Evening star., 1932-04-10
BY SOL LEVINSON.

~ UR bafiing domestic problems
have now been effectively
u grappled with by great and
~ unprecedented mechanisms of
support and relief set up under
the leadership of President Hoover by
prompt and decisive action of Congress.
The loyal cooperation between both
political parties for the economic
salvation of cur country is the type of
nationalism that is heartWarming and
! beyond praise. But economic con-
| ditions have been SO demoralized,
unreaSoning fear has so undermined
public sentiment that every avenue of
aid and improvement. domestic and
foreign, should be explored with view
| to the relief Of our cwn people, and.
| consistently Herewith, of other peoples
! as well
1t seems timely, therefore, to
! reconsider the acute international
! question in which the United States
/ is heavily interested. Financial compli-
| cations resulting from our entry into
! the war, our governmental loans and
/ credits to the allies during and
/ Immediately after the war, and the
| efforts Of American and European
! bankers to aid in postwar European
/ recovery have, together with the burning
/ question Of German reparationS, pro-
! duced perhaps the greatest and most
/ vexing economic problem of all times.
/ Whether the United States should have
entered the war, whether We should
! have made the huge loans to the allies,
whether the postwar loans by banking
institutions were or were not justified,
/ 1t is now altogether too late and
obviously fruitless to discuss.
/ The second war panic" now in its
third year. has brought about a world
economic debacle in whose tolls our
country has been almost inextricably
caught. Should we not, in our own
as well as in world interest, complete
the work Of economic recovery by
promoting an equitable liquidation of
the war inheritances now plaguing
mankind? This republic. born of
European stock, while rightly steering
clear of military and political COM
mltments, Is in a powerful position
10 aid in the appeasement and sta
ol!lzatlon OF Europe, with manifest
advantages TO ourselves, provided
Europe is now ready and willing to
make the changes and contributions
indispensable to that end
Sees Public Rejoicing.
The proposed plan is based squarely
on the assumption that sound Ameri-
can public opinion will support-yes,
rejoice over-the conSummation of a
just plan, to which all interested
nations and parties are required to
make substantial contributions-a plan
that will equitably tighten the after
ouroens OF the war, reconcile the
nations Of Europe. draStically reduce
the staggering costs of armaments,
revive for cur farmers and manu-
3 tacturers normal foreign market,
and make possible a return of pros
perity and an era of genuine peace.
In the past 10 years many laudable
efforts have been mace, and some plans
I adopted, Ito liquidate the war" While
they have been valuable as emergency
eXperients, as temporary bridges over
crises, no comprehensive program pur-
porting to cover the critical phase OF
the situation has been considered. 1t
Is coming to be almost universally rec
ognized that partial plans, piecemeal
| adjustments, temporiZing mechanisms
do not reach the heart of the problem
The proposed plan, following the anal
ogy OF q business reorganization, seeks
to take account of the most acute in
ternational factors and to do substan-
tial justice to all interested nations
without unduly shifting the burden to
the American people
We are confronted with a tangled
problem, directly resulting from the
vast and unprecedented economic waste
Of the World War, intensified by the
actual or potential bankruptcy Of most OF
the nations involved. A business re-
organization is occasioned by an excess
OF debts. But for the inability Of 9
corporation to meet its matured anc
maturing Indebtedness, no reorganiza-
ton would be necessary. Hence, 1t Il
obvious that no sound reorganization
can take place unless there q an ode