The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-09
Looked to America for Ntd.

Nov. the inevitable and fnrcseeu conse-
cueurp Of the moratorium was that the
exporters from America could not get pay
mont from our merchants In their turn
because our internal retail houses had
boon forced to suspend cash payments.
Tfl- being 80 the Americans could not and
perhaps still cannot pay what they owe
a'g'. No doubt the United States being
debtor nation, owes us much more than
We owe her on the last quarters trading
balance, but when a great free trade
country such as this resorts to mora
t'rium she simply scraps the entire
H-''hinery of the worlds foreign eI-
Caaugcs
the advisers OF our Chancellor having
brought about this pass. next thought
that they could scramble out of the
bog on the shoulders OF Uncle Sam. Your
gold was TO come over here and remain
here, because our moratorium had killed
your natural export Of goods Il is diff
cut TO speak with good temper Of hnan-
cal tricks such as these. neither honorable
nor necessary"
What will happen and what has taken
Sir George Paish 70 Washington
Sir George Paish IL at least as re-
snons!blc as any other for these financial
FRANKS. He has been the mouthpiece OF
m" Lombard Street lcceptors and has ex-
igacted them by transferring their war
'shS TO our taxpayers. Sir George In not
an economist, hut a journalist statistician.
" my drains go wrong call in plumber.
nut ! am not called upon to regard the
plumber ae an expert architect. and this
analogy holds good for the statistician.
VT liish sprang 10 fam. on the back OF
the peoples budget OF 1909 ne loses no
opportunity of declaring that our Chan
cellor here is divinely inspired hnancier
some OF US think otherwise. even in war
lines You I'm America can learn nothing
rom this new knight Of Lloyd Georges
CREATION except indeed the sort of expert
mcnts YOU should most carefully avoid.
'On general grounds ] venture 10 sug-
cost that the United States might send US
gold IN very liberal amounts. You will
lose nothing by such n policy and YOU will
gain much Every gold dollar YOU send
VII strengthen and sweeten the market
more for all that you export. To use
m"tarN metaphor. your gold exports are
Your artillery. under the fire OF which
Your commercial exports will cross to take
w strong positions on this side. But II
washington Is TO cooperate with West
minister, Wall street with Lombard Street.
rs lot us say by putting in effective
opcration your new currency act. which
WI NJ itself export your gold. then let
washington stipulate that We here Issue
gal tender paper enough to secure that
"h'n YOUR gold has come over ii may
N1ve fair chance to return home
through tho action OF exchanges which
ere NOV tempered Win,
"MeRn md scnndaIOus Finances"
No more moratoriums. no more hold
Nn' or that kind. The finance Of our war
i7s been mean and scandalous. The I'M
por'al Bank OF Russia has issued fully
$500 00o. 900 Of currency against securi-
ties Berlin has issued nearly twice as
much. The Bank OF France since the war
hogan has reduced It's gold by $4,000. 900
while increasing its note Issue by $500
10000 Canada has issued currency freely
though still insufficently against seCuri-
ties. You IN America have done your share
Toy the common cause OF finance with
issues OF emergency currency. But here
We have done much worse than nothing :;
"" have impounded in the Bank or Eng
land every ounce OF gold We can lay hands
On, while issuing only n mere handful or
ion-securcd shin plasters.
"Our sailors and soldiers are doing
tuIcudidly, but that especial department
~ war in which we believed We were i'm
rroguable our hnance. has weakened not
only England but the empire why should
"o cling TO our old mu2zle loader of 1914
though we know that its malpractice Will
la-alyze the trade and finance or our
great friendly customer. tho United states,
and 'mhHrrass hardly less both France
and Russia. Canada, India and Aus
trala?"