Russia.
These troubles dovetail. Cure one
and leave the others, and the
world eventually would go to smash
just the same.
ParIeys Must Give Results
Next fall, in Europe, there is to
be a world economic conference.
Next fall, also, Europe will demand
revision or cancellation of war
debts. Next winter, at Geneva, they
are going to make another stab at
reduction and limitation of arma-
ments.
Unless these three moves DELHI
erately are given some sort of cor
relation-unless these conferences
are held, in rapport, one with the
others-there is little hope of any
lasting benefits from any of them.
Until these problems are syS-
temp 'ically, broadly, and intelli-
gently worked out at a conference,
or at a series of inter-related par
leys and diplomatic discussions, the
same old wall of fear, suspicion, ma
tional, and international unrest will
continue to block the road to bet
ter times.
To all this, many believe, the
United States holds the key. Eu-
rope insists on debt cancellation.
The debts, therefore, could be used
as a sort of lever to set in motion
program to settle the major prob
lens now holding back the world
THE END