DAVIES SEES BAD SLUMP AFTER WAR
Fleming, Robert H.
Davies Sees Bad Slump After War 500 Hear His Warning to Keep Out of Fight in Europe By ROBERT H. FLEMING Post-war America may face a "financial and industrial crisis compared with which the 1930...
...Perhaps a score more judges from throughout Wisconsin were in the audience, as well as over 100 prominent Wisconsin attorneys...
...C. A. Dykstra, Davies and Garrison...
...I am not an alarmist...
...Chester A. Fowler and John D. Wickhem...
...Even though the war were to he settled tomorrow," Davies asid, "forces already exist which will have far-reaching effects upon us...
...It is Innate in the genius of our country to meet emergencies and find their solution sanely and practically...
...Joseph E. Davies, special assistant to Secretary of State Cordcll Hull and former university law student n d Madison attorney, told a throng of 5500 iiersons at the Memorial Union, Sunday night...
...He waved to old friends and jokingly blew kisses to women he recognized in the audience...
...He spoke of "a world that has gone mad," the "most, critical stage in the crisis which confronts a threatened civilization," and "perhaps the greatest war ever waged...
...But in his radio address Davies did not wait for his audience to follow his mood...
...It will be a new world in which we will live and elements that may be beyond our control will influence the life and the political thought of our children and their children...
...Outstanding Madtsonians were numerous...
...And after his radio address, when he began an "off the record" discussion of foreign conditions, he thanked his friends for their reception...
...His topic was "Liberty, Law and the War...
...Those who had not seen Davies for many years, but who had followed his almost story-book rise in national and world affairs, found themselves charmed by his gracious manner and his obvious efforts to please his listeners...
...Milwaukee, Pres...
...I do not wish to be an alarmist," he said...
...Barter System Looms, View Gold as a medium of exchange Is being threatened by a barter system In one of the major economic phases of the war, Davies declared, and he warned that triumph of the barter system "might involve serious dependence of the Americas upon European control...
...Whether this war results In an 'all out victory' for either side, with a peace imposed by the will of the conqueror, or whether It results in a stalemate or peace tomorrow, the effect upon the daily lives of our people will he enormous...
...It was the indirect, consequences that he said he wished to discuss, but he saw effects of this war upon Amerira which are only technically indirect...
...Davies Sees Bad Slump After War 500 Hear His Warning to Keep Out of Fight in Europe By ROBERT H. FLEMING Post-war America may face a "financial and industrial crisis compared with which the 1930 depression would rank as a period of prosperity...
...At the speakers' table were five members of the supreme court, including Chief Justice Marvin B. Rosen-berry and Justices George B. Nelson, Edward T. Fairchild...
...These things may not occur, Davies said, but he warned that America must consider them possibilities...
...He linked these in praise of American blessings of liberty under law, as opposed to European dictator nations which refuse any liberty to their people and wage war to defend their actions...
...Except for law students, there were few young people present...
...It is essential, however, that the facts should he seen and their possible significance understood...
...It was largely a crowd of Davies' old friends, gathered to welcome and honor him...
...World Gone Mad" Davies piled up phrase after phrase that showed his solemn, even depressing view of the war in Europe...
...Each year, entirely apart from the human life and values being destroyed, the belligerent nations are spending for non-productive purposes—for destructive purposes — an amount of goods and effort costing more than the total gold supply of the world...
...South American and other markets not friendly (o us might be closed by preferential barter, and II Is entirely possible that we might be fared with ,n finaiH'liil and industrial crises compared with which the 1930 depression would rank at a period of prosperity...
...European markets for our manufactured goods may be lost," Davies continued...
...His immediate audience, 425 of which crowded the Great hall of the Memorial Union for a banquet that preceded the radio address, was obviously impressed with Davies solemn warning...
...If it is a long war, on the other hand, it will inevitably create even more devastating forces in the world...
...His time was brief—he had 15 minutes for a broadcast apparently requested by the administration—and after the briefest of preliminaries he launched into his sober discussion of the post-war world...
...Davies apparently enjoyed his "party" immensely...
...These conditions are now being met by American business and by the American government...
...His answers to questions were always friendly...
...The husiness boom which may be created here by this war will have its accompanying disastrous reaction unless we exercise the highest quality of wisdom...
...Davies' address to outstand i n g judges and attorneys of the Wisconsin bar as well as Madison's buriness and professional leaders was a solemn warning of the consequences of war...
...They were also impressed with Davies...
...Thousands of others also heard the address via an NBC radio broadcast...
...Also seated there were Federal Judge F. Ryan Duffy...
...Because of his position in the state department, Davies said it would be "manifestly improper" for him to discuss political or military aspects of the war in Europe...
...Our first job Is to keep this country out of war," Davies firmly declared, but he depicted a future for America that at best was ominous and foreboding...
...There were many in the audience last night who had followed "Joe Davies" career as a friend or favorite son...
...He returned then to reaffirm his belief in the American concept of liberty under law...
...Some of the throng of men and women were formally attired...
...Brilliant Promise Fulfilled" Dean Lloyd K. Garrison of the university law school, chairman of last night's program, recalled in his introduction of Davies that he was "a son of the university and the law school, whose brilliant promise as a student has been fulfilled in his career: commissioner of corporations, chairman of the Federal Trades commission, lawyer of high distinction, ambassador to Russia and <o Belgium, and finally assistant to the secretary of state...
Vol. 10 • May 1940 • No. 19
