Evening Star Newspaper, October 25, 1931, Page 29

EDITORIAL SECTION he Swndiy Star, Part 2—8 Pages MORNING, OCTOBER WASHINGTON, D. C, SUNDAY GRANDI COMING TO SEEK | U. S. AID IN SEA RIVALRY Italians, Outbuilt by France, Hope for Naval Parity Accord en Bloc Against Paris. BY FRANK H. HEN Dino Grandi walks down the gangplank and sets foot on American soll he will, on his own statement, be the happiest man alive, for he will be realizing a dream. It will not be his first visit to the United States, but the memory of the first excursion has remained with him as the basis of an ever-growing determination to come again. hen 1 last saw him at Geneva in the midst of the fuss and futility of an economic conference which came to nothing, he said to me: “Beyond all else I would like to see your country again. My first visit was the happiest excursion of my life and the pleasantest part of it was the time I spent on Long Island. What a coun- | try and what a life!" As foreign minister, Grandi has en- oyed beyond challenge two distinctions. e has been both the youngest and the most charming of the statesmen di- recting the foreign relations of Conti- nental countries. In Geneva he gained the title of the “play boy of the Eu- ropean chancellories,” not because he was regarded lightly, but because h brought to his task that spirit of youth ‘which is the basic l})pefl of Fascism it~ self. Even now, after years of con- ferences and conflicts, he has hardly crossed the border \line of 40 and in manner and charm he is still far from betraying even the relatively slight burdens of four decades. Learned “American” English, It was as an assistant to Volpi that Grandi came to America first, when the Italian debt settlement was made. Then he was young, inexperienced and only on the threshold of a c ‘which in less than 10 years has takem him all over Europe and made him s distin- guished in all the internaticnal meetings in which Italy has partici- pated. Always he has been recog- nized as the “fair-haired boy” of Fas- cism, the favorite of Mussolini. ‘The visit to America started Grandl ‘upon the study, not of lish, but of American. When he came here first he had not a single word of our tongue. At the London Conference two years 830 Tardleu, who also learned his Eng- lish in America, as high commissioner during the World War, challenged his Italian colleague duel, not with Tapiers or pistols, but with the Ameri- can , and the duel was fought at the tremendous banquet which the Pllgrims gave to the dele- @ates to the Naval Conference. In that duel the honors were with Grandi, for although his accent was #till Latin and his diction inferior to that of the French prime minister, the charm and courage with which he charged against the formidable fortifi- cations of the Anglo-Saxon phrase won universal applause. Moreover, when *Uncle Arthur” Henderson, then for- and now leader of the in succession to McDonald, fi:‘i’"‘éu Henderson, ean\r\;ue;l t ice . succuml the charm of Grandi, unconsciously added final “e's” to his words and gave t: them an unmistakable Roman em- France Hems in Italy. Grandi not only finds the United States the land of his dreams, but he is, like the majority of his countrymen, eager to bulld bridges across the At- Jantic to bring about all possible asso- ciation of American and Italian pol- icies. When Secretary Stimson was in Rome last Summer he found Fascism not only prodigal in its hospitality, but eager in its endeavors to find a common ground between the American policy of disarmament and the Italian purpose to achieve parity with France. Italy is a country of 42,000,000 of peo- ple, having displaced France as the third among continental powers in pop- ulation. It has all the aspirations of a great power and none of the physical circumstances. In money, natural re- sources, foreign possessions, in every. thing but numbers and spirit, Italy finds herself inferior to her Latin neighbor. In the Mediterranean, which is tra- ditionally a Roman sea, Italy finds her- self surrounded by the net of French naval power, which stretches from Tou- lon, by Corsica, to Bizerta, in Tunis. All the North African shore from Cape Bon to the Muluya River is held by France. In Tunis the Italian colony, which long outnumbered the French two and even three to one, is now being ruthlessly assimilated. In the Adriatic, Jugoslavia, the ally of France, is rising as & naval power, thanks to French loans and navy yards, and at Cattaro French-built submarines watch the track ootexmu.n commerce from Trieste and noa. Possible Allies Spurn Italy. Not only have the French acquired all the best of the old Roman colonial estate in North Africa, but they hold the hinterland of the Italian colony of ‘Tripoli and thus cut the old caravan routes to the heart of Africa and block the Italian dream of a Trans-Saharan rallway. In Asia Minor Italy has been forced to abandon her dream of a sphere of interest