The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-26
WARBURG G CREDIT
UNION FOR AMERICAS
He Tells the Conference That the Repub
lies of This Hemisphere Should Establish a Finan-
cial System Independent of Europe.

that Europe could act as n large MIR.
chaser Of our securities, owing IN ,hs
stupendous amour Of bonds issued by
the various European governments,
tne extraordinary imitation Of currency
existing In almost every part Of Eu-
rope and the appalling. loss OF
property suffered by those countries
Indeed. 1t may well be expected tina,
from nov on the United States will
not only have to rely largely upon its
own for its internal develop
ment but that we shall be called upon
TO provide for absorbing the
securities previously placed In Europe
out now returned to us. It Is impos-
siole to predict how far the death
struggle now going on In Europe mus,
proceed before an end Is reached. and
We cannot therefore form any esti-
mate OF the extent Of the destruction
Of property and prosperity. But even
at this j%uncture IL must be apparent
to every student of the problem that
borrowing nations will have to hus-
band their u and move slowly
In the further development OF their
capacities until the power OF some of
these warning nations to ave shall
nave r~ecuperated and European
money shall again freely seek oppor-
tunities for investment abroad. Upon
the degree to which destruction con-
tinues will depend the role we eventu-
ally shall have to play. not only with
respect to Dur own affairs but with
respect to those Of others.
Husband Our STRENGTH,
There II no difference Of conseryr-
tive opinion that the United States
does not aspire now T. take the place
OF Europc's leading financial Powers.
Our W field of operation Is still too
vast to enable us, Or to render II
even desirable for us. to become the
worlds banker at this stage Of our
W development. But the safety of
all countries-and we include England
among their number-demands that II
again the latter should find herself
forced to call upon her debtors for in
slant payment there should be at
least n country strong and indie
pendent enough to shoulder a sub.
stantial portion Of the burden.
"The development Of all American
s''' hNS III Nv StlIt uITtCIlOn,
though there will be a difference in
degree. 1t mus be the aim of the
United States from now on to move
rapidly toward entire financial indie
pendence. II be the aim OF her
sister republics so to divide the credits
needed for their further development
that the temporary breakdown Of one
creditor country will not seriously en-
barrass them. They will enjoy tho
greatest degree of safety in this re-
spect IL their creditor nations are geo.
graphically, politically and economi-
caily separated from one another as
far as possible. so that In case one
should become involved the other may
be expected to remain unaffected
thereby. Though In normal times
closely connected with Europe, the
American continents ought to be so
organized as to form q distinct unit in
times Of emergency-a union whose
transportation n credit systems will
remain unbroken even though all Eu-
rope should go TO war.
An American union of this kind
will prove of the greatest economic
advantage for all nations concerned.
II such a union be thought desirable
1t must. however, be forged and riveted
every day Of the year. II 1t is to stand
the test OF time and stress 1t must be
a structure Of gradual growth. care
fully planned and consistently devei-
oped. and built upon a safe founda-
tiou"