Show EUROPE MIGHT COMBINE AND REFUSE TO Danger of Letting N Na- Na Nations Na Nations a- a Stew In Our Juice Related fly Ity GERVILLE ILIE Ono me of tio l t Journalists ol of I special Radio patch Dispatch to Stand Stand- Copyright Copyright- 1926 1916 by Consolidated Press pARIS March Europe 27 17 Europe es- es es especially France Iranee has hai talked about little else elsa this week but dor dot dor Houghton's report at Washing Washing- tion The rhe significance of ot the tho th re- re report re report port Is la ned by the fact tact that It came on the heels heel or of o two other Important mi the events events th failure of forts to stabilize the th Belgian franc and the announcement that the United might demand dam dam- damage dam arcs ages age for the th allied blockade from 1914 1814 to 1917 1911 Ambassador Houghton's view viewpoint point was as already known here as a ah ho h talked fre freely ly during during- his bis visits to France It was known also that his opinions do not exactly reflect those of ot the Coolidge administration tion Secretary Mellon helped to set negotiations negotiation straight In hIs Union league leaeu speech at Philadel Philadel- Philadelphia Philadelphia Philadelphia phia while George Haneys Haney's Harvey arvey's article on premier Briand In the North American Review acted as a sort of counterweight t to his hi successors successor's contrAry views ISOLATION ISOL IMPOSSIBLE LU yet et et it must be b admitted that there thee are millions of people In the United States Slates and the British em- em em empire pire piro who constantly clamor for withdrawal fro affairs affairs and letting Europe stew In Its own Juice unless European na- na nations na nations lions stop quarreling adopt a dis- dis disarmament dis disarmament armament program and return to the gold cold standard Is such Isolation possible in the present ent state of the th worlds world's eco eco- economic economic eco economic Interdependence The writ writ- writer writer er Cr does not think so o but If It It happen Eur Europe e would not be taken unawares unawares- Belgium's failure to stabilize the franc while hIie the French fra fran re- re receded receded re receded ceded rapidly may lead to grave consequences consequences- Indeed U I the French franc continues continue to fall at the rate It has fallen since Joseph return from America America it it means the th end ot or all European stabilization- stabilization the th lira the the cher- cher Tones cher-Tones and even sterling Europe took overdoses of Amal- Amal can CAn credits throughout the war and continues to do so To reply repay these advances th there re must be b a 0 reversal of trade currents so that the outflow of European goods on world market markets will a ill equal and even exceed the Influx of American goods to Europe during the last 12 years Such an 00 ex excess excess e of ImpOrts can only he be cr created by dumping upon foreign markets at a 0 low price Such low prIces can he be oh- oh obtained ob obtained tamed only by perfecting industrial machinery or cheapening labor costs by a depre- depre depre ion plan which bleb must be chosen yew V NE POLICY OUTLINE The Locarno negotiations as well as German and French leur leurs with Russi Russia as a George Georce Har liar Harvey Harvey vey clearly shows show really are an out out- outline outline out outline line of a a new European policy polley bY means of ot which the be of Europe seewa to free fre itself net act only from its own ancient rivalries hut also from front American pressure presure Th The United States of ot Europe If it real realized bed will act both as a counter counter- counterweIght counterweight counterweight weight and a operator co-operator to Amer Amer- AmerIca America ica tea It lf then Europe were allowed to stew in its own Juice the first effect would be b lowering ring of 01 Europe's purchasing capacity whIch would react heavily on the United States States- But ut after atler this momentarY It is not nt unlikely that Europe i find means of financing her her- her herself self and developing yet et untouched natural and labor resources Into a formidable production machine It Is to America Interest not to isolate herself Am America has baa clev clev- cleverly cleverly erly divided her debtors debtor and h has s made each och appear separately to settle Its It war debts debts- debt But nut will th they r riot not r reunite an anc and agree not to pay If America limIts limit withdraws withdraw or or- orlim lim- lim lim Its it them to small doses dose which will not help hell to Increase European p-os- p pos peril British policy as all WInston Churchill has ha lust Just recalled favored favo cancellation of ot war 01 debts debt Amen Ameri America ca eR declined to cancel them so Great Britain proposed cd to pay paT her own debts to the United frn from mounts amounts mount owed d her het by the But t now It H America commercial co operation such uch pay pay- ments ment rient payments payment become le and the whole will fIll to the ground Whichever r way Europe goes Ines ne from now on on It depend on whether the th United States Statts follows follow Mr Houghton's splendid isolation Or Secretary Mellon M llon's policy Of o co- co coc Co cooperation c with Europe for financial reconstruction |