at Adalla. France still holds Beirut and Damascus. Everywhere the Italian turns he finds France before him In the vears since Mussolini came to power Fascism has been seeking an ally in all directions. She has applied at Berlin, but the Germans have con- tinued to distrust the ally who. in their view, deserted them at the outset of the World War. Italian opposition to the Anschluss and the violent Italian- ization of the German population of the Southern Tyrol have served to in- tensify the Teutonic resentment The | yvote of the Italian judge against the recent Austro-German tariff uniom was the decisive voice in the World Court ‘The Bruening cabinet has sought to increase German - Italian friendship, but the interests of the two countries so far have proved conflicting, despite | the basic dislike of France which binds | the two nations. In the Danube area | Italy had found herself faced always| by the Little Entente, which is one of the pillars of French hegemony. All attempts to detach Rumania have broken down before the power of the French purse. The close association | of Rome and Budapesst came to an |abrupt end when Bethlen was obliged | to resign and his successor Karolyl was | | compelled to apply to the Bank of | France for loans. Nor have the Italians been more successful in London. Labor naturally has been totally unfriendly to the Fas- | cist regime. The Torles, when in power, have advocated renewal of the Anglo-French entente cordiale. Through all the years of its domina tion, therefore, Fascism has been un. able to find a sure ally in Europe and | its role has been inconsiderable in all international gatherings and least im- portant at ‘Geneva, where French in-| fluence in the League has been in- creasingly potent. Would Join U. S. on Arms. America offers Italy a welcome chance to escape from a situation of relative isolation and unimportance. And the American policy of naval limi- tation and army reduction falls in to- tally with Italian purposes. Not that the Italians l;‘-ve lnuy‘ h“;c‘l dl?tlrleu'l‘; disarm. On the contrary, Fasc] is devoted to a dream of imperialism which envlufzs a new place in the sun for a young Italy, which a few decades hence is to contain 50,000,000 and even 60,000,000 of pnogl!, against the French 40,000,000, and by virtue of its num- bers and power is to claim a revision of territories, But this Italy which is looking to the future with confidence and unrestrained ambition finds itself today limited by a lean purse and a restricted supply of 1 and rew materials hile it claims parity with France on the sea, it cannot afford to transform that irity into fact unless the French fleet not only limited, but reduced. What Italy therefore hopes for the Hoover plan of naval reduction is a limitation set at such low tonnage figures as to place parity with France within the reach of Italian funds. | The American and Italian policies of | parity are identical. We desire parity with Britain, but we want to attain it without having to spend $1,000,000,000 in naval construction. Italy wants| parity with France on the same terms. But the British insist upon maintain- | ing a fleet equal to the French and Italian navies, and unless the Frénch fleet is limited and even reduced we shall have to spend the $1,000,000,000, | and Italy will not get parity at all, be- | | cause she cannot afford the cost. Arms Offer Is Conditional. Italy, the United States and Great Britain, then, all are interested about the reduction of French naval strength. For all three countries it would represent an enormous l’Tlll'x. We should have parity with Britain cheaply, Britain could maintain the two-power standards in Europe inexpen- sively, Italy could attain parity with France. Of course, there is an obvious paradox in the Italian situation, for | Italy is not interested in disarmament to reduce the dangers of war, but to| diminish the power of France, but this does not _prevent co-operation alike with the British and Americans. And Germany shares the same feelings in respect to the French army. Grandl’s visit to the United States Tepresents a new adventure of Fascist policy toward equality with Framee, not merely on the naval side, but politically as well. Grandi will bring to the President Mussolini's assurance that at Geneva Fascist diplomacy will stand with American in all efforts to bring about reduction of naval and military forces, but with a single proviso, that Italian strength shall remain unmodi- fled up to the point where there is parity between France and Italy afloat and ashore. Nations May Battle at Parley. | Great Britain, Germany, Italy and the United States thus may appear on one side and France on the other at the disarmament conference. That is | the Italian hope, that is the German calculation, that also is the French apprehension. And the Geneva Con- ference itself may turn out to be a battle of parities—Anglo-American on the