First of all, it may be of interest to point out that this cartoon was clearly drawn by Dr. Seuss, who drew a lot of political cartoons around this time. This cartoon clearly is opposed to the policy of appeasement.
The way to see that this is true is to think about what the carnival barker is saying about this man. The man up on stage is labeled as the “Appeaser.” The barker is saying that he has no guts. Think about what this means. When we say that a person has no guts, we are saying that they are a coward. We are saying that they have no courage to stand up for anything that they believe in. If the barker is saying this about the appeaser, he is clearly criticizing the appeaser in a very harsh way.
This cartoon is very much opposed to the idea of appeasement. It argues that anyone who would advocate appeasing Hitler is a coward who lacks any moral fiber.