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Show stream of "Europeatf Tportilwfhleh'mnst henceforth 'flow toward us in the of' the volume; tancellatton loan, which means (mposing of1upon 11.000, American taxpayer a burden OhO.OOff. poatponement of the demand for all payments, but the retention of the claims a a political- asset, enabling ua to exert influence in European affairs. HI TRADE Last Course Imposes Penalty. It will be seen, however, I American clared to establishment of in Methods Proposed' for Loans posing of Is Question Discussed. By FRANK H. 6IMONDS. WAS H I.N'IjTO'NTT Fcbns tew past fsw weeks thers has toms over the -- whole American face of the-- dlscusslon.-Orelations with Europe a change which is almost complete . The questions as to .jHidJ IhgTPspohsIhlltMes the ttifted States would hate to undertake toward European nations, if the league were even now accepted, has been- - adjourned Indefinitely. At the capital,-a- t least,' the 'verdict of the last election I taken as Indicative df the determination of the great majority of the American people to 'have nothing to do with- the questions' tSf ritl people- dwelling on the European continent. et the cessation of the discussion of the treaty of Versailles and the league of nations has not brought a corresponding close of the argument over ths of ths United States to Europe. On the contrary, the fact Is dally becoming clearer that It is not by political, but by financial chains that we are actually I'Otind to Kuroie Rnd that It Is not but American financial arid political conditions which are Immediataly affected bv the existing situation. To put the thing quits simply, congress is now wrestling with conditions existing In the home market, with problem of unemployment In the Industrial regions atid of paralvsls In the agrarian districts due Is th practical closing of our European markets, not because there ife not demand for our supply, but because there is lacking credit or money with which. the foreign purchaser might psv for our available surplus In grain, In coiton, tn manufactured articles. -- l ralon n. Situation Not Temporary. And klowlv' the fact is dawntug-npon the statesmen upon Capitol hill that this Is not a temporary situation, but a condition likely to endure for an Indefinite period and to constitute the supreme problem of th incoming Republican I ad ministration. What course will Mr. larding take toward Europe This la henceforth the great puxzle Will he BeeKto keep- - Bttrppe oof pr'our i narks fa, thus protecting eur producers, but as a result excluding us from European markets, or will he risk producing paralysis In our markets? The situation is complex, but not beyond simple statement. Europe owes ua $11,000 000.000, representing the principal and interest of our loans to our associates dir the world war. Europe owes ua la addition 4.000,000,000. representing private credits advanced since th governmental loans stopped. The sum of European In (lebtednesa la today above $10, 000, 000, 000. This Indebtedness carried at a per cent Interest rale would represent annual payment of $700,000,000. But add to It a contribution of s an' equal sum, toward 'the primtpal, to extinguish the gebf, and that we have to exact from It means an annual payment of $1,600,000,000. Europe Europes Source of Payment. - thi financial weeponte accom- plish his political purposes at Paris, and that our European in allies, themselves Mr Wilson e Utowholly uninterested pian schemes, permitted him to have his own way as to them, seeking their own reward in the more practical direction represented by colonies and concessions. This contributed to making ths reception of the (Chamberlain proposal still mors unpopular, But If all sentimental and moral aspects may be dismissed as nonexistent or at least as not accepted by ''the American public, there remains the practical detail. If wa insist that Europe par us eleven billion dollars, then each European nation will insist that its creditors pay it. Half a dosen European natione owe us. the same nations owe Britain, three or We can only expect four owe France Europe to pay, provided we ooneeOe that Europe haa the right to collect its money from Germany in its own way. (T rttG$FVJ To tha First N&JTSSI , - Come at once before aasnples ere gone :' Standing Nevertheless, we Should have no standing in court, to protest against French military action; for in the last analysis, the larger part of what Franre would seek to collect by military action would be represented'ultlmately by payment to us, since the loans ws have made to our associates equal more than half of the sum total of German reparations. Any protest on our part against .protracted French occupation of German territory, against an extension of the area occupied, against military steps of any sort,- - would be promptly met by the French reply, "but wa cannot pay you otherwise than f by making Germany pay." There remains the third possibility: of the payment of Temporary suspension the- - Interest and sinking fund charges ot our associates, following the actual agreement upon some basis of settlements But if thla eases the strain and commends Itself to not a few members of, congress, who ars eager to avoid present troubles, It Is at best an unsatisfactory compromise. for the European nations will still insist . upon German payment, sines they have- eventually to pay us, while suspension of payment will only tncreaas the amount that will ultimately have to be paid and thus the annual flood of goods sent to ua. Th proposal ts hopelessly unpopular tor obvious reasons. The oouhtry feels Eu and the feeling . hai rope ought been enormously accentuated bv more or less maladroit maneuvers on the part of certain foreign statesmen.