ocean, Franco-Italian in the Med- iterranean, Franco-German on land | Thus a conference nominally convoked | to consider armaments promises to be one of the most involved battles of diplomacy of our time. Meantime, Grandi's visit to America marks an important stage in the pre- conference negotiations. Grandi comes seeking parity with France and a week end on Long Island. And if high politics are back of the Grandi ex- cursion, it is at least accurate to say that there is no more sincere and en- thusiastic pro-American on the Euro- pean Continent than the Italian for- eign secretary. Nor could any Europe: country be more fortunate in the per- sonality of a representative sent abroad to fulfill a delicate and important m sion. Official, unofficial and journal. istic Washington alike will find the Italian statesman simple, unaffected and charming and his enthusiasm for America will not be a newly acquired | diplomatic disguise, but genuine, long- standing and 100 per cent rea. (Copsright, 1931.) | Superspeed Movie Film Developed For Showing of Pictures in Home Pilm for home movie cameras, so ast” that it can take indoor motion pictures at night with as little as two 100-watt bulbs for illumination, has been perfected by the Eastman Kodak Co. Sporting events in artificially lighted buildings, street scenes at night and even “close-ups” of a face illum- inated by a single match, have been successfully taken in tests of the new film:; but the increased possibilities for movies within the home are expected to prove tbe most important result The new ‘“16-millimeter supersensi- tive panchromatic” film represents an application of principles already used in manufacturing film for astronomy, for press photography and for profes- stonal motion pictures. The problem was complicated in the case of amateur motion pictures by the fact that this film is “reversed,” in developing. to turn the actual negative from the cam- era into & positive for projection. To: day's announcement marks the success- ful a terial to reversal film. By daylight the new film is twice as fast as that alr movie makers. ( technical reased speed, daptation of the superspeed ma- | ly in use by amateur | instituted for all taxicab drivers. in | means simply | the ability to expose a photographic image with less light) By incandes cent lighting. however, the increase speed is between three and four times The reason is the great sensitivity of the new film to red and orange, colors which predominate in the composition of ordinary electric light. | Because red predominates also in the natural light available when the sun is low in the very early morning or the late afternoon, the new film will also make good motion pictures possible, by daylight at those times of the day. s Taxi Drivers Must Study Jobs at School BERLIN, Germany.—Taxicab chauf- feurs are required to know the streets and principal buildings, but the Nuremberg city fathers require more. Regular courses of instruction covering the points of interest in this old eif lly the world has shrunk even | which inflicted I ot “ i | AR " San Tactectunly and s and also their history have In- struction is given by licensed municipal guides. it | hometan parent. Revolt of India’s Women Spurning Traditions, They Are Fighting Both for Equality and for Land’s Independence. THE NAUTCH. BY EDGAR SNOW. | ‘ | ain no, father,” de- ¢ ¢ O B e nant young In-| figure, lithe and graceful, with a pretty | dian girl two years ago, “I|face lit by dark, intent eyes that had shall not marry any man till in them a secret fire whether she‘ India is free!” |1aughed or was grave. | “Nonsense!” stormed her stern Mo-| “Now I have no family” she said “I will be dead by|‘“except Incia—and I am glad.” She then, and so also will you be dead.|had just been released from jail, where | You must marry the man I have chosen |she Was incarcerated as a satyagrahi, for you now—a marriage already three a participant in India’s non-violent years delayed. If you-do mot, I will|civil disobedience revolution. Among o longer be responsible for your chas-|the young workers for independence tity and good mame. I will turn you she was called “The Moslem Girl Dic- from my house—a wretched, idle girl|tator.” At 18 she was a recognized without filial piety!” | leader of women in the . revolutionary But Safie was obstinate and with a Youth League. will strong as her father's. She kept| To do what this girl did required her vow, and he kept his. With head | character greater than the American high, she left her home, but not for|can at once appreciate. As a Mahome- the scarlet life her father predicted. tan daughter, her act was heretical She married, but not the husband her | She had renounced the cherished tradi- father would have bought for her. | tions and elemental prejudices that for “The bridegroom I chose,” she told |centuries have stood as immutable | me months after this, when I met her | prison_walls