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Now-editorial Notes

July 1, 1934
See Original Daily Bulletin From This Date

At last the American government has spoken to Germany regarding the policies of Nazism which called forth the economic boycott against Germany in many parts of the world.

Secretary of State Hull, in a vigorous note delivered to the representative of the German government in Washington, outlined the weak points in Germany’s exposition of its financial situation and in its reasons for the moratorium. He protested against the German policy of discrimination against American investors in the suspension of payments on Germany’s external debts.

Secretary Hull said in his note:

“The German government is no doubt aware that its policies have created opposition in many parts of the world, which has expressed itself in various trade conflicts and the probable reduction of Germany’s capacity to transfer.”

He also emphasized the facts that the German policy has caused foreign creditors to withdraw their credits from Germany, that German bonds have been repurchased at depreciated prices at a time when the German government is striving to maintain the conditions which caused the low quotations, and that Germany has been making abroad extensive purchases of material susceptible of military use, and that for these reasons Germany’s ability to meet her external obligations have been lessened.

In other words, Germany is practically told in this Note that her policies of religious and racial discriminations and persecutions have created opposition in various parts of the world, expressed in various trade conflicts, or economic boycotts and withdrawals of credits, which have affected Germany’s capacity to meet her external obligations.

German is also diplomatically reminded of her trickery in repurchasing her bonds at depreciated prices and in purchasing war munitions upon an extensive scale while pleading inability to meet her obligations to the United States and to American investors.

The American Note is certain to produce a sobering effect on the Hitler government. But it would have been far more effective to remind the Hitler government that “its policies have created opposition in many parts of the world,” for the policies of the Nazi government have shocked liberty-loving people everywhere for more than fifteen months. And it would also have been still more effective if such an expression on the part of the American government had been based purely on moral grounds.

America has unjustly and falsely been branded in Europe as a country that is chiefly concerned in pursuing Dollar Diplomacy. The fact is that the World War and the events that have followed since the end of the war have demonstrated beyond a shadow of doubt to honest and unprejudiced observers that America has displayed more idealism in her international relations and has made more sacrifices to help other nations than any other country in the world.

America saved millions of German people immediately after the war through the American relief organization. The American people poured vast sums into Germany which enabled Germany to pay some of the reparations to other countries. American investors loaned huge sums to Germany which enabled her to get on her feet #ain. The American people manifested on all oc###ns a most sympathetic in#t in Germany before and ### the war. The Hoover m#rium prevented a European strophe. particularly in G#y, in 1932.

Under these circum#es, a friendly warning by #nerican government to #itler government, if given ### the earlier stages of the ### that “created opposition #any parts of the world,” ### have been entirely in kee# with established American #ents and lofty traditions, #ight have influenced Ge# to change her course, would have been a blessing German people and which, incidentally, also have #sed Germany’s “capacity #ansfer.”

However, the Ame#ote will not fail to make #und impression even now the German people who ### been victimized and degra#heir present rulers.

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