The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-06-26
[M.E.TracySays:

I'm the face of a French default and British
l. maneuvering to stabilize the pound at too
low level, President Roosevelt shuts up shop
and goes to sea. 1t was, perhaps, the most i'm
pressive gesture he could make
While European statesmen may be lett IN
some doubt as to the workability of their own
schemes, they can have no illusions as to the
kind of man with whom they are dealing. He
won't even stay near the telephone.
Quite a change from those chief executives
who, while preaching isolation, were ready to
stand on their heads for Europe's good will.
Disturbing as the change may be in London
or Paris, it makes men on the streets of New
York and every other American city feel a
whole lot better. It has been a long time since
they were quite sure whether Washington or
some other capital was in charge OF American
policy and whether this government was more
interested in helping Europe or protecting
American interests.
A good deal of the depression is chargeable
to the spineless. weakened attitude which Mr..
Roosevelt's predecessors chose to pursue. Not
only were they against rocking the boat" but
they were steering course which might cause
the boat to rock.
The slightest sign of a breeze or little chop
sent them into paroXysms of alarm. Playing
on this susceptibility, European diplomats and
statesmen have been busy with nothing so much
as waving storm signals.
EOR fifteen years westbound messages over
Il the Atlantic cable have dealt with fear OF
what might happen in Europe if the United
States failed to do thus and so.
In the name of splendid isolation" we have
waived claims to the tune of billions and lost
other billions through the injudiciouS granting
of credit AS a reward, we have seen our trade
undermined by excessive tariffs and currency
depreciation.
While we have been foolishly ideahstic,
Europe has been coldly practical
It was entirely logical for British economists
to assume that we would agree to peg the pound
at level which would give them permanent
advantage and that we would allow Europe to
determine the value of the dollar.
They are shocked that President Roosevelt
should dismiss the suggestion with a smile and
go for a sail.
French economists are even more amazed
that the second and wholly uncalled for de-
fault on the part of their government should be
treated with such calm indifference.
French journals headline the story in a de-
ceptive way announcing that the United States
will discuss war debts with Finland, but not with
France. and deliberately forgetting to tell why.
FINLAND paid, while France did not. It is
l. time that we recognized the distinction.
Europe must not be allowed to go on assuming
tnaI we are nopeIeSSly OuInp ana JIlaJ There IS
nothing which We can not be persuaded to do
through flattery or thickness
1t is time that we stopped confusing isola-
ton with independence. If the dollar needs to
be pegged, We should do the pegging If tariffs
are to be cut, We should insist on a fair break
If Europe wants to go on playing with arma-
ments, We should let it take the consequences
The idea that We must act as the worlds
fiat cat to save ourselves is all nonsense. So
is the idea that We are bound to be drawn into
any conflict that may occur and that we would
pate beforehand.