around the women of In- in Bombay, full of pride and youth|dia. Though her political activities in and a sense of drama, “was the cause|the end may not count for much, her of India." She was a slender little | gesture of freedom from male domina- | | did all tion is a fine and courageous thing. ‘That has real significance. It typifies the esprit de femme behind the social revolution that has begun to stir the more advanced women of her country. Thousands Break Rules. Her case by no means stands alone. During the dramatic struggle in India, | checked last March by the Gandhi-| Irwin truce, many thousands of Indian women for the first time in history broke caste and religious taboos to take part in a political offensive. They the things that male satya- grahis could do, often much to the discomfort of their less patriotic hus- bands, who vainly ordered them to re- turn to the kitchen stoves. Some of them, such as Mrs. Munshi armies of men in challenging British rule. They wrote and lectured and spread seditious literature. ~They boycotted foreign cloth, picketed shops selling A KASHMIR GIRL. British liquor, trespassed on govern- ment property and chopped down toddy palms on government estates. ‘They persuaded peasants to default their taxes, they led great demonstra- tions, and they held giant mass meet- ings in forbidden areas. They did what was possible, without committing | hook violence, to sabotage British prestige ‘nnd authority. All their acts were well dis iplined and objective. At least 100,000 Indian women took part, and all of them | obeyed their group leaders. When they ! joined | the vow of Ahimsa, kept it and peace- | fully submitted to arrest for their | crimes, which they regarded as done in | defense of India. More | thera actually went to jail. | This fervid response of women a Kamia | tonished even Mahatma Gandhl, al- | Nehru and Sarojini Naidu, led great|though to him it was, and remains & by-product of the central He is not particularly interested |in_ “modernizing” Indian women. In some respects he is_definitely opposed Continued on Fourth Page.) | merely | #ssue. World View Held Great Need Despite Occasional Setbacks Sténdy Progress Is Being Made Toward Peace. BY VISCOUNT CECIL OF CHEL- WOOD. HERE is a strange superstition that the foreign affairs of the world are directed by an infl-‘ nitely able and malevolent being ® called an_international finan- cier. He is depicted by certain fervent | imaginations as plotting all sorts of | world wars and disasters in order to fill his pockets, it apparently being be- lieved that nothing suits him better than the wholesale destruction of credit and confidence, which is the inevitable | consequence of war. Of course, this ls‘ pure nonsense. Any one who likes to | read such a_book as the history nf‘ the house of Rothschild will learn that those archetypal international finan- ciers spent their time in trying to keep world peace. Indeed, if Napoleon III had not deserted them for more na- tionalistic houses, it is doubtful if the War of 1870 would ever have taken place \ j But this does not mean that finance is not_of international importance. Like other ‘departments of human activity, it | tends more and more to transcend na- ional boundaries and to depend on in- | ernational politics. The present crisis | is an example of this tendency. A| Vienna bank indulges in a rash system of industrial finance. It lends largely, | and perhaps indiscriminately, to Aus- | trian industries at a high rate of inter- est. To obtain the funds necessary for these transactions, it borrows money at a lower rate of interest in foreign coun- Every One Demands Cash. Then comes the slump. The indus- | tries cannot pay interest on their bor- | wings and the banks conscquently oot satisfy its foreign creditors. These in turn are pressed by their cred- itors and something like a financial | panic_ensues in Berlin and Budapest spreading thence to other countries. All the phenomena of a run on a bank quickly develop. Everybody begins to | lose his head and demand cash immedi- | ately. Bank after bank gets into difficul- ties. Governments intervene and are | themselves swept along in the torrent of suspicion. Soon the affair which be- | gan with the local difficulties of a single | bank assumes international proportions. | The public credit of various states is shaken, currency is threatened, foreign exchange is disorganized. Political ma- chinery is set in motion, statesmen rush from one capital to another, confer- ences are held, solemn—though rather platitudionous—resolutions are passed and international payments are sus- VISCOUNT CECIL ready to accept and act upon the con- sequences of that international dogma? Indeed, are the people of any country prepared to frame their policy accord- ingly? It does not ook like it. OF CHELWOOD. The most romantic poets could hardly have managed their affairs worse! The continent of Europe