Red Lodge daily news combined with Carbon County news., 1933-08-02
RESULTS OF CONFERENCE

hEoULIS OF CONf EhENCE
Although a few international experts have not given
up hope for the final success of the international confer
ence at London, the greater majority of them feel that
nothing tangible will be accomplished in the British me-
tropois. Some of them even contend that the world gen.
orally would have been better off had the conference new
er been held. This is open to serious question. While it is
true that the conference may have e%ngendered some inter
national ill-feeing, especially on the part of the goldbloc
nations toward the United States, the conference even if
it folds up without accomplishing anything constructive
Will have served one valuable purpose in that it will dem
onstrate to the American people the utter futiity of hold
ing international conferences to make over the policies of
the world, In the present state of international flux.
Had the conference never been held there would have
been, IN any event, IN the United States a small but noisy
band of internatonalists who would have blamed every
thing unfortunate which happened to us, on to the failure
to hold a conference, and would have maintained that i'll
a conference had only been held, prosperity would haveI
returned to the world in short order. As there would havel
been no way to disprove their remarks, they might haveI
put 1t over SO for as a great many unthinking and emot-
lonal people were concerned.
But the London conference, If it does nothing else. hasI
opened the eyes of the people of the United States to the
great difficulties of accomplishing anything definite inl
such a conference. 1t has shown them that if any c%oncretel
results are to be obtained in conferences these resultsl
must be obtained at the sacrifice of the United States andl
to the advantage of the rest of the world.
For example: something could have been accomplished
in the way Of immediate monetary sterilization in thel
present conference, if Uncle Sam had been willing to for-I
go his domestic policies and to stabilize the dollar at al
point which would have enabled other nations to operate
In the field OF international trade to the disadvantage Off
the United States. When France devalued her money
several years ago it was regarded by her own government u
as a smart trick and a patriotic move to save the economical
structure OF France. When Great Britain cut the noundI
loose from gold in 1881 it was regarded not only as neces- In
sary but as good business. London financiers %gleefullvl
stated at the time that it would give Great Britain greatI
trade advantages and it did. Japan and other nations fol-
lowed suit. France remained on the gold standard but -
with her devalued franc she had already succeeded in re- 10
wing herself and accommodating the greatest per c~apitalG
gold reserve in the world. g
The cheap European and japanese money enabled these P
nations not only to undersell us in the world markets butlhe
to leap the American tariff wall and undersell our pro- Te
ducers In our own market. This might have been remed- CO..
led by embargoes or the adoption of the system of the
American valuation but unfortunately congress, opposed FIJI
10 President Hoover IN most things, elected to take a wait
ing course and permit the destruction of our trade TO &c
continue. Ell
Then came the cutting loose Of the American dollar and
the embargo to stop the drain Of gold from America. DidIoff.
European nations regard this as a smart trick and a pat- wi
rlotlc action on our part? They did not. What was GOOD tie
practlce on their part was "viliany'' on the part of the aH
United States, and France and her satellites nearly. if not tr
wrecked the conference over it.
IL must be evident to most thinking Americans. there off
lore, that Europe regards international conferences nrin- dl
cclpally as meetings to be held for the purpose of bene-
hitting the rest of the world at the expense of Uncle Sam w