The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-19
Americans Expected to
4. Withdraw From Six
Power Agreement.
POLICY OF TAFT
is REPUDIATED
Wilson Will Not Ask Bankers to
Participate in Negotiations Be-
cause He Does Not Approve
Implications of Response
bility Involved-Presi-
dent for Open Door.
Especial to The Times-Dispatch.]


Washing ton, March 1a.--In a state
ment given out by the white House
tonight, President Wilson repudiates
the policy of the Taft administration
with regard TO the proposed Chinese
loan.
The statement, which 1t is under
stood was prepared under the direct
personal supervision of the President,
declares that the new administration
has declined to request j. p. Morgan
g. Co. Kuhn, Loeb & Co. the First Ma
tional City Bank, and other banking
interests to continue their participa-
tion In the so-called six-power nego-
tiatlons. 1t is assumed that American
bankers Will now withdraw from the
agreement made with the bankers of
the other five powers-Great Britain,
Germany. France. Russia and Japan
american bankers. 1t Is claimed. may
now lend money to China on an inde-
pendent basis. regardless OF other ma
ttons and 1t is presumed the New York
bankers Will make a new offer
The Presidentss Statement
The statement follows:
we are Informed that at the re-
quest OF the last administration n GER
tain group of American bankers under
TOOK to participate In the loan now
Approximately s125.000.00o). Our gov
eminent wished American bankers to
participate along with the bankers of
other nations. because 1t desired that
the good Will of the United States
towards China should be exhibited in
this practical way, that American capt.
tai should have access to that great
country. and that the United States
should be In a position to share with
Inc other powers any political respon-
sibiiities that might be associated with
the development OF the foreign rela-
,,-ft
Industrial and commercial enterprises
The present administration has been
asked by this group of bankers wheth-
5er would also request them to pars
.icipatc IN the loan. The representa-
ltVes pIs4fhc bankers through whom.
the administration was approached de
iciared that they would continue to
seek their share of the loan under the
proposed agreements only IL expressly
requested TO do so by the government.
the administration has declined to
make such request, because II did not
approve the conditions of the loan or
Ihe Implications OF responsbility on
It's own part. which it was plainly told
would he involved in the request.
Responsibility Is Great.
inc conditions of the loan seem to
us to touch very nearly the admins
trative independence of China Itself:
ana this administration does not feel
that II ought, even by implication. 10
DC party to those conditions The
responsibility on it's part which would
be implied in requesting the bankers
10 undertake the loan might conceive
ABLY go the length in some unhappy
contingency OF forcible intcrference in
the financial and even the political
affairs of that great Oriental state
)usr now awakening to a consciousness
OF its power and OF it's obligations TO
its people The conditions include not
only the pledging of particular taxes
some OF them antiQuated and burden
some. to secure the loan. but also the
administration Of those taxes by for
eign agents. The. responsibility on the
part of our government implied in the
encouragement of loan thus secured
and administered is plain enough and
is obnoxious to the principles upon
which the government of our people
rests
The government of the United
States Is not only willing, but earnest
~ desirous of aiding the great Chi
hese people in eyeny way that is con-
slsteht with their untrammeled de-
velopment and its own dmmemorial
principles. The awakening of the peo,
pie OF China to a consciousness of their
possibilities under free government
is the most significant IL not the most
nomentous. event OF our generation
with this movement and aspiration the
American people are In profound sym-
pathy. They certainly wish to mar
ticipate and participate very gener-
ously, in opening to the Chinese and
to the use of the world the almost
untouched and perhaps unrivaled re-
sources Of China.
Interests Those OF Open Door.
THE government OF the United
states is earnestly desirous of pro-
noting the most extended and intimate
trade relationships between this coun.
try and the Chinese republic. The
present administration vii urge and
support the legislative mea sures nee
essary to give American merchants
manufacturers, contractors and enei-
neers the banking and other financial
facilities which they now lack. and
without which they are at seriolls
disadvantage as compared with their
industrial and commercial rivals This
is its duty. This is the main material
interest of its citizens In the develop
ment of China. Our interests are
those of the open door-a door of
friendship and mutual advantage This
Is the only door we care to enter"