South Bend news-times. (South Bend, Ind.) 1913-1938, 1915-09-22
SIN. J. HAM LEWIS AND THE
LOAN TO THE ALLIES.

While as a general proposition We
are inclined 20 regard Sen. J. Ham
Lewis of Illinois as more of an upstart
than a statesman, his suggestion with
regard to the credit loan to the Euro
pean allies. especially in view OF the
criticism that suggestion is receiving
from certain eastern newspapers sort
of lifts him in our estimate When
il comes to recommending the loan
20 the allies upon the theory that 1T
is a measure meant primarily in the
interest Of American business and
credit. and Will benefit England and
France only incidentally" il is 'altru
izing" France and England just a tribe
TOO fast for our comprehension.
American bankers interested in the
loan may mean it primarily in the
interest OF American business and
credit" and TO benefit France and
England only incidentally" utilizing
an opportunity thai those countries
have placed at our doors. but we feel
quite assured that the borrowing COM
missioners were sent hither from no
such altruistic motives. England es-
peciglIy is generally looking out for
England more than incidentally, and
we half imagine France has a some
what similar first interest in France.
The chances are ten 10 one that down
deep in their bosoms, England and
France are intent upon putting little
something over on the United States,
he
American bankers hold the best hand
and know how to play it best for their
cOuntry-and themselves.
Still we are not with Sen. Lewis in
his opposition TO the loan. We - not,
necessarily, need the money ourselves.
We can get along without billion,
especially when the billion is to re-
main with us, and the banks can still
take care of the needs of legitimate
business if they will We can go still
further. following the Illinois sena-
tors suggestion, and. in addition to
loaning this billion TO Europe, lend
another billion 10 Latin-America,
could it be done upon the same stay
at home" basis 1t might even be
done were the bankers of a mind to
let 90 of their gold. but AYE. there's
the ruby This credit loan to the
allies. while so far as the paper shows.
is being made TO Europe, is really
loan securing payment to American
manufacturers. on securities as dis
tinctIv American as is the money
which the bankers let go and still
keep.
From which we conclude that after
all the deaf will probably net more to
the bankers than to anyone else, ex-
cept. perhaps. the borrowers. We
doubt there being a cents worth of
sentiment in the transaction any
where on either side. Self-interest,
both on the part of England, and OF
France. and the bankers. is the out
look. and what is really doing the
work If that visiting commission Is
relying on a bank sentiment that
doesn't include big profits, it is over
here on a wild goose chase.
And then again. as to government
Intervention. which Sen. Lewis sug-
gests. limiting at the necessity of it in
preservation of our neutrality.
According to German opinion it
would be an "unfriendly and unneu-
trail" act to loan the French and Brit
ish governments the money they want
while the war is on.
According to Anglo-French argu-
ments it would be 'unfriendly and UNI
neutral not TO do SO just because
the war is on.
It's six of one and half a dozen of
the other: we are cursed if we do and
reviled If we don't.
The fact Of the matter is-or at
least so the real neutrals Of America
will probably agree.-that it is a
straight out business deal between
American tinanciers and foreign cap
italists who, 10y grace of circumstance,
happen to be French and British in
stead of German and Austrian. Any
way. that word "unneutraI" is De
coming a regular nuisance, as flung
around promiscuous-like 10y the by
phenated. and Sen. Lewis ought TO be
more original
liz is i'm no sense a government mat
ter. If Germans, British or any other
foreigners can borrow money IN this
country. of anybody, il is their privi-
lege and right. Our government risks
nothing. makes nothing. 10y such deals
and its interference would be sense
less. Pres't Wilson already has wor-
ries enough without putting out a
drag-net for more.
II YOU WE'RE STEFANSSON.
Stefansson. the Arctic explorer