is no better. Is it not an outrage that after all we have gone through, and when we all | that what is required is not only ma- pended | What lesson are we to draw form all this> 1 am not competent to express | any opinion on the technical aspects of | the question. I do not pretend to know whether the gold standard is to blame or if bimetallism would be a remedy. To me it seems that fundamentally it is a_psychological question: that nuflbllc‘ confidence has never really recovered from the war and its consequences; terial, if one may say so—spiritual !conon:’yu"l_lm. 1 believe that until the nations and their rulers realize that in- dulgence in the pre-war pastime of in- | ternational bickering and pin pricks is too expensive & luxury for our present rescurces, we shall not re-establish rosperity. P Pwever that may be, one thing is clear, and that is the closer and closer interdependence of _all countries. cially. In Europe at least we are all | prosperity of other countries.- recognize in words that we are parts of one another, we find states whom every | one could name spending a large part of their time and energy in plotting against Cites United States Tariff. If they were, they would warmly de- sire the prosperity and well being of all foreign states. They would frame their |ane another and stirring up difficulties, | fiscal policy not in accordance with the | internal and external, for their neigh- dictates of that most narrow-minded |bors and rivals? We who live in the of all classes, the “business men,” but | West are accustomed to congratulate rather to respond to the needs of the | ourselves that we are not as other whole community of nations. I speak a | states are, or even as the inhabitants little bitterly, perhaps, but I live in a | of the Balkans. But are we really much country where we are forever discussing | better? True, our methods may be less the value of tariffs to this or that na- |‘crude. But are they in essence very tional industry—apparently without | different? What about the tariff wars? giving a thought to their effect on the | In how many parliaments would a min- To the | ister announce that his government had average business mind such a consid- | cecided to modify some item of its pol- eration would appear utterly superflu- |icy not because national interests so ous, if not unpatriotic. required, but because he was satisfled Nor is the English man of business| that if he did not it would inflict an any blinder than his foreign compfi:- injury on a neighboring state? | tors. It is not many months since the : | tian Btatea: ak the biading of busc | Political Side No Better. | ness interests, put in force a tariff | The matter has been put to the test ts serious damage on | quite recently. On two or three occa- foreign trade. Yet these American|sions conferences of the ablest and commereial magnates are the men who, | most_experienced e have unani- ntity. M. Briand is quite right :g:u: that, But are his countrymen like their British counterparts, value | mously declared that the present height themselves _as hard-headed, realists! of European tariffs is doing harm to international trade, and that they ought to be lowered. What has been the ocn- | sequence? On the whole, tariffs are ‘ higher than they were before, and we have to console ourselves with the | melancholy thought that perhaps they ‘Wmfld'hlvz been higher still but for | the recommendstions of the experts! On the political side, things are no | better. Here we are on the eve of fhe | disarmament conference. At that con- | ference .the world in- general and Eu- | rope in particular are 1o make a great | effort to put in practice some of those | professions of friendiness and oco- | operation, which we so often rejoice to | hear at 'Geneva. Yet m these very { months what do ‘we find in more than | one of the chief countries that are to participate in the hercic attempt? | xJapan and China quarrel about Man- | churia. Russia persists in its policy of | world _revolution and hostility. ‘The | United States holds bacx from full co- operation in the only existing machinery for maintaining a better understanding | between nations. nd still talks | about the dangers of fcreign entangle- | ments. France and Germany have, it | is true, made a recent and very wel- |come approach to each other under | the guidance of men whose names will | be remembered when many another has | been forgotten—Briand, Laval and | Bruening. ~ But they have not got very ]flr as yet. The disastrous assemblies at Coblenz and Breslau have not been | forgotten, nor can we gnore the rav- | ings of those sections of German opin- | fon which appear to think that the tra- | ditional Chinese view of roreign devils is the test of political wisdom. Much of the Paris press is not much better; and even the French government, of which M. Briand is a member, has recently | sent to the League a memorandum of disarmament