The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1914-10-23
ID WORLD
|'REEMENT TO
CONSERVE GOLD
kers Say, However, Americs
"a Britain Might Present
Basis for Such Action
0ULD BALANCE CREDITS
IN LIEU OF METAL
George Paish, One of En-
clish ENJOYS, to Urge New
Financial Plans

cHICAGO. Oct. 23.--Gold as q ser
- and not the master OF business
~ topic widely discussed by
n|keru and business men in Chicago
sanction with the mission OF Sir
Iree Paish and Basil Blackett TO
ofica. az representatives OF the
1l1oh treasury. These Britons advo-
n Z plan that will eliminate the
of the actual metal.
no actual shipment Of the precious
III "a international business trans
1ons was called wasIeful by some
1kers.
@[haf 500. 000, 900 In gold should
IL IN or out of this country within
IN weeks, as IL frequently has
-. WAS declared to be condition
~ In need Of remedy.
K6nic attends the drain of gold
- our shores, IL is declared, while
1nllux lends artificial influence TO a
rcng situation. Both movements
Dcrd ground for speculation and I'M
nd conditions.
f Uonkers contend that action by
r1nnd and the United States to
- goId shipments would form the
- Of . plan to be adopted later
~ nations.
* ~ present the European war makes
~ countries In the conflict eager to
uire Al the actual gold they can.
K nnkors and business men are al
1T . unit In agreeing that credits
- - matched and debts and credit
1onces settled In certificates, which
49, nj ~
u o. its equivalent In approved Sc
r1f1os has been deposited. Such a
rtom. they say. would satisfy the
nkors OF any nation In making ex-
rngo settlements without shipping
&on1 gold.
Ms plan. bankers say. calls for
establishment of international
rrlng houses for credits. The idea
~ laid before the administration 1T
nhington at the outset of the
nncial difliculties, due to the Euro
III. war. but was rejected on the
lad that II might prove to be In
0ne local banker said:
England IL more than willing to
operate with US. and we are with
r "a this matter, but we must know
~ Tar to carry out the plans with
getting into trouble with other
nntries. The same may also be ap-
"a 10 England's attitude in the
mt Of the United States helping
0ermany or Austria In any agree
nt that would facilitate the bust.
70 Of those countries"
gorge N. Reynolds, president Of
Continental and Commercial Ma
al Bank OF Chicago, lauded the
Eooticn OF cooperation by govern
nts OF the world in any plan that
ia eliminate the physical use Of
in international transactions. but
18clared that he did not know how
- viii be accomplished.
Str George Paish has come TO
Horica on q most important mis-
~. but until he suggests his rem
am at q loss to know how this
any other country Is going to avoid
)pping gold In settlement Of its OBJ
oflons," said Mr.. Reynolds. "A
cooperative plan including all
great nations of the world that
)u1d prevent the waste incident to
shipments Of gold to and from
GLAND would be q great thing. but
sKould rather know how 1t Is to be
ne before discussing It. :.
+ FIT IL broad subject and n the
9ernment Is to be made the basis
these operations, I should say IL
uld be rather big task to take
r y risk for all American citizens.
a. - are working under q crisis now
"a our bankers know what the
uble Is We are open to any fea-
- 1e remedy. Under the Aldr.ch
. there would have been no trouble
"a the gold problem"
(. Names b. Forgan, president Of the
- VI National bank and chairman Of
I u Chicago clearing house commit
~ said he had no occasion to study
\ plan for the elimination OF gold
Dmepts In our International ex-
nnge transactions.
TIT may or may not be good
ing" said Mr.. Forgan. AT all
ents am not prepared 10 say one
~ or the other at this time. We
~ have plan I'm effect whereby the
lIpoeit Of gold or It's equivalent In
xawa, Canada, serves eas a basis
foreign exchange operations with
Hkiand and the metal or. ooin is not
@)lpped ACROSS the Atlantic. This
~ II wording Satisfactorily and an
||Fors our purposes. s-,s-s.~ssa.
~ knew Sir George Paish and or.