Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-09-03
! DR|LL|ANT OPPORTUNITY
|. BEFORE UNITED STATES
Sir George Paish Thinks This Coun-
try Can Become Money
Market OF World.
DEFENDS ON AMERICAN PEOPLE
Financiers Need Only Make Proper
{ Use of Unprecedented Situation to
Place Country in New Role-Sug-
Eests Two Remedies for England.


LONDON. September 2.'The United
States has superb opportunity TO
become the money market OF the world
1t depends solely upon her ability to
seize the opportunity whether she de-
rclops into an international money
market that Will outlast the war and
place her in a new role among world
powers"
This is The opinion OF Sir George
Paish. editor of the Statisi and ad-
mittcdly one OF the best Uniformed
economists in tho world. He had been
discussing its serious light. the sig
i niilcance of the fall rate TO point
.-,where the English sovereign was worth
in New York only Si5o, and while
lie has a sure cure remedy"--two in
fnot--for the presen, bad situation. he
goes further ana declares that Amer
,ican ananciers need only make proper
use Of the unprecedented situation to
pat the United states in the first place
as money power
The remedies arc either TO reduce
> purchases OF American goods or obtain
credits in the United states.
CHOICE DEPENDS WHOLLY
ON AMERICAN PEOPLE
Sir George declared that the choice
Of these two courses Will depend who'll
u On such action a. The American
people decide 10 follow
The whole subject. IL Is general
aspects, said Sir George Is exceed
ingly simple. In norma: times Ameri-
can exports begin = eNrand a: This
period OF the wear wh!l@ ne imports
remain light Nevertheless n o-G;-
nary years. the expansion .: tre sx-
ports had had 7ract;caUy no effect
upon the right Of exchange a. America
is usually in debt - this country az
the end OF the Summer for very large
sum, il consequence %: the expeuii-
lures by American tourists on this
side, whereon r.miIianees arc not made
until the autumn wss- The great snip
men,s and cotton a@H whea: soon pu,
matters right
Last year 80 THIS TINE i i ca,yu-
lated that the C1ited states owed
Great Britain 100000. 600. or $500 600
600 over and above The sum owed by
Britain 10 the United States. and this
debt had been ncGrred largely IN con-
nection with tourist and kindred eX-
penditureE.
PARTLY DUE To FAILURE
OF TOURISTS TO SPEND
IN the current year the expenditures
OF American tourists in Europc have
been very small and. at the same time
our own purchases have been Very
much money usual in Europe this
wear, not much difficulty would have
been experienced in providing all the
exchange needed 10 pay for Europe
great purchases from America"
SIN George does not wish 10 30 on
record as 20 the total amount ordi-
nariiy- spent in Europe by American
Tourists every summer. but from other
sources tits learned that the sum has
never been less than S25c.O0n. 600 of
which England has received b. far the
greatest portion.
Exports or sold and moderate sales
Of American securities arc the obvious
ways Of vemedyinr the d!sadvantagc
Of the rate OF exchange. according TO
Sir George. and there would bc no
d!ilouiiy in taking both these stops
10 cancel tho debt,
BY, we're nc existing situation
faciihed in this way. he said, the
r"ctircation would be q temporary one.
and in vcrE short time our great
PURCHASES OF American goods. usual in
lh9Eai! OF the year, plus the additional
quantities OF goods We are nov buvinE
would soon create against MS Il fresh
halanc" OF exchange Of large
amount"
FIRST or REMEDIES
r"k EASING SITUATION
And here Sir George suggested me
ifst 81 ms Two remedies Tor easing the
ri.
Re began by .exr4a-nims that there
you'd be no difficulty 10 bring abou, t.
q large contraction in the British and
ENench demands for American goods.
and he calls IL the easiest and simplest
Jay out oc the situation
Reing asked II he were sure tha, IN.
british would consent so easily 70
: orego purchases for American com.
snodities which have come 10 be re-