The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-07-04


The British Lippmann
government is un-
able TO take a decisive position. 1t
follows that the only kind of agree
ment' possible is agreement on an
ambiguous formula such as the one
the President has rejected, which
would mean one thing in the gold
countries and another thing in the
United States.
Nothing is to be gained by at
tempting to draft declarations
which pretend to reconcile wholly
irreconcilable policies
TNHESE attempts at reconciliation
l. are bound to fail. When they
fail they poison the atmosphere
For nothing can be done in London
now on any important issue which
does not resound an re-echo and
increase misunderstanding through
out the world.
Every difference of opinion is
magnified into a great issue and
then is broadcast as an internation-
al dispute. The prudent thing to
do, the safe thing to do, the healthy
and self-reSpecting thing to do, is
frankly to recognize that our poll
cies differ for the present and to
adjourn now as friends, rather than
to take the great risk of breaking
up as opponents.
The time will come when, as re-
spects monetary policy, we shall
want the same thing. That will
be when the rise of prices which
the President is engineering has
been conSummated.
Then it will be desirable and
necessary to stabilize and consoli-
date the achievement. Until that
moment arrives, no important
agreement is possible here, and only
mischief can come from pretending
that agreements are possible.
The monetary policy is the key
to all other things 1t is vain to
imagine that the gold standard of
the future successfully can be de-
bated until the objective of our
suit experienced.
1T is vain to imagine that tariffs
l. can be discussed when currencies
are fuctuating and depreciating. 1t
is vain to imagine that the problem
of international indebtedness can be
dealt with before the new level of
prices is established.
That being the case, 5000 delegates
and experts who have lost hope of
agreement can only get themselves
into trouble if they continue to run
against one another.
What have said is, I believe, the
real conviction of the ablest men in
all the principal delegations. They
do not declare it publicly, because
no delegation wishes to take the
responsibility of proposing the adj
5ournment that all of them desire.
Why should not the President ac-
cept that responsibility? The
American program, both by its
effects and its example, is admitted
by all to be the greatest positive
force in world recovery.
To safeguard his program the
President wisely has rejected all pro-
posalS which would interfere with it.
He has not been afraid to deadlock
the conference. Why should he be
afraid to propose that it adjourn?
MY own belief is that such a
Iva proposal would be received
with inward enthusiasm almost
everywhere. For men are weary of
pretense and of muddling..
An example of courage and of
Candor will do more good for the
worlds spirit than weeks of evasive
and ultimately futile negotiation.
There is no need to search hard for
formula, which might attempt to
pretend that the conference has
been a great success.
The best formula would be, the
truth, which is that until the move
ment in America has been consum-
mated, we will not and other coun-
tries can not make international
agreements.
The conference might then be
adjourned subject to call by agree
ment among the British, the French
and ourselves.
s(CopvrEht. 1888. by The Times)