The course of events in Ethiopia row seems to have an even stronger fluence on European anxieties than was perhaps expected when Signor' Mussolini was' strenuously repudiating the doctrine that his "colonial expedition" could be of more than African coheern. It is being pointed out that Italy herself can hardly cling to the illusion that, she is desperately collecting wedding rings end pawn tickets for the mere adjustment of Signor Mussolini's [Afvican ambitions, What reserve is here on which she can draw if her} rational. status in. Europe were at stake? It is true that Signor Mussolini has declared that he is ready for a two-year campaign in Ethiopia order to achieve his objective. In the light of aelual experience it may be doubted whether he is able to leonceal from the nation definite anxieties in that regard. Can the secure the ratio prescribed by the sumed that since last summer when European situation stand the strain JAct of Congress. It is not surpris~|the first judicial blow fell. the lof Italy's absorption in the asperities ing that Mr. Morgenthau lays|President's advisers have accus-Jof the East African climate? Other emphasis on the absence of a time tomed themselves to the procedure nations, in their own interests, factor for, with the elections in the of discounting such decisions in bound to review the political situa-offing, his chief has to keep an advance. Mr. Roosevelt claims tion and to ask themselves how their that agile eye on possible increases in the New Deal is winning, various commitments are affected expenditure. The more the silver through. His claim can hardly be disputed when it is admitted that! the temporary but complete pre~ gyrations of Washington are studied occupation of a weakened Italy? the less satisfaction is entertained the basis of that experiment con-'Signor Mussolini, exuberant in his In attempting to reduce them to sists in freedom to jettison un-Jdeclamations on Italy's Fascist self-terms of economic sagacity. "With workable projects. Error, when sufficiency, has turned a deaf ear to ut thyme or reason" has been one discerned, fs blandly eliminated and remonstrances even when they were the New' Deal remains. Now the] description of them. The only con-mainly inspired by a lively appre~ Isolation is that apparently the jweleome signs of a further re~ hension for Italy's well-being, In wheel has come the full circle and covery of the national equilibrium. recent. years, reaction from the inthe various questions which have jonable Mr. Roosevelt to forego the ternational ism of Geneva, has tend been consistently asked since the doubtful privilege of devising new Jed to place undue restrictions on Government at Washington first experiments. He can win the aljeriticism of what has been termed attempted to placate the silver Hegiance of the capitalist interests the "internal affairs" of other coun-bloc may be said to have answered Jwhich he so heavily trounced in tries. Those who were eager to themselves. China indeed has con-his early days by assuring them of push disapproval of Soviet Russia's, tributed to that form of elucidation what is termed "breathing space." evangel to the extreme lengths of by her new currency arrangements.
He can soothe the anxiety of eager Interference, were the first to demur The epitaph is appropriately furni reformers by pointing to the danger {to far milder protests against other ished by the latest available com-—indeed_ the impracticability—ot forms of totalitarianism. The ment of the National City Bank of passing legislation which must be: League of Nations and the diplo-New Yor wrecked on the shoals of the matic representatives of important Unless the United States can Supreme Court. He can also countries could discuss international persuade the other nations to use. satisfy the country generally that, problems with Signor Mussolini's more silver money (something by restoring its morale and by|delegates. The moment it seemed to which thug far they have shown very little disposition to do) before its buying power as defined in the Silver Purchase Act is exhausted, it looks as though silver were headed eventually for another slump, possibly to levels lower even ihan before. In that event not only will the silver producers! pay dearly for this experiment, but the United States Treasury wilt be eft carrying an asset against. the currency that could not Uquidatea save at tremendous sacrifice, The admirable Senator Pittman has recently likened the silver situation to "a great game of poker in which the kitty wins and the public loses." Even Mr. Pittman must be allowed occasionally, if junwittinaly, to discover tmperishfable truths.
Text read from the printed page and cleaned; old type leaves the occasional error.