Mr. Hoover took his decision promptly and secured such political
support as could be got in Washington at this season, and then boldly issued his proposal. He acted with courage and promptitude along the lines which his knowledge of the world told him were the only ones that were worth following, the only alternative to doing nothing. He proposed a moratorium for all payments on account of War debts for a year from July 1st. The thought of this relief has been received in a way that is the measure of the overwhelming burden under which the world has been suffering. We have profound gratitude and admiration for Mr. Hoover's action. To put his proposal into operation will not be quite so simple as it sounds. But any man who is deterred by immediate difficulties or obvious disadvantages from doing his best to help will convict himself of shortsightedness and of an utter lack of the sense of proportion, for the advantages held out are immense in the truest sense of that word.