- - The effort to establish the Idea that there is a moral obligation upon ua to cancel that loan, all or any of the loans, simply haa noj "caught on," On the contrary, there Is gvery general feeling, voiced down here In Washington quite frequently, that til I nlted States ought to insist upon the payment of the loans, if only- - to prevent the European nations from spending money thus and pledged In military establishments colonial ventures Justly or t unjustly, there Is a feeling 'that Europe Is trying to evade an honorable obligation by methods which are not wholly commehda-hlAusten Chamberlain's proposal produced a rather violent outcry In congress, even In quarters most friendly to our recent, associate. e. 1 $S,00,-000,0- Peril in Goods Payment. Such cancellation from the American point of view could only be justified on the ground that we cannot afford to take payment In goods and that Insistence upon payment would destroy that for elgn market which can absorb our own surplus. It would be further defensible only because there is every reason to believe that even If w could arford to accept the payment, tt would never be made, could never be made. Great Britain would profit even more largely, than the United States by the restoration of economic order in central Europe. There would remain something Uke $4, S00, 000.000 owed ua by Britain. This, it is plain, the British could pay and we could afford to accept payment, for, since tn British Empire holds raw materials which we require and Great Britain sun possesses tn this country securities amt other holdings equal to the capital sum Good Furniture Just Off Main Street at 42 West Broadway Sold Right An Offer We Will Wot Repeat Dining Room Set . . Of a Jwwbwewvr. Areew.-- aaswui It would be absurd to ask for a greater value in dining room furniture than this. Just think! You get an extension table with four side chairs and buffet finished in either fumed or golden oak. All are massive and imposing. At This Price Special Prices Now Prevailing on Rugs and Linoleums atk you te notio th ample silver and linen drawer in the buffet, th excellent proportion of drawer and th general careful little numerous tho point of beauty of this set, and than w wieh ta once again remind you of thi ganaraua offer we will not repeat, , W $69.00 Very Easy To Own We Ship Goods Anywhere in This i 42 West Broadway FURNITURE 983 Phono Wasatch State or Surrounding Territory i n , J. - ' 1 A.x&tti?' i,y pre-sho- - i - -- s s Meet Us at the Auto Show Maneuver Dangerous. But one Is bound to recognise that It would be difficult to Justify such discrimination to British eyes. It would be the more difficult because the British view that the sums loaned to her were Immediately transferred to our common associates and that from these sums Britain herself derived no value. On th other hand, it is plain that at the present time no project to cancel the British loans could even obtain a hearing tn Washington and th whole project of cancellation would be doomed if it carried You will be charmed with the 1 pearance and perforrriance of the running powerful, lightweight v fer the British absolutely reasonable terms on which the loans to them might be funded long-terbonds and a suitable rate of interest It would be equally necessary, at ell times to avoid any semblance of using this Indebtedness as a political weapon, os a means of shaping British --policy, And 1 -- confess the danger of such a maneuver seems to me real and grave -- - "It la obvloua, however, that If Great Britain and the United State agreed tq a Joint cancellation of the debts owed thertl by continental nation exclusive ot Germany, Insisting at the-"same time upon the similar' cancellation- by ' franc's ol sums owed her by continental nations, notabty ttaly and Belgtom, the- - Hrttteh and American governments would be tn position ts make certain recommendations which might contribute to bring about economic peace tn Europe. .Such cotidlitons would be The reduction of the- German reparations total, as I have indicated, the reduction of the armv of occupation tn Germany and the rapid evacuation of most. If hot a)l, of German territory, following the completion of German disarmament A new occupation would thereafter be permitted only if Germany rearmed or fatted to terms, which comply with reparations would unmistakably be within her pow- ap- easy- - f this detail. Possible Conditions Stated. 