The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-08-02
ANOTHER IM
SURE TO LEAVE
FINANCIAL RUIN
European Conflict Would
Not Bring Prosperity to
Anybody.
BY SCRIPTS HOWARD FOREIGN
EDITOR

EDITOR
WASHINGTON. AUG. "A new
European var would not bring
prosperity 70 The United States. a
widespread belief 20 the contrary
nCfUlt ns-audiLg
The World var which began
twenty years ago ushcred in per-
haps The biggest boom this country
ever SAWS. But 10 was a shot in the
arm which lcft rich ana poor alike
worse of than before. according
% economists
q new European var on a large
scale at Tins time would have no
such stimulating effect on American
bu ness. even Temporarily.
The var boom did not really begin
IN The United States until u was
well INTO second year. on the con-
trarv. there vas something Of a
slump AZ first The boom started
ONLY after American people began
10 .cnd tons Of money 70 the beliig-
errnts They lent Europe 1000
O10 ON. equivalent 70 all the none
tary gold IN the world a. that time
What Prosperity?
with this borrowed money. they
began % purchase American goods.
That Is 10 say. they borrowed $50
from a cotton farmer. then paid
the same farmer the same $50 back
for = bale Of cotton.
Naturally. business doomed. Prices
scared. Wheat and other foOdstuffs.
cotton. chemicals. copper. steel and
war supplies generally went like hot
cakes. Factories worked night and
day Wages we're at a premium.
Unemployment disappeared.
But 10 was the American people
not Europe-WhO were footing the
bill. The wealth they were creating
they shipped abroad None Of Il re-
manned in this country. Il did not
evfn remain in Europe. II was
burned up. destroyed on the battle
fields.
When the United States presented
the bill after the war. Europe re-
fused to pay. Europe still refuses
10 pay. Europe owes the people Of
the United States upward Of 3d.
600 100000. two-third Of which went
10 finance her war. Most Of this IS
now in total default. II never will
be paid. Some hope exists that per-
haps 10 cents on the dollar may be
collected eventually, but even that
Is doubtful.
Augxrers A ITorSp Tau~h
In fact. Europe has been more
careful to explain how and why the
debts are impossible OF payment.
Imagine then. under the circum-
stances. coming over here and say
ing.
Kind people. we've got another
war on We need another ten bill
lion dollars. OF course. payment Of
such a huge sum can't be made
across the exchange. But let us
have it anyway. That's a good fell
lOwl"
This means the American people.
very decidedly, are not going to
finance another European war soon.
II asked TO do so their reply. in the
vcrnaCular, would be a horse laugh.
But. no loans. no credits. No
credits, no American purchase.
This does not mean. unfortum-
atelv. that Europe and the world are
in for a long period Of peace be-
cause Of universal bankruptcy.
They Don't Need Help
France was bankrupt in 1870, but
Napoleon. at the head of a raga-
muffin. hungry army. waged per-
pctual war for fifteen years and
wound up with all Europe chained
10 his chariot.
a soldier Is just as dead If run
through with a Sl.35 bavOnet as he
would be If blown up by $1,000
bomb dropped from a $4,000 plane
A few hundred dollars worth OF gas
could wipe out a city.
Should war break out over Aus
tria. with Germany on one side and
Italy. backed by CzCChoSlovakia.
France and England on the other.
Europe could produce a firSt-claSS
blood-lettinE without much help
from outside
The stock market furnished the
tip-Of as 10 what American leaders
think Of a new war boom in this
country. Instead OF rising on re-
Ccipt Of ten OminOuS news from
Vienna and the other European
capitals. quotations took their most
sensational nOSe-dive OF the year.
A new European war any time
soon stands to hurt this country in
a dollars and cents way, rather than
bring prosperity.