Firms like Ford will be embarrassed by overproduction. American manufacturers are also, to a very marked but not overwhelming extent exporters and much of their internal trade is to the farmers—whose purchasing power will be diminishing. Bad times for the industrial regions also will follow the European disaster, perhaps even very bad times. New York and the Eastern cities, so far as the overseas traffic goes, may suffer exceptionally. For them there may be less power of recovery, for with the fall of Europe into barbarism, the centre of American interests will shift to the interior. But after a series of crises, a lot of business failures and so on, I do not see why the United States—if there is no war with Japan—very little reduced from the large splendor of its present habits, should not still be getting along in a fashion. America is not tied up to the European system, to live and die with it, as France or Britain is tied.

And there is a limit also to the areas of the Old World affected by the collapse of the cash and credit system in Europe. Outside the European seacoast towns, Asia Minor is not likely to go much lower than it is at present, though most of Europe sink to the level of the Balkans and Asia Minor. The dissolution of Asia Minor resulted from the great wars of the Eastern Empire and Persia; all that land was ruined country before the days of Islam. It has never recovered and Europe may never recover.

Given an enfeebled Britain, there will probably be a collapse into conflict and discord throughout most of India; and China, unhelped, may continue in a state of confusion which is steadily destroying her ancient educated class and her ancient traditions without replacing them by any modernized educational organization. But here again upon the Western Pacific there may be regions which need not go the whole way down to citylessness, illiteracy and the peasant life.

Japan is still solvent and energetic, the war has probably strained her very little more than it has strained America, and her participation in the world credit system is still so recent that, like America, she may be able to draw herself together and maintain herself and expand her rule and culture, unimpeded, over the whole of Eastern Asia. She will be the more able to do this if a phase of disarmament gives her time to rest and consolidate before her expansion is resumed. A war between Japan and America would be a long and costly affair and it would no doubt topple both powers into the same process of dissolution in which Europe now welters, but I am assuming that America takes no risk of such a war for the sake of China or suchlike remote cause and that Japan is not eager for California. An America indifferent to the fall of Europe would probably not trouble itself seriously if presently Australia came under Japanese domination. It would not trouble—until the Monroe Doctrine was invaded. And it would get along very comfortably and happily.

So far as material considerations go, therefore, there is not much force in an appeal to the ordinary plain man in America to interest himself, much less to exert himself, in the tangled troubles of Europe and Asia now. He can remain as proudly “isolated” as his fathers; he can refuse help, he can “avoid entangling alliances,” and rely on his own strength; he can weather the smash, insist on pressing any sparks of recovery out of the European debtor, and so far as he and his children, and possibly even his children’s children, are concerned, America can expect to go on living an extremely tolerable life. There will still be plenty of Fords, plenty of food, movies and other amusing inventions; seed time, harvest and thanksgiving; no armament and very light taxation and as high a percentage of moral, well-regulated lives as any community has ever shown upon this planet. Until that long-distant time when the great Asiatic Empire of Japan turns its attention seriously to expansion in the New World.

So far as present material considerations go....

But I belong to one of the races that have populated America. I know the imagination of my own people and something of most of the peoples who have sent their best to this land, I have watched the people here, and listened to them and read about them; there has been no degeneration here but progress and invigoration, and I will not believe that the American spirit, distilled from all the best of Europe, will tolerate this surrender of the future, this quite hoggish abandonment of the leadership of mankind that continuing isolation implies.

The American people has grown great unawares; it still does not realize its immense predominance now in wealth, in strength, in hope, happiness and unbroken courage among the children of men. The cream of all the white races did not come to this continent to reap and sow and eat and waste, smoke in its shirtsleeves in a rocking-chair, and let the great world from which its fathers came go hang. It did not come here for sluggish ease. It came here for liberty and to make the new beginning of a greater civilization upon our globe. The years of America’s growth and training are coming to an end, the phase of world action has begun. All America is too small a world for the American people; the world of their interest now is the whole round world.

I have no doubt of the heart and enterprise of America—if America understands.

But does America understand the scale and urgency of the present situation? Is she prepared to act now? This decadence of Europe is urgent—urgent. So far, this Washington Conference has not touched more than the outer threads of the writhing international tangle that has to be dealt with if European civilization is to be saved.