Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1911-05-05
BANKER ADVOCATES
NEW METHOD TO
ABOLISH WAR
FINANCIAL NEUTRALITY
SUGGESTED AS REMEDY
James Speyer Would Have
Agreement to Withhold
Loans to Nations Refusing to
Submit Disputes to Hague.

.sy Morning ss.--s. sp-cs=, Leased wireI
Baltimore, Nd. May 4.--"Financial
neutrality" as a preventative of war
between nations was the interesting
suggestion offered at the third nation
al peace congress here today by
James Speyer of the New York and
European banking house of Speyer n
Co.
Mr.. Speyer spoke as delegate
from the chamber of commerce of the
state of New York. He followed AS
sistant Secretary of State Huntington
Wilson, who gave his Interpretation
of what has been called dollar diplo-
macy" the phrase applied to the ex-
pansion of business interests through
the efforts of the state department
Mr.. Speyer who spoke on Inter
national Finance as power for
Peace" dealt first with the influence
of international investments in times
of peace. Taking up the question of
what should be done in time of war
by first class powers, he said we find
today in Europe, that in time of peace
certain governments will NOT allow
their bankers TO place foreign loans
in the home market, unless the pur-
poses for which the loan is TO be used
are known and approved, and at least
part of the proceeds are used by the
borrowing nation for expenditure in
markets of the lending nation.
Now Mr.. Speyer said, If such
supervision and control of the bankers
already exists in time of peace. II does
not seem wide flight of imagfna-
tion to suggest that the great powers
agree to exercise such control In times
of war between third parties and to
maintain in future what, for want of q
better term might be called financial
neutrality.
in case two nations went to war
without. first sub.pitting their gries
ances TO judicial settlement at the
Hague, why should the other neutral
powers not bring themselves to see TO
1t that real neutrality WAS observed
by their banks and bankers.
There is little doubt that this could
be done. If no financial assistance
could be obtained from outside few ma
tions would incur the peril OF hank
ruptcy. Some wars would certainly last
a much shorter time
A criticism of this government for
not having prevented the activities OF
American sympathlzers with the Mex
lean insurrectos along the border.
made by Congressman James +, STAY
den in the course of an address, drew
reply from Assistant Secretary OF
State Wilson who said that In all rev.
olutions in the Latin-American states
Americans had been active, in spite
of tho efforts of the federal govern
ment TO prevent such activities, and
that the record in the United States
against previous filibustering should
have convinced the people of Mexico
of the honesty of this country's a'u-
tude.
Giving expression 10 an opinion az
variance with that held by many
peace advocates, Dr. Lyman Abbot OF
New York. declared his belief that
war was sometimes justifiabie.
when bands of marauding dyna
miters blow up our buildings, our OF
fices, our homes, can we appear 10
their reason?" DR.. Abbott asked.
I'No. because they haven't II. III ohs
man of war had gone up the river 10
Turkey when Armenians were being
1t would have been better
than any appeal to reason; the mas
sacres would have stopped.
What is desired is not only peace
but peace founded upon righteous
moss with law and order as its com
panions."