Evening star., 1940-09-29
know what happiness means, and
to pass their natural lives un-
Shadowed by constant fear.

know What happiness means, ana
to pass their natural lives un-
shadowed by constant fear.
In the field of our economic re-
lations with other countries your
Government has never ceased
striving to serve the end of peace
full development. In the depths
of the depression the economic
disorder within each country was
attended by the great decline of
all international commercial and
financial activity. Our own ex-
port trade had dwindled, our in
vestors were struck with sudden
immense losses in their security
holdings. The very solvency of
many of our main financial in
stitutions was threatened by their
large credits abroad which could
not be liquidated as trade every
where shrivelled to incredibly low
proportions. What was obviously
required was, first of all, to sta
bilize, and then to bring stimulat-
ing recovery to the economy
which was suffering from the
shocks of past errors and miscai-
culations.
Early in 1888 the depression
and unemployment prevalent in
most countries, including our own,
was so severe as to require far
reaching measures for relief and
iy, 49,;
made it impossible, tragically
enough, for-the governments that
met in London in 1888 to agree
upon international measures that
would serve satisfactorily the
pressing needs of all, but the
United States during the succeed
ing years assumed the leadership
in trying to make effective the
purpose which the 1888 confer
ence had been summoned to
achieve.
Importance Of Commerce
To World Recovery.
In undertaking to rebuild our
trade with the rest of the world,
it was necessary to convince un-
willing minds that the policy pur-
sued by this country during the
1920's of constantly increasing
barriers to trade had brought in
jury to ourselves as well as to
others. Under the Trade Agree
ments Act this Government ne
gotiated 20 trade agreements with
other nations, each of which en-
larged commerce and employ
ment in this and other countries
without doing material injury to
any branch of American produce
tlon. BY so doing, we created a
renewed realization that in the
interest of an increase in the
standard of living, in the interest
OF renewing employment, in short,
in the interest of recover itself,
commercial intercourse with the
rest OF the world was as neces-
Sary to our country as it was to
other countries.
The recovery in both internal
and international affairs that
took place for few years after
1888 for some time gave reason
for hope that the world would
gradually attain some new and
more satisfactory economic bal
ance. This hope spurred on the
efforts of this Government to
keep before its own people and
before other peoples the prin-
ciples of an international pro-
gram Of mutual economic bene-
fit. Hardly a day passed without
some effort on our part to bring
other countries to join with us in
the adoption of this program
through gradual elimination of
policies contrary to it.
am convinced that those ef-
forts might have succeeded If it
had not become evident that Ger
tain powers had determined that
all economic policies for the ad-
justment of human welfare would
be subordinated by them to poll
cies of seizing by force what they
themselves desired. An ironic
situation was thus patent. Many
nations thereupon feared that if
they extended their economic
relations, they would strengthen
their potential enemies. They
feared that if they exchanged ad-
vantages with others they might
inevitably become dependent
upon others. The resulting dis
couragement to trade, investment
and other economic activities
necessarily increased the DISPOSE
ton to seek relief by predatory
action under desperate leader
ship; it prepared the way for
war.
That was the course which this
Government had so clearly fore
seen and which we had so often
tried to Offset, not only by warm
ings and appeals, but by the ex-
ample which we ourselves held
up.
Believing, as this Government
does, that one of the surest
safeguards against war is the
opportunity of all peoples to buy
and to sell on equal terms and