'S w with-the-car- itself, we should avoid any dislocation of our own Industrial establishment by such a course. OAKLAND LB LE S EN5 SIX A Oakland owners everywhere repo-rtto 25 milei per gallon of gasoline; 8000 to 12,000 miles per set of tires: 18 slow depredation. - - 8ee our. Oakland. Display it. the Auto Show. Monday, Tuesday and Wednesday Touring, Sedan and Ail other models on exhiChassis. bition At our state Street salesrooms. ers All such arrangements could be made at some International economic confer- ence, , called by President Harding, In hlrh the United Mates would necesBut such a con sarily bq represented. ference need hate no relation whatever to the Ieague0f"naftons.n6t' consider those purely political questions which constituted the main stock and trade of the league aa created at Paris and tne chief obstacle In the way of American approval of that league. But laying aside all questions of various policies, there Is one fact which it seem to me must be fully appreciated by the American people The election last November fairly ilearlv demonstrated that our country lx determined to stay out of ethnic all European political dispute The public voted military or national against defending foreign frontiers nr guaranteeing existing political conditions The decision wa unmistakable and the meaning has not been misunderstood by th politicians or bv the members of the senate and the house of representatives. was disSo far, a policy of "Isolation ' closed to be desired The events of the past few montnx, however, have clearly demonstrated that while it may be possible to avoid political entanglements. It is totally Impossible to escape eronomie complication. W are suffering todav in our own industries and In our own factories and farms from the We closing of the European markets shall continue to suffer, tf the markets remain closed Moreover, since Europe in loans and owes ii $11000,000,0(10 $4,000 000,000 In credit, we have an enormous etak Invo ved In the European game. This stil-- t equals the a.im total of the costs bf the war to us, aside from our foreign loans Economic Order Essential. Interest v ! Among those Avho made purchase i of Elcar new models were Mr. C. II. Dates of Utah II. of and Mr, W, E. Sherriff ft .Salt Lake, who is phown .Midvale, MrrO, Ferguson Pajson, with his new.EJear Mix in the above phoiograpfu , ' Mr. Sherriff is with the wholesale shipping department of the Freed Furniture Co. and it was oily', after an exhaustive study of all makes that the detMsioivon the- Elear was made and. a six with- extra equipment-waordered 4peeial.rom the laife td be exhibited at the Salt Lake Show and tory. , This car was received, this week ' . , , delivery will be made soon after the show p Joint Cancellation Discussed. Proposal Unpopular. c Count fifty, Your cold in head or catarrh disappears. Your clogged nostrils will open, the air passages of you r head wilU Clear andvyou "can breath freely.- - No more snuffling, hawking, mqcous discharge, dryness or headache; no struggling for breath at night. Get a small bottle of Elys Cream Balm from your druggist and apply, a little of this fragrant antiseptic cream in your nostrils. It' penetrates through every air passage of the head, soothing and healing the swollen - or biflamed mucous membrane, giving, yOiP instant relief, - Head colds and catarrh yield and like magic. Dont stay stuffed-umiserable. Relief is sure. (Adv.) - On the subject of possible cancellation of the European loans, I hesitate to say more than I have already written here fr j How To Get Relief Whew Head and Nooe are Stuffed Up. , I -- , ' OPEN NOSTRILS! END A COLD OR CATARRH cao-doj- One .other proposal has been mod cently. It Is suggested that the United States and Great Britain ahould Join In cancelling what the contnental nations, who were allies or associates, owe them. This would mein a cancellation bv u of $$.000,000,000 and by Great Britain at $8,000,000,000, but th two amounts rep resent about equal value, given the unequal credit of th borrowers. This would extinguish $14,000,000,000 of paper th tn world earns , time the nations thus At th benefited should be required to reduce their claims upon Germany to the amount Britain and the United States forgave them debt. Thla would subtract from th German capital sum. bringing it down to $13,000,000,000 and with the discounts provided in the present- Barts- - proposal it would -- not- exceed $10,000.000,000 a turn which even German experts agree Germany could pay St.., d cannot-protest- To say to Europe, "pay, hut to say in the same breath, 'keep your manufac-luredarticles at home, ts to arrive nowhere. To aay "pay and admit the sole form of payment which can be made, nameiv. European manufactured goods, ts and to . paralyse American Industries abandon the cardinal doctrine of the Re publican party. It la, also, to bring about prostration in our American Industrial situation. Rut this is only one circumstance. Eu rope not only owes us for the loans of the war period, she needs now many of our raw materials and eoipa ofour. manufactured