full of truly Bourbon in- | ability to learn and to forget. ; Bored by International Politics. | All this scunds bad. An insular Eng- land, an arrogant France, a revenge- | ful ‘Germany, 'a revolutionary Russia |and so on. It is bad. But it is im- proving. In the first place there is a | vast and, could it only be organized, overwhelming body of opinion in every country which is not greatly interested in the supposedly official expression of p at country’s national grievances | against its nelghbors. There are times | when one is inclined to deplore the fact that about seven ordinary men | | and women out of ten are bored stiff with international politics—indeed, the | many setbacks of internaticnal co- | operation are largely to be attributed | to_their indifference. But the silence of the multitude, which obliges the political observer to im&me (as I have done above) that a | natlon’s attitude to others is that ex: pressed by its governmen: and metro- politan newspapers, must not delude us into believing that the inarticulate people do not matter. Only by an analogy do we speak and treat of a nation as a single “person” in interna- tional life. There are many varieties of opinion {and interest in every country. And that great mass whose only interna- tional interest is the prevention of war, whose main desire is to be left | undisturbed to earn its dally bread, and | whose aptitude for hatred of foreign- |ers has been greatly reduced by the travel—that is the body which, when it is roused by threats of violence or a bewildering crisis, nearly always comes out upon the side of peace. The result of the recent Prussian plebiscite was an instance of this; another was the unanimous acceptance by British public opipion of Mr. Hoover's war debt moratorium, despite the immediate in civil disobedience they took | | unifying influence of the cinema, the | c! | wireless and the increase of foreign | Invariable Cycle o f Inflation and De- flation Traced by Author to Economic Treatise. BY MARK SULLIVAN. HIS article is going to be about plzase don't run away—the busi- ness depression. Much of it is going to be, not in the words of the present writer, but in the words of & book. (Yet why apologize for writing about the depression? It is | the chief concern of every reader and | it is at the bottomn of all our politics.) | I warn the reader, however, that this book from which I shall quote is not easy reading. If you want your mind made up for you by offhand judgment or plausible slogans or smart wise- cracks you can take that sort of thing where you find it; there is much of it afloat. But if you are capable cf & little hard. tough thinking, read what I shall quote—and know the truth The title of the book, rather formi- dable, is “Financial Crises and Periods of Industrial and Commercial Depres- | sion.” It is the best book ever writ- ten on this subject. To say any book is the best of its field is. of course an expression of individual judgment But I h many times discussed this volume with students and teachers of economics and with practical bankers and men of business, and I can say that all think of it as an outstanding book. It is not a new book. It has stood the test of time. Pirst written in 1902 it was revised from time to time, and it has run through some eleven editions. Burton Is Author. ‘The author of this book—he died in 1929—was a plain man and a great man. His name was Theodore Burton, and at the time he died he was Sen- ator from Ohio. Of the 75 years he lived he spent 30 as Representative or Senator from Ohio. He was a public man of an older day, whose type is not, unhappily, as often’ met today as in earlier periods of our history. Before he went to Congress he had been for a time a lawyer and a teacher in Oberlin | College, in which experience he gathered to himself the scholarship, the patience in investigation and above all, the accuracy of thinking which made this the authority that it is, and made Burton a great public servant. | being & “money-mal " in the ordinary | sense of the word; yet, starting with | nothing he died worth upward of half a million dollars. Excepting two years he spent as the rather academic and | somewhat perfunctory president of a | bank, I doubt if Burton's annual in- come for services in most of the years than 4,000 of of his life was more than the $5,000 | to $10,000 a year that was the pay of | a Representative and Senator during the time. To the last degree he was scru- pulous, prudent, cautious. He accumu- | lated his fortune chiefly through prac- tical application as an investor of the economic and financial knowledge he embodied in this book. He was mainly an investor of the savings bank and first mortgage and “gilt-edge security” type. He was & bachelor, of simple tastes and economic bent, a natural I doubt very much if he ever bought a share of stock on margin. I doubt if he ever borrowed a dollar for speculation