CALL TO AMERICA.

Waikato Times, Volume 112, Issue 18806, 30 November 1932, Page 9

CALL TO AMERICA.

A BORAH BROADCAST. WAR DEBT AND DISARMAMENT. UNWISE AND VICIOUS POLICIES. "A Disarmament Conference is in the highest sense an economic, conference,” declared Senator Borah, of Idaho, U.S.A., in a notable broadcast speech lo Hie American people. “The vast burden of armaments eating up Hie earnings of Hie taxpayers in the respective countries, drawing constantly from the reservoir of credit which should go to trade and commerce. constitutes an all hut insuperable barrier to (he restoration of that coulideneo which is llie basis of economic recovery. “It seems to me that it will lie impossible for Europe lo regain Ibo eonlldenee of her own business interests, much more dilllcult to regain llie eonlidenec or co-operation of American business and American taxpayers so long as Hie Continent Romains an Armed Camp. ‘‘The people, and certainly Hie taxpayers, of Ibis country will not believe co-operation under such ciremrislanees can result in.anything but continued economic distress and liiiaiieial chaos.

“Any economic or financial scheme, | therefore, looking to a full co-opera- ] lion upon the part of the American I | people, the American taxpayers, I venture to believe, must rest upon the reasonable assurance that the earnings of the people, the savings of the people, the fruits of any settlement had, will be devoted to constructive and not destructive enterprises. “International sounds distant and vague, but if vve study (he cause of our present troubles at home we reai Use that the term signifies something immediate and concrete. “Wo arc compelled to consider these international problems, therefore, not as things incidental or disbud, hut as things which reach down lo and affect for bettwr or for worse the welfare of the man on the farm, stunned by the startling and persistent fall of prices, Iho labourer seeking work or llie merchant waiting fir buyers of the goods on his shelf. “The debts due In the taxpayers of Ihe United States for money loaned to foreign Governments are just debts. Kvery equity of the debtor has been allowed. A generous reduction lias been made. It may bo further conceded for the sake of argument and for the sake of polities that reparalions and debts are separate nifd distinct propositions. "There can lie no reason, therefore, for urging a Reduction or Cancellation of these debts oilier than it would be in the interests of the United States la do so. Upon that theory, and that alone, it seems to me, is Llie subject open for discussion.

“Will reduction or cancellation ] bring to the people of the United ; States an equal or greater benefit ! than the amount which they may collect from the debts? Will such a 1 course open foreign markets for the i products of the farm and the factory, 1 cause the price level to rise, and put 1 an end to unemployment? 1 “ I entertain the belief that the cancellation of the debts in connec- i tion with and as a part of a pro- I gramme, including the settlement of I other war problems, would have the I effect above indicated. 1 “To put an end to the depression is no less a task than that of ending the war. And in my judgment it can I only be accomplished with the same ! breadth and thoroughness as ttiat < which ended the war. “I know of no way to bring about or bring into effect a programme such as would justify the reduction or cancellation of I be debts and bring about a belter condition, economically and financially, titan by means of an economic and monetary conference, a conference which would be permitted to deal with reparations amt debts, disarmament, the re-estaldishment of the gold standard (31 nations now being off the gold standard), the stabilisation of silver In the Orient, and possibly other questions. “1 do not overlook tariffs, but these will, in my judgment, have to he adjusted through the action of the respective Governments, which will be made possible after the adjustment of other problems. Enlightened Self-intorost will urge such a course upon thf

part of the respective Governments after the other problems are out of the way. “We should not hesitate, as a Government, to take our place in such a conference and he willing to deal with ah economic and financial problems which are associated with ilia present condition of affairs. "This is a man-made depression. Nature has not failed us, We are not the victims of famine or flood. Seedtime and harvest and the industry of llie people have constantly attended all through ibis depression. “We are the victims of unwise and vicious policies. That is now admitted on every hand. And in the admission there is a prophecy of wiser and better tilings. “ Weak was the old world. Wearily war-fenced ; Out of its ashes, Strong as the morning, Springcth llie new.’’