articles. She ant boy them unless we extend credit, and she ran only pay for them, too, tn goods, tn manufac And thus to pav means to tured goods add still further to the sum total of man ufaetpred goods she must force Into our markets. But If some method 'fa not found ts permit Europe to absorb our cotton-a- nd of yaw materials, surplus foodstuffs in particular, we shall ronttnue to have the same domestic problem which now confronts alike the farmers and the financiers. Thus, at the present moment, one of the first problems posed .for ths Incoming administration Is How ran we preserve and increase the protection of our domestic production and at the same tlipe compel snip accept the payment of the foreign loans? n w LcGeare Remedies are sold the following dta'ors: Granite Grain A Seed Co. 10CS E. Twenty, first South St. Grace Produce Co., 748 S. State St Pldge Produce Co., 3M S, State St VOgeler Seed A Produce Co. M W. First South St. West Side Pharmacy and Ssoond South Eighth west D. P. Williams South. ,.40A W. Thlrty.-thlrDr. long-ter- Would Paralyze Industry. er ' . They are the personal ptescrip. for i time of Ur. L. D. tcOwr,Vfterle-anaaayears Aasanca's foremost Breeder Expert Poultry America' Is Loser. - ting, foreign manufacturea which compete with American products. Its advertised program- - la to raise,, not lower, the tariff rates. Yet tf It raises, the tariff rates at the same moment It Insists upon the funding and payment of the foreign loans. It will at one time order Europe to pay and ere t a wall against the admission To do this of th European pavments. would be sheep absurdity. 50 Pcrgong pmen ting this coupon we will giv fne g generous sample of Dr. LeCears - Poultry Prescriptiea Dr. LeCear'e Lice Killer Great Britain, holding France and Italy for vast sums, can only Insist that they pay, by permitting them and particularly France to take such steps as may seem to her necessary to force Germany to pay Thla means. In the first place, that the European nations will demand of. Germany enough to meet our claims end pay for their own reconstruction, which is exactly the sum they have We demanded, namely, fit, 000,000,000. can only ask a reduction of the sum Must Fund Debts. of Germany, granted It seems to - Accordtnglyptbs representatives of the asked us too large. If we are willing to reduce our demands. will have several European governments Jn the same way. if Germany fails to to make arrangements wlfh our treasury France and France sends her troops department to fund the debt. They will pav to compel payment, we have to provide'. arrangement, into Germany , unless wre, and the Britten by Which paying interest and a large or as well, are to forego a share ot ready' earn small .sinking fund contribution what France owes ua that share repreyear, they will be able to dispose Vf ( he sented what by Germany ha failed or whole obligation, say In half a eenltlrv. to pay France. But If France sends But they have now only one resource, troops Into Germany, then the market for, nprtiely, the German reparations debt a great portion of the surplus of our raw Therefore, aa I pointed out last Sunday, materials Is automatically closed. More to trsnsrer the best that they Ibis, - with the lnvaslon of Germany to us $11,000,000,000 tn German promtseaTtfaTI we arrive at something approximating a to psv, more than half of the total sum, war, the dislocation of German Inor else to Issue bonds themselves, with negf dustrial1 life and the Inevitable cessation this German reparations agreement a of Wll German payments, at least tempothe underlying security.' Actually,' If ot to put. the thing In the com- -, rarily. SO, Them rheyra7T pay us,-nmoneet or all language, the American otherwise- - And in any ease, the payWould get it com In gand going." He manufactured would ment will be in goods, lose at one end' through the cessat goods. of tion payment' on th debts, at the Now the Republican party is proem trade...,,, fntrHsrthc "party' of protection,- but pro- ethejutij: the,. hitarruiiUbn, of. tection involves keeping opt, not admit' ' U. S. Insecure. Europe een only pay ii good Except fra- Great Britain, all the European countries hav e exhausted their holdings of American necurlties They cannot pay us now tn service; that Is, through ocean carriage, save aa that payment reduces the earnings of our newly created merchant marine. They cannot pav na tn raw materials, because there are only a very few raw materials which we lack coffee, rubber, potash and silk rhleflv, and all of these represent a relatively insignificant total. Moreover, these would not exceed the amount: Which Europe would pay ue to meet the continuing exports on our part of. raw materials required m EuN rope. The problem of the Herding administration Is patent, then. With respect of the foreign loans three courses have Practical Details Remain. pen discussed, nameiv Kill! payment, the payment to begin relatively promptly. There subsists a notion, also wideThat means the commenrement oK the spread, that Mr. Wilson undertook to - employ- - 1921. . that thla last course, temporary suspension of payments bv Europe, has during ths period of suspension ths same penalty for the It American taxpayer as cancellation. will be seen, further, that It carries with It a tremendous peril for Amerkan Interests, since It opens the way to enormous intermixture tn European affairs. 