Evening star., 1933-07-27

ments. Their widest rivalry. however,
scarcely exceeds in danger the present
mad race between most nations to pro-
mote economic armamentS which In
flict colossal injuries on the masses Of
people everywhere. At this moment
the world Is still engaged in wild COM
petition in economic ornaments which
constantly menaces both peace and
commerce.
The nations must make up their
minds to pursue less extreme economic
policies; they must discard artificial
expedients to protect industries that
are notoriously inefficient or are not
justifiable on any practical economic
or business grounds.
When some nations undertake to
produce every commodity, whatsoever the
cost, for purposes Of either peace or
war, other nations are driven to turn to
the adoption of similar policies Of un-
justiflable production with the result
that, as in the case of military arma-
ments, the economic race neutralizes
itself to the injury Of all who are en-
gagged in 1t.
/ appeal to this conference, and
through it to peoples everywhere, to
demand an end to the ruinous races
by nations in either military or eco
nomic armaments. It Is the duty Of
craftsmanship everywhere to lead the
world away from these twin evils Of this
modern age
Much has been said about the order
in which the subjects on the agenda
the membership of the conference
frankly recognizes that both the finan-
cial and economic difficulties as listed
in the agenda must be visualized as
one unined network Of distractions
and impediments to international
finance and commerce and attacked
and dealt with as a whole. 1t would
get nowhere to lower trade barriers
without development Of stable monetary
facilities for the movements of COM
merce. nor on the other hand would
commerce move with the aid Of COM
plete monetary stabilization If existing
insurmountable trade Instructions still
continued intact. Substantial progress
In dealing with either group depends on
corresponding action dealing with the
other.
Object Of Conference.
The object Of this conference is to
substitute prosperity and good will for
panic and trade strife. To relax our
efforts in the face of the need and the
duty pressing upon us would show an
amazing indifference to human welfare
The average citizen must by this time
be convinced. that those who have op-
posed same practical International
economic cooperation have proven to
be false prophets. Do the 10000, 900 Of
unemployed wage-earners or the many
millions of impoverished farmers and
producers Of raw materials need addi-
tional proof Of the failure of such lead
ership? May I again remind you that
the domestic economy Of more than 80
important countries Is primarily de-
pendent upon international finance and
commerce with direct repercusions upon
the entire world. The practice of a too
trade Of the world with disastrous ef-
fects upon home production and home
prices and markets everywhere.
The processes Of exchange and dis
tribution have broken down and their
restoration presents the real world
problem. Disastrous experience teaches
the necessity for q broader economic,
social and political policy. Every coun-
try today should first have q compre-
hensive domestic program calculated
most effectively to deal with the exist
ing depression. The United States has
launched constructive program to this
end. indispensable and all-important
as domestic programs are, they cannot
by themselves restore business to the
highest level Of permanent recovery. A
program Of international cooperation
IS necessary for purposes of q broad
basis on which to build the domestic
economic structure. to give 1t stability
and to make possible q substantially