effective response to these appeals.

Fourthly and lastly, I come to the commission on international credits.
This commission passed a number of resolutions, all of which were
adopted unanimously by the conference; but it will suffice to cite the
first two:

The conference recognizes in the first place that the difficulties
which at present lie in the way of international credit operations
arise almost exclusively out of the disturbance caused by the war,
and that the normal working of financial markets cannot be
completely reestablished unless peaceful relations are restored
between all peoples and the outstanding financial questions
resulting from the war are made the subject of a definite
settlement which is put into execution.

The conference is, moreover, of opinion that the revival of credit
requires as primary conditions the restoration of order in public
finance, the cessation of inflation, the purging of currencies, and
the freedom of commercial transactions. The resolutions of the
commission on international credits are therefore based on the
resolutions of the other commissions.

My argument then is fully endorsed by the experts at Brussels. All the
facts and figures set forth in the voluminous records of that
remarkable conference indicate the urgency of peace and disarmament. A
year has passed.

The Brussels recommendations have been ignored, and conditions in
Europe as regards its currencies, debts, trade and credit have
deteriorated. The Naval limitations proposed by Mr. Hughes at
Washington, even if they are ratified, will give practically no relief
to Europe.

End of Project Gutenberg's The Paper Moneys of Europe, by Francis W. Hirst

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