or for any other pur- pose. He naver had an employe other than a secretary, Knew Depression Signs. | The secret of Burton's fortune was | mainly that he knew the signs of com. ing depression and at such times he turned his investments into cash; sim- ilarly he knew the sign of the end | of depression and at such times, when securities were abnormally low, he re- inyested. Of the practical soundness of Bur- | ton’s book, one incident is sufficient evidence. There is in America today 'a very wealthy and prominent man, | now in public life, who attributes most | of his fortune to this book. If I should print this wealthy man’s name every reader would recognize it. Being in | business in the early part of 1907 he happened to read Senator Burton's book. From it he recognized. in the conditions existing around him, the signs of an approaching financial crisis. Promptly he sold all his investments and commodities and went to Europe. Six months later, in the Fall of 1907, he returned, found the panic in full swing, waited until he saw—again from Senator Burton's book—the signs of the end of panic, and bought back the investments and commodities in which he was interested. Present Application Sought. Now what is the application of this scholarly book to today? What is the | application of today of all sound | thought and accurate knowledge about the past? It is chiefly in six words: | All' depressions came to an end. A | minor "lesson is that all depressions follow much the same tern. An important lesson is that every depres- | sion comes to an end just about the time when nearly everybody is sure it will never end. Yet another is that in 1 depressions, politicians and other so-called leaders of misguided persons —_— | financial loss which it involved; an- | other was the growing volume of opin- {ion among French working people, | both Catholic and Socialist, in favor of disarmament and conciliation with | Germany. In the second place, this general, if inarticulate, desire for co-operation has achieved certain victories and has |ing” ‘tradition in the international community, not unlike the noble tra- | dition of ‘the sea. |on the verge of bankruptcy some years | | ago, the other European states and | America did come to her help. They did likewise, though on a lesser scale, in the case of Greece, of Hungary and of Bulgaria. World Peace Possible. In the present crisis some interna- | tional co-operation has been achieved |and is in prospect. The leaders of the nations are recognizing the economic | unity of Europe—nay, of the world. Sixty nations are going to take coun- sel next year to see whether some genu- ine remedy cannot be found for the scandal and the danger of competitive armaments. Above all, the League of Nations and its European Committee are established and are gradually teach- ing the nations of the world the essen- tial lessons of unity, peace and concord. Therefore, let us take courage. For the first time in the history of the world there is in existence machinery clplbls of carrying into effect the vis- ions of world peace which have been the cherished dream of so many poets, rhuuophm and saints. True, the ideas which are its motive power have not yet penetrated all e general staffs or the chancelleries of govern- ments, or the counting houses of mer- ants, or even, alas, all the pulpits the churches. But the g work goes on, and if the lovers of peace will concentrate on construction rather than criticism, if they will make the best use of the instruments which they have instead of spen their time and energy on laments that they are not better, then assuredly we shall suc- Burton was as far as possible from | | already established a kind of “life-sav- | When Austria was | assign portentous causes—and in a) most all cases are wrong. Right now, for example. and even more during next year’s campaign if the depression continues, divers Brook- harts and Dr. Butlers, divers profes- sors from the academic world and pun- dits from the business world. divers lugubrious prophets of revolution and & new form of organized society, such as H. G. Wells, are telling w the “causes” of the present depression. A list of the different “causes” assigned by various sources would include Overproduction. Foreign competition (Russia), The bankers. Railroad rates. Prohibition, Violation of _prohibitios. President Hoover. Andrew Mellon. The war debts. ‘[ne peace treaty. _Got, Silver. Automobiles. Hoarding. Spen ing. Short skirts (because they fail to consume enough cotton). Changing national diet (we don't cat enough to consume what the farmers raise). The tariff axes. Chain stores. The Sherman act Former Depressions Cited. Now there was another depression some 50 years ago in Great Britain as well as the United States. Then, as now. self-chosen authorities, amateur | diagnosticians, recited the “causes.” I | print below, from Senator Burton’s book | (which was published