Evening star., 1933-01-25

see a man walking along a precipice
and you point out to him that the
ground just in front of him is under
mined, that is not q threat, it is a
warning, and 1t is not less friendly be-
cause it is evident that If the man goes
over the precipice he is quite likely to
drag you down with him.
AS q matter Of fact, these considera-
tions which have been mentioning and
the consequences arising from them are
very well realized in many quarters of
America already. America depends to
large extent upon foreign markets to
absorb her productions. She herself
consumes only 80 per cent of her own
wheat, only "a per cent Of her copper,
only 10 per cent of her tobacco and
only As per cent Of her cotton.
For the rest she must find a market
outside her own boundaries, and unless
she can find that market at remuner-
ativc price her producers are bound to
suffer. Only short time ago a num-
Der Of cotton exchanges in America
passed long resolution which says,
among other things, From foreign
buyers of cotton and wheat 1t is clear
that Scent cotton and Accent wheat
are inevitable so long as international
commercial and financial relations re-
main as they are. Members of this ex-
change give solemn warning to South
ern farmers and their representatives at
Washington that unless this critical
situation Is promptly faced the growing
OF cotton and wheat for export has per-
ished as q means of decent livelihood
in this country. We urge every farmer
to demand that the Government confer
at once with foreign debtors with q
view to finding a Encouragement of
debts that can in fact be carried out
without destruction of the foreign buy
ing power on which the survival Of our
farmers depends"
Point Of View Known.
That resolution shows. I think. that
there Is at any rate an important and
enlightened section Of opinion in the
United States which is not so far from
view is well known, for it has been
consistently held by successive govern
ments since the war.
! We believe that the total cancella-
tion Of war debts and reparations would
be the best thing that could happen to
the world as whole. but II that is 20
ing further than American opinion is
vet prepared to accept, We shall gladly
discuss with our American friends
whenever they are ready to receive our
representatives the lines On which an
agreement can be reached, bearing In
mind two things which seem to us es-
sential; first. that the settlement to be
reached must be the final settlement
and. secondly, that 1t must be one
which will not involve resumption OF
the claim on Germany for reparations
which it was the object Of the Lausanne
settlement last year to end For the
Lausanne settlement Is the one substan-
tial advance during the last few years
! in the troubled history of Europe
| Not only did it put an end to the un-
certainty and anxiety which attended
all previous efforts to adjust an impos-
sible situation, but it also opened uI
new possibilities of friendlier feeling
between European nations on which
might be based more fruitful co-opera-
tion In other spheres
To disturb that settlement now would
be to reopen old wounds and to destroy
for an indefinite period all prospect Of
agreement on matters affecting tht
happiness and prosperity not merely oi
Europe but Of the whole world