Evening star., 1933-10-01

being engaged in experiments which
would actually impede others in their
endeavors toward prosperity. We were
once regarded, I ruminated-- as the
worlds greatest economic asset. Now
we were travelling, mournfully per-
ceived, toward being regarded as one
Of the worlds greatest potential eco
nomic liabilities.
It happened that disagreed
thoroughly on this point with my Eu-
ropean acquaintance. I thought. and
think that the present American eco
nomic experiment, as total, when its
volcanic fragments have ceased flying
in contradictory parabolas through the
affnghted air and have come to rest,
will give us landscape much better
than the old one; but I am writing
here OF what the Europeans now think
Of 1t, and of us, and I shall proceed
to narrate some of the instant conSe-
quences Of their views.
One consequence is that the Euro
peans are even less desirious than they
formerly were of paying the debts which
their governments owe to our Federal
Treasury This seems extremely un-
reasonable on their part. II we are
now poor, as we are, they surely should
redouble their efforts to meet their OBJ
legations to us and to succor us in our
poverty. I soon came to see. however,
that in this matter, as in all other
similar matters, the gospel still holds
that "WhoSoever hath, to him shall be
given; and whoSoever hath not, from
him shall be taken even that which
he seemeth to have"
The Federal Treasury Seemeth to
the national capitals Of Europe. When
that Treasury was affluent, and when
the Federal Reserve Banks were pre-
pared to serve gold to all comers
equipped with golden-worded paper,
and when the New York bankers were
ready to loan all necessary millions OF
dollars to any European city wishing to
possess q newer stadium and deeper
swimming pool for its meritorious pop
ulace. our chances Of collecting our
money from our European debtors were
not sublime, but they were at least
partly fair to warm. Our debtors then
feared to annoy us too much. We
might cease to finance their civic i'm
provements. We might cease to but
tonhole stray Europeans on the streets
and inquire:
Don't you want $1o,ooo,ooo9"
Such Considerations.
Now there Is no special reason why
the Europeans should be impeded by
such considerations. They no longer
expect Wall Street to funnel the saw
ings of Ohio and Of Kansas into Lyon
and Milan. In fact they no longer
any savings. They therefore are much
yocc v.ecnao$f,,1 touyo I'd n1,in ond VOW.
sas and New York City-much less re-
spectful and much less fearful. Only q
peculiarly cowardly European would to-
day fear to tweak Wall Street by the
nose, or to slap the Federal Treasury
on its wan and wasted cheek.
Everybody hastens to pay of q mil
Nonaire who can make him another
loan; but the poorhouses are full Of
people whose debtors never think Of
them again; and we are now. in Euro
pean estimation. quasi-pOorhouse.
London is once more the financial capi-
tai Of the world. Threadneedle Street
and Lombard Street have once more
eclipsed Wall Street and Broad Street
internationally. The obeisance Of the
European continent now goes once more
to 1.-The City rather than to Down.
town." The Hudson is again provin-
cial, the Thames again cosmopolitan
river.
In these circumstances our European
debtors see less and less reason for
modifying US by shipping gold Or sill
yer or currency or anything else to
Secretary Of the Treasury Woodtn. Our
fate on this point IS normal. Having
become poor, we are thought to be good
candidates for becoming poorer. In my
i,ldrrnent ollr oY1lv tr1le hone now for
reviving our European debt payments
would be to become suddenly so rich
that we no longer needed them.
A second circumstance flowing from
Europe's changed attitude toward us Is
pleasanter. Mr.. william Randolph
Hearst and Mr.. Bernard M. Baruch now
need no longer fear that the Europeans
will spend their time trying to think
up schemes for living OF the United
States In the international finance and
(C0nfinaed on Third paQe.l