The Waterbury Democrat., 1939-07-17
World Faces Economic Chaos M Arms Race Diversion of Credit for Munitions, Equipment Forerunner of Disaster Warns Credit Association
 Executive.

"Yet each of these conditions Is largely the result of the World War. If people today would fully realize that, they would understand the fu- tility of resorting to hope-filled pal Natives or spacious panaceas. The seemingly easy way out of difiicul- ties is always alluring but over and over we witness the fact that there IS rarely an easy way; that 1t too often ensnares us in new or in- tensifies our old difficulties.
 For four mad years the world indulged itself with death and de- struction. For two decades since the wars end we have witnessed all manner of attempts to avoid paying the penalty that must be paid both by our and future generations. The policies we havetried in the past two decades have almost invariably merely deferred the day of payment. We have yet to meet it-but meet 1t we must. We have our choice: to met 1t soon and allow ourselves time and effort to plan the program of settlement or to procrastinate until events take over the mastery of our destiny and we witness ex- tremes of economic and social re- mobilization.
 Shows Wars Effects
 "If we would accept the fact that in this modern world we can never experience world struggle with out throwing our entire economic machinery out of gear, bringing so- cial confusion and chaos into our midst, and spreading suffering and privation among the people Of the world, then we would turn our ef- forts toward promoting recovery by sound means rather than waste our time and add to our burdens through hypothetical methods of so- lution.
 We would know that the solution to our problem is not to be found in new economic philosophies' but in willingness to pay the penalty for the violation of the time-tested economic virtues against which we sinned through the great war.
 Our own history provides excel lent examples. The Fourth of July we recently celebrated recalled the war of independence. The compara- lively simple economy of a century and half felt that war for dec ades after Its close-and those days did not witness the nation in arms type of war that so completely en- gulfs country now engaged in war.
 Likewise, following the war be- tween the states, the consequences blighted one sections progress and overstimulated another's to degree that brought bitter poverty and un- stable prosperity in recurring waves even to generations who knew of the war only from others reminis- cences or their own reading of hiS- tory.
 TempOrizing Policies
 "Our present domestic situation is good example of our willingness to pay the penalty. The credit collapse with which we were confronted at the end of the previous decade was largly a consequence of the war and the unreasonable credit and econo- mic policies which were followed in the postwar years. They did not, as 1t was supposed upon adoption they would, liquidate the postwar prob- lens. Instead, by temporizing our effort to develop sound solution, they brought us to a point where the social and economic structure of this country was strained almost to the breaking point.
 "Even then we did not realize fully the underlying cause of our trou- bles. We tried to apply solutions that overlooked any serious considera- ton of the fact that the war and its heritage must be kept in mind in the development of a sound re- covery program. And so for nearly another decade we have continued the attempt to avoid the conse- quences, and instead have wit- messed growing problem which IS slowly but surely reaching Iemen- doue proportions.
 "A quarter of q century has pass ed since the fatal shot was fired at Sarajevo. If we would destroy civil- ization, let us plunge into another struggle. If VIC would save civiliza- ton, let us recognize the paralysis wrought by the var and patiently. laboriously, with a due measure of contritness. set about to pay for our past folly. That attitude alone will help. not hinder civilization; will