New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-10-31
THINK
We WANT TOO
MUCH SECURITY
Mr.. Dawson Says to Save
Our War Trade We Must
Relax Our Terms

II. p. Dawson, of the firm of j. 7.
Morgan e. Co., who has just returned
from Europe, gave out from his desk
yesterday a long typewriter state
ment in which the suggestion is de-
veloped that if this country wishes TO
maintain its war trade with the En-
tente Allies on the present scale, 1t Will
have to treat them as voluntary GUS
toners, make better terms and be Will
ing to accept their unsecured notes IN
payment. J. p. Morgan e. Co. control
the fiscal arrangements Of Great Brit
ain in the United States.
Mr.. Dawson begins his statement by
saying that his trip to Europe was
"for the purpose of discussing NUM-
tions and finance with the authorities
in London and Paris" He made ex-
tended observations, covering military,
industrial and emotional conditions,
and was profoundly impressed by what
he saw. He was particularly struck
by evidences of the financial uh in
dustrial strength Of France-by that
country's great capacity and wealth"
He reviews what has happened in this
country since the beginning OF the war
In July, 1914, we we're In the midst OF
industrial depression. But
Immediately after the outbreak OF the
war Great Britain and France, as we'll as
some of the other Allies. finding them
solve, wholly unprepared in the way OF
munitions for such an emergency. rushed
TO the United States for equipment OF
oysrv kind seeking early deliveries and
paving hieh prices. The volume OF ma
terial purchased by them was far beyond
their expectations or our own. These pur-
chsses were made because at that time
thev had 10 have the goods. Now the sit
ust;on ia materially different. During the
more than two years which have passed
Great Britain and France have not only
carried on the war on the Western front
but. as stated, have at the same time de-
veIoned their own manufacturing re-
so that to-day they find themselves well
equipped and In position to provide not
only for themselves but in large degree
10 assist their allies. In stating this I do
not mean 20 imply that there are not many
things they will require from us. "a they
did before the war and will after ! do
mean that there are very many supplies
which they would rather purchase from US
than produce at home. reserving the re-
sources required for such production for
other purposes 10 their better advantage.
The point Is that to-day their position is
one Of independence. compared with that
Of two years ago.
And now. in consequence Of the rela
tive independence of these customers,
change in our attitude toward them,
Mr.. Dawson thinks, is necessary. He
says:
am perfectly clear that n We regard
Great Britain and France as desirable Gus
TONERS and wish TO continue TO sell them
our products. we must treat them IA
producer usually treats a desirable Gus
toner. IN which event I am confident we
will continue TO supply them largely not
only during the war but for the reconstrue-
ton period which will follow.
He thinks, however. that our first at
titude was unnecessarily stiff:
have been wondering how we in this
country would feel IL the tables were re-
versed Suppose. for instance. we sud
denly found ourselves plunged into war,
and finding ourselves wholly unprepared
caught at once $500 600. 600 worth of ma
,erials and munitions. Say we placed our
orders with Great Britain and France. and
were then told by them that they would
REQUIRE in payment 500 600 900 in gold
that they would accept SiOO.oO0,OoO in
United States government bonds. and that
the remainder must be paid in United
States government bonds secured by bonds
Of certain South American governments.
| believe that this is a fair parallel TO our
present attitude and / also believe that If
our creditors took that position we would
meet their requirements as 10 payment and
at once set about 10 place ourselves in a
position OF independence as far as possible
TO do so.
That is what the Entente Allies have
done. He argues that it would be
Uncomfortable 70 us that the people