The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1915-09-17
THAFBILLION DOLLAR JOAN.

" CONSIDERING the proposed immense loan to the
kltes,sltt might be we'll, to take note of one fact, viz,
the gigantic bluff that has been made by the foreign
conmitee. They state that II tho United States re-.
fuses To- make esloan} that our exports will be cut off
and that we will have no outlet for various commodities.
Whfc this may be true. the committee overlooks the
tact that they would be cutting off their nose to spite
their face by such tactics; aud the United States could
better do without5the trade than the countries represent
ed by the committee could do without the articles which
they intimate that they will cease to purchase from the
United States In case the loan fails to come forth. Such
action would probably bring the war in Europe to a
close In short order, and the average. citizen would be
riliing to suffer the depression of trade for that length
n time, 70 such a thing would bring about the end of
tie war.
Reports from the East yesterday indicated that the
big war. loan will Likely be in the near
tature, although there is a great difference of opinion
q to the details OF. the loan, the interest rate and other
1pipts OF importance. The matter of the loan has pro.
Pressed SO far, according to reports yesterday, that an
authoritative statement from the committee may be forth.
coming at any time.
Senator .Hamlton Lewis made a statement in Chi.
cago Yesterday against the proposed loan which con.
tined some very pertinent facts. He made his state.
ment,the said, In order to allow the bankers to take coun.
sci on the loan looking to the proper securities for the
Peoples money. He stated that the loan would invite
che repetition Of the panics OF 1873 and 1893. The effect
Of the loan, according to the senator would be TO take
ONE billion dollars from the people OF this country and
lend II 70 nations who are spending fifteen millions dol.
lars a day-andst TO make the loan without collateral.
The result would be that in so days all this money
would be used up aud we would have in its place secur,
tiles Of countries based on credit already extended De.
fond a REASONABLE limit, and we will have no way at law
Tor collecting any collateral offered. This would bring
about q panic such as We had in the years mentioned
aabove, which were brought about by sending money out
q this country to bolster up the falling fortunes of
Europe. H
Take the loan from any angle and It is a. rather risky
tgoposttion sndtthose who are contemplating throwing
this vast sum or money out Of this country should have
: care before the final details OF the deal are completed.
4 Citizens Of the countries endeavoring to make this
Sreet loan from the United States are said to hold at
he present time three billion dollars of American seeur.
HES. Why should not the citizens of the foreign coun:
tiles offer these securities to their governments to be
pEed for collateral in the proposed loan. with the under.
standing that the government is to give each citizen
gfering his securities to the, government a certificate max.
tns certain that the citizen will be protected by his gov
efnment and will get the interest on the loan. This will
test the faith OF the citizens In, the financial stability Of
the government. II they fear to loan their securities to
their own government, why should the United States hand
over . billion dollars with no collateral at all.
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