The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1933-03-03

Inc conference program, necessarily
prepared two or three months in ad-
vance of its use In the conference,
treats of tariff readjustment, readjust-
ment of international debts, abolition
of trade restrictions, the sterilization
of currencies on the gold standard to
which the United States has adhered
so tenaciously, and steps to balance
the budgets of whatever governmental
units there are.
OF course, the discussion already
has been initiated on the question OF
debt reimbursement 1t had to start
with the United States. Our nation
Is the creditor of all of them. The
debtors, many of them the creditors
of other nations in turn, say they can
do little or nothing unless this coun-
try does something in the way of let
ting them off as means Of starting
the machinery of reduction.
Every one here with whom l have
talked, agrees that the theory Is right.
The debtors, who are creditors OF
other nations, must know to what ex-
tent they are going to be let off be-
fore they feel free to let somebody
else off. So 1t is a circle which can
be unlocked by the United States.
But there Is another side. 1t is in
the other side that the trick lies. The
question is: "Will
Here's Where the debtor nations
the Trick Lies to whom the United
States makes con-
cessions carry those concessions on
through to the ultimate debtors?" II
they do not, the experts here say there
is nothing to be gained by making
concessions.
To state the problem another way,
unless such concessions as are made
by the United States are reflected all
along the line, the United States will
have been just plain sucker. Uncle
Sam again will have been played as
the victim in the shell game. There
was no pea under either shell when
the game began.
From these facts, 1t becomes per-
fectly obvious why consideration
must be given to the program of the
international economic and monetary
conference alongside Of the discus
sions now going on between the United
States and those powers to whom it
loaned money during and after the
World war.
Sponsors of the agenda for the con-
ference decline to admit it, but I'M
biased views hold that the program
for the conference is too complex to be
worked out at one series Of meetings.
The experts take the position, how
ever, that because the problem as
whole is so complex, it cannot be
dealt with by pieces. They say that
when the pie has been cut, none of the
pieces will serve the ends desired IL
taken singly. That was the attitude
of some of the leaders in the Hoover
administration it is, furthermore, the
attitude of Mr.. Roosevelt and his as
sociates now.
There is reason to believe, there
fore, that we are going to see con-
tinuing series of international ex-
changes of views for quite some time.
And it is entirely possible the an
swer, nor anything like a complete
answer, will ever be worked out. 1t is
being pointed out that any sort of
improvement in business conditions
will cause a lessening Of the anxiety
of the nations participating and they
will not want to give up some of the
things they were prepared to give up
when the conference first was pro-
posed.
1t is necessary here to call atten-
ton to another factor in the whole
situation that has
Balky Horses begun to loom on
in Senate the horizon. The sit,
uation that confront
ed Woodrow Wilson who, as Presi-
dent, sought to gain senate approval
of the Treaty of Versailles. The
treaty had the League of Nations
covenant as its heart. The senate
EGluSSu W WCo1 tnC udilCis lAC1C
were a number of senators who be-
came balky horses. They were called
the "irreconcilables."
Whether their position was wrong
or right is of no moment in this ar
ticle. The fact is that the irrecon-
cilables blocked American adherence
to the League Of Nations.
Now, there is another group Of
them. Several senator's remain in
the senate from that original group.
They are restating their views these
days, some publicly, others privately.
They are insisting that the United
States retain its sovereignty" and
remain isolated from the entangle-
ments which they say they foresee In
the debt discussions and the interna-
tienal conference.
The situation surrounding the plan
to work out readjustment of the
debts owed the United States and the
several phases of the economic and
monetary problem, therefore, must be
realized before one becomes too op-
timistic about successful completion
of the agenda lately published.
Also. Mr.. Roosevelt's political fu-
ture is directly concerned. II he
holds his majority and wins any sort
of forward-looking agreement abroad.
he will stand out among men. If he
fails. the tale is something else again.
Conservatives and radicals alike
agree on one thing: Mr.. Roosevelt
has a tremendous job ahead of him
as he settles himself in the White
House. A very great many Of them
are going to stick by him, even though
some of the things he does may taste
like sour milk, because they recognize