Show i Trading on Financial By PIERREPONT B. B NOYES NOVES Prominent Business Man and American Rhineland Commissioner 1919 1919 1920 More Mere than one senator has come back from Europe to express confirmation of his opinion that France can fulfill the debt agreement In making one of suh statements the occasion for an In editorial the writer utters a a warning of evangelical intensity against pride of posses pOsses- sion The present attitude altitude of ot the American public toward world affairs an attitude first stimulated by opp opportunist p politicians and then perpetuated by our unusual unu material prosperity pros has recently registered reg reg- its high water mark In the exhibit of ot crass bronco Americanism rep repotted by the American newspapers A worthy United States senator re returning returnIng returning re- re turning from Europe arises to suggest that America subject France to an economic boycott cott until such time as she s signs ns the debt agreement True the senator punctures his own proposition In the next sentence by Ea saying raying that European nations cannot possibly pay Unless we take down our tariff wall wull It has long been n re by economists that In times of ot great greet prosperity conditions are being created for tor future financial storms and history shows that the principle holds good in political socIal so social so- so cial dat and other human affairs During such periods Vox Ox tunes lune itself to pride and overconfidence Wisdom self restraint and Justice are lost in a n fog of ot selfish optimism Be we strong we shut our eyes ejes to the subtle ImbUe or distant meaning of ot political relations and gallop over the prostrate misery of ot the weak as though they must be always weak Be we safe sate we treat philosophically patronizingly or with unconscious brutality the dangers of ot others Be we rich the poverty and misery of ot the poor may Induce a little sentimental charity but never such recognition of ot the Interdependence of ot human relations as would w lead to roo real I sacrifice for or the sake of ot modifying dangerous inequalities Yet no truth is more abundantly proved prove than the In instability of material strength safety ty and wealth Nothing is lr surer than the pride and of ot a people In their day of or prosperity prepares the way for tor their downfall Writers for American magazines are busy writIng writIng writIng writ- writ Ing delightful articles to soothe our national conscIence conscience conscience con con- science In which It is shown that Prance France can ens- ens fly ily pay for tor all if It she ahe will and nd that Europe is tryIng tryIng try try- ing with Machiavellian l cunning to unload the entire en entire en- en tire cost of ot the war on the United States It i IsaU is all aU beautifully done but has the hidden weakness that It is not so o and that everyone who has studied L the facts knows ws that It is not so so France Prance Is In iii L much the same situation Germany found herself in 1923 perhaps 1923 perhaps in worse situation It was as then InsIsted in inSisted insisted In- In I that Germany G-ermany could pay an Indemnity which every economist knew to be bo impossible We Ve all Joined In the time chorus She could if it she would Then common sense intervened and the Dawes plan recognized facts The internal d debt bt of France plus pius her debts de to Greet Great Britain and the United States State are in view of or her heT other handicaps handicaps beyond the te power of or France to pay they pay they fantastic are i iThen I Then the s suggestion that Europe Is unloading the cost of the war on us Is laughable The war cost England and France alone more mOLe than outside of or their debt dc-bt to us It also left In both countries enormous economic derangements If It we we were to entirely ly forgive the war debts our balan balance e sheet would show a net United States debt of oC about and increase of ot national assets over o The Time net result of the great war was to make malte every American richer and happier than before and evoI every European poorer and more miserable Quite aside from the reasons for COT this result the tact fact that it is so has brought us IS a new moral re re- re It entirely alters our relations to those notes given us by Europeans under such different circumstances and outlook It If cold wisdom does not dictate a helpful attitude at at ata a a. time when disaster threatens a a. substantial part of ot the Western world noblesse oblige should come to Its aid ald We Ve do donot donot donot not need money They do and that sorely If It we pi p press ress our tremendous advantage no now we may us usIng us- us i ing ng the bullying tactics suggested by the senator make those thos-e French notes look like good assets a and nd add them to our national plethora of ot aS assets ets but we will at the same time add to the time terrible le b burden of oC a war ruined nation liabilities which m may ay break the camels camel's back Copyright 19 1926 6 Cosmos Newspaper Syndicate te |