Evening star., 1933-02-14


tionS, thereby to remove the obstruc-
tions to world consumption and rising
prices. This road leads to real stabil-
ity, to expanding standards Of living, to
a resumption of the march Of progress
by all peoples. It is today the imme-
diate road to relief of agriculture and
unemployment. not alone for US but
the entire world.
The second road Is to rely upon our
high degree Of national self-contain-
ment, to increase our tariffs, to create
quotas and Determinations, and to en-
gage in definite methods of curtailment
Of production of agricultural and other
products and thus to secure a larger
measure of economic isolation from
world influences 1t would be long
road Of readjustments into unknown
and uncertain fields. But it may be
necessary If the first way out Is closed
to us. Some measures may be neces-
sary pending cooperative conclusions
with other nations.
The third road is that we initiate our
currency, consequently abandon the
gold standard, and with our depreci-
ated currency attempt to enter a world
economic war, with the certainty that
1t leads to complete destruction, both
at home and abroad.
The first road can only be under
taken by the cooperation among all
important nations. Last April. IN con-
junction with the leaders Of Europe.
our Government developed the ioea OF
a world economic conference 10 oeal
with these questions. 1t Is unfortunate
that the delay of events in Europe and
the election in the United States neces-
sarilv nostponed the convening OF that
conference. It has been further delay
ed nv the change Of our admlnlstra-
tionS.
Debts Segment Of Problem.
The question naturally arises whether
other nations will cooperate to restore
world confidence, stability and economic
peace. In this connection. I trust the
American people will not be mlsieo OF OF
influenced by the ceaseless stream OF
foreign propaganda that cancellation OF
war debts would give this international
relief and remedy. That Is no., True.
These debts are but segment OF the
problem. Their world trade importance
is being exaggerated. In TINS resPeo.
I stated some months ago, the American
people can well contend that most OF
the debtor countries have the capacity
to raise these annual amounts from
their taxpayers, as witness the fact that
in most cases the payments to us
amount to less than one-third OF the
military expenditures Of each country
But at the same time we can well re-
alize that In some instances the trans
fer of these sums may gravely dlsturp
their currency or international ex-
changes. But il we are asked for sacr1-
fees because Of such injury we snoulo
have assurances of cooperation that
will positively result in monetary sta.
bility and the restoration OF worio
prosperity. If we are asked for sacrl-
fees because Of incapacity to pay we
should have tangible compensations IN
restoration Of our proportion OF tnsr
agricultural and other imports. the
world should have relief from the sore
burden of ornaments. II they are un-
willing to meet us in these fields, this
Nation, whether you or like 1t or not,
will be driven by our own internal forces
more and more to its own self-contaln-
ment and isolation, as harmful to the
world and as little satisfactory to us as
this course may be.
But this Is the counsel OF despair.
The full need Of prosperity among ma
tious cannot be builded upon mutual'
impoverishment. 1t is to the interest OF
the world to join In bold and courageous
action which will bring about economic
peace-in which the benefits to the rest
OF the world are as great as to us|and
we should cooperate to the full. Any
other course in the world today en-
dangers civilization itself. Unless the
world takes heed it will find that 1t has
lost its standards of living and culture,
not for few years Of depression but Tor
generations.
Despite many discouragements, the
world has shown an increasing ability
in establishment of effective agencies in
the solution Of many controversies
which might have led to war. When We
compare the attitude Of nations toward
each other which existed 20 years ago
with that of today, we can say that
there has been developed both the spirit
and the method of cooperation In the
prevention of war which gives profound
hope Of the future.
Problems Not Insoluble.
In its broad light the problem before
the world today Is to work together to
prevent the dangers of developing eco
nomic confiict-to secure economic
peace. That is a field In which the
world can cooperate even more easily
than in the field Of prevention Of war,
because there is involved in 1t no back
ground of century-old controversies, in
Justices or hates. The problems in that
economic field contain less Of the i'm
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