1 shall diseuss this point further, in a , . Intereeta ' De- - moment. United States, through the that Suppose the new administration, insist that Euproceed to the payment of the debt Re- rope Lie Solely which It owes ua Thi 1 our right the Moreover, I fancy that the mass of delaspavers would Instantly Business. American nounce any statesman or party Which proposed anv other course. But the mass of the American people do not yet per-- , celve that thedebt cannot be paid tn Dis- money. There does not exist gold enough to pay It and of the sum of gild existing In the world, we have already ac- Allied quired the larger part f i miUAia ,2U, THE 'SALT LAKE UK1LUNL, bUADAX MUKMAU, 12 Unless economU order be restored on the European cont'nrnt. w snail lose all of the $14 000.000,000 and, whut te of more Immediate Importance, w shall lose the markets in which, alone, w can dispose of our own sui plus production of raw materials and foodstuffs, ae well a of certain manufal lured arlic.es, of whim au tompbllf" end form ni hinrry .are, strikTo raise th fariff now ing examples may prolbtt our own markets from foreign manufaiturea, but It will not aeeiat In th dlepoal of our own surplus and wid automatically etop the pavment 01 the sums Europe owe us on the various loans booner or later we shall une to alt Into Some economic asuoclntlon of nations tt only a conference wltnojit power or permantnea, to Join with all il. other na toln In aoin combined effort to restore the economic sutllltv of the worM The alternative I not merely the Ins of what w !rl or lent rlskeu have Europe, but trim danger whichIB hunt follow the persistence of anarc hy Europe and th rloalng ot a'l European markets to our procructa. ,t Moral Guardianship Discarded. Established 1905 Utah's Oldest AutomobQb DENVER SALT LAKE BOISE failed to quest Inn In which our people hud any concern. recognize that they Mr. Harding a foreign policy, on the contrary, will have to take note, not ot moral op political, but of economic, factrell will have, not 10 undertake new re-- , sponsibilities, hut to dispose of those which are represen ed m sponsibilltle representcommitments already made, $4 000,000.-00- 0 ing 411.000,000.000 In loans amt It wilt also have In private credits. tie to face the problem of reopening for we those European market In which muiit dispose of our own surplus production, If domestic depression nj suffering are to be avoidi-- Trade Restoration Is Problem. The problem of world pear ha been demonstrated to t lea on of establishing frontier than on of restoring th We of trade and commerce. machinery are I ttle concerned, If you please, stout the possession of province by Russia or by Rumania, byw Hungary or by are Immediately conbut cerned In th rsopsnlng of th frontiers to. our own troduc is state of all of the and to those of our ersdltor who can-ripay us savs a they . uiut trad on ,uc continent of Europs. foreign polh Thsrefors, Mr Harding must be predicated upon tbs recognition .of the whole. economic ot the .aaUtiarlty world and lha total Impossibility of main tabling a policy of Isolation in thes deAnd of world enterprise. partments sooner or later tt la go ng to b rercstved polfor. lan by th American people that icy iiu become thecadoat Important Item our staa in in domestic affause sine tjva world outside hag become so Immense. And It la worth noting that Europs, far mors promptly than the I mteJ triates, has perceived our necessities In the situation and our eventual necessity to tak a hsnd In world affair to protect our Interests. Whxt It Important now Is that there should ba an American podey, based upon an accurate appreciation of these same facts, that In ths end ws may be a Ms to act only so far aa our own Interests are concerned anJ to escape such a were contained further oommltmmt In the original league of nation 10 p..t th thing quite hrutallv, our concern In any world association must be the safeguarding of our own legitimate rights, not the protection and advancement ot of and national Interest the persons other countries. Wilson exforeign policy, a pressed at Uar'a, orundertook to make us an Ideal ad lust men; moral guardians of iiiternatlouul rivalries, territorial and From th otherwise o! roneequenre such a policy, expressed In American responsibilities, the Ameruan people revolted and their revolt destroyed tne league of nations, which was. beyond all) else directed at political and moist eoosj H'opyrlght, H51. bv ths MeOur and Involved us without limit In European' per lOyndbat I Mr 51 SOUTH STATE Dealer t'gecho-HiOvakt- DOWN a. PUTS A ot ItUiT V Newspa, A Real Smile Maker . 4 Dont Go to rnoor IN YOUR HOME! 159 E3LHrMS Stata Street. , ' 5. Bed Tired Monday Night Phone Wasatch 4703. Three Used Vacuum Cleaners, Special Price, $15 ' |