in 1902), a list of causes assigned to that earlier de- ssion by various politiclans and r leaders of the 1870s and 1880s. | This list of so-called causes assigned | for the depression of the 70s is partly in Senator Burton's own words and partly in a satiric quotation by him | from” the famous economist and logi- | cian, Prof. W. S. Jevons: | “Overproduction. Foreign competi- | tion. The Glasgow bank directors. High | telegraph_rates. Beer drinking. The use of tobacco. War. Peace. Trades unionism. Want of gold. Super-abun- |dance of silver. Lord Beaconsfield | (Prime Minister of England). Mr. Edi- |son and the electric light. Free rail- | road passes.” Those “causes” assigned for the panic |of 50 years ago were as irrelevant, as fantastic and incongruous as most of the “causes” assigned today for our present depression. The truth is, you don't need to search for the cause of a depression. The cause of & depres- sion is_much like the cause of a low tide. Depressions, cycles of alternat- ihg rise and fall, are, in highly de- veloped countries, as unescapable as the seasons and almost as regular. As Bur- | | | tably and, speaking generally, they all follow a familiar pattern described by John Stuart Mill: Pattern is Regular. After each panic or crisis the first three years will witness diminished | trade, ‘lack of employment, falling | prices, a lowering rate of interest and v'fl considerable distress. Thes Wi | n be three years of active trade, slowly rising prices, fair employment, imj o eugl.'rbn sudE {1 ‘What most of us today wish is, when will the present depression come to an end? On that peint, here is Burton's ripe wisdom: “The turning point is marked by no such sudden shock like that which characterized the crisis. It comes grad- ually and quietly and shows the work- img of recuperative forces, which are sure to triumph.” Revival Unnoticed. | The end of a depression, the begin- | ning of prosperity, comes unnoticed. | And it comes solely because of recuper- | ative forces which are within the world | of business itself. Governmental action | can do little to help. The speeches of politicians, especially those running for | office, help not at all. Cure comes | soleiy through the aggregate of the ‘wurking and planning of individuals, such as those who now read this article, in the solving of their personal prob- |lems. As Burton puts it: “In the meantime, individual effort | guided by intelligence and prudence, |and co-operating with forces which are | invariably though almost unconsciously at_work, solves the difficulty.” In Burton’s quotation from Mills, the | statement is rhade that following the year when the crisis occurs, will come three years when business is on the | down grade. It need not, however, be as long as three years. The period of | depression, according to Burton, may | be Tonger or shorter, depending on what | might be called the ‘“resilience” of a | people. He writes: “The mistake lies |in fixing a definite duration for the | successive events of the cycle, and in failing to sufficiently recognize excep- tional conditions of time, place and social or economic development. Much depends upon the degree and rapidity |of industrial advancement, the main- tenance of social order.” | Senator Burton, if he were alive to- | day, would I suspect, direct his pene- | trating _eye beneath’ the surface and would find already in existence those | “recuperative forces which are sure to | triumph.” | | Young Fasci is R;ied | By Ten Commandments ROME.—Blind obedience is still tne watchword for young Fascists. The “Ours not to reason why” spirit is further impressed upon Italian young. | sters by a new set of “ten command. ments” issued for the instruction of Young Fascists of Combat, who range in age from 18 to 21. 1. God and Patria. Every other affec- tion, every other duty is secondary. 2. Any one who is not ready to give body and soul for La Patria and to serve the duce without discussion does not deserve to don the black shirt. Fascism repudiates lukewarm spirits. 3. Use all of your intelligence in an effort, to understand the orders which you receive and all of your enthusiasm in obeying them. 4. Discipline is not only a virtue of soldiers in the ranks—it must be evident lh;nys mdevery contingency. . A bad son and a negligent schol is not a Fascist. " 6. Distribute your time so that work may be pleasure and pleasure work. 7. Learn to suffer without complain- ing. to give without asking in return and to ‘e without expecting reward. 8. actions, like actions in war, must be carried to the limit, not half- way. 9. In grave situations remember salvation lies in audacity. e 10. And thank God devotedly every day for havi made o3 P “tnl you an Italian Would Gag Diplomats, Prom the Toledo Blade. ceed. Time and the march of civiliza- tion are on our side. Disarmament might help, but gagging the diplomats would be the stoutest guarantee of world peace, »