The Waterbury Democrat., 1932-06-13

New Haven, Conn, June 13.-The
policies of the republican party
since the World War, taken to-
gcthcr, are "a program of disaster"
and for these policies. the republi-
can postwar regime "can and
should be called to account" says
Walter Lippmann. In the summer
issue OF THE Yale Review" pub
iished today. MIR Lippmann deals
with the charge which he expects
the democrats to proclaim from
every platform" that he policies
Of the republican. party are respon-
sible for present conditions, and ex-
amines the question to ascertain
'in what degree this charge can
fairly be brought
"For what must concern US most
Of all Is not the outcome of the
next election, nor the fate Of in
dividual candidates" he says. but
the controlling ideas of the post
war era. We have lived for the
last twelve years under a system
of policies, and at the end we are
in great trouble. 1t Is that sys-
tenn Of policies that I propose to
discuss"
The policies of the republican
party since 1920 are outlined and
described by Mr. Lippmann In part
as follows: The decision OF 1921 to
withdraw abruptly and complete
ly" from European affairs. which
"entailed long period Of Euro
pean insta ability; the decision to
erect tariffs (which would effec-
lively close the American market
to the importation of European
manufactured goods; the decision
to "expand aggressiveiy" the ex-
port Of American manufactures,
under which great investment In
industry was encouraged on the
premise that the SURPRISES thus
produced could be profitably ex-
ported; the decision to finance
this expanded export trade by
large scale foreign lending; and the
policy dealing with reparations and
war debts which Mr. Lippmarn
rays was inherited from President
Wilson'S administration.
Now, think 1t can Justly be
said, as 1t was said innumerable
times by all sorts Of critics. that
these five policies were a COM
posite of folly" he says. "A case
can be made for each of them sep
! arately, perhaps for two OF three
Of them together. But no case can
be made for them all collectively.
at can be argued. for example.
that the highest interests OF the
American people call for policy
of national Isolation. Or 1t can be
argued that their interests require
that they become the worlds
banker. But what kind of states
manship is It which encourages a
people to become the banker of an
| iinstabilized world? II It was wise
TO let Europe stew In It's own juice,
It was folly to invest enormously
in Europe. II 1t was wise to in
vest, then common prudence re-
quired that the diplomatic power
of the United States be used to
provide some security for those In
vestments. 1t can also be argued
that since we are 30 largely self
sufficient, we are Justihcd In
monopolizing our markets. Or II
can be argued that because OF our
natural advantages we are specially
equipped to develop a. great export
trade In manufactures. But what
can be said OF the Substantially
of men who seek to monopolize the
home market, to invade all foreign
markets, who in order to do such
patiently contradictory things, en-
| courage the export OF American
savings into world which already
owes large governmental debts.
which Is politically insecure, which
IL without the means to repay what
1t borrows?
'The policy OF exclusive tariffs
and OF aggressive exports superim-
posed upon our creditor position.
siphoned gold into the United
States. This gold. plus the gold
brought here by capitalists fleeing
from Europe, provided the basis
for a stupendous credit imitation by
the American banks. II was thia
credit imitation that financed the
expansion OF mass production. that
financed the export OF It's surpluses.
that financed the real estate booma
which accompanied the industrial
expanslon, that financed the stock
market speculation. that financed
the swollen expenditures Of cities
and states, that financed the In
stalment buying. This imitation wai
repeatedly blessed by the treasury
and by the White House. II was.
In fact. the prosperity OF 1928.
what I have been saying con-
| stitutes a severe Indictment OF the
| statesma nship of the republican
party. To refnte II one would have
to show that exclusive tariffs, ag-
| grcssive exports, lavish lending,
and political instability are sound
composite Of policies which II was
wise and prudent to pursue.
| If then the policies are to be