The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1917-02-17

On the question of lending Ameri'
can money beyond the ordinary bust
ness caution to foreign governments,
Fcstus J. Wade, president of the Mer'
camille Trust Company of st. Louis,
and chairman Of the banking and in
YeStmnnt group, said at the National
Foreign Trade convention in Pitts,
burgh:
Take your courage in both hands
lend thin your money, and help them
out Not one Of them is going to
default The time Of repayment may
possibly be delayed: that is ALI
He referred particularly 10 the coun'
tries OF Europe and South America
Like other American bankers. he
seemed 10 have forgotten that there
is such Il country in the world as
China, which needs the assistance OF
our capital in its regeneration as well
as its reconstruction quite as much as
do the countries he dwelt upon, and
is financially more sound than is any
other nation today, the United States
alone excepted.
China'S total indebtedness TO foreign
creditors amounts ~ only SoOV'OUu',
900: and she has Il population to carry
ii that is estimated Us between 400.
OOn. 900 and $4,000 900. The popula'
tion OF Japan is i0,0O0,00Q and its total
foreign Indebtedness is about $500
.00n, 200 vet or $3.50, 100000. In view
of the conditions, it would seem that
China should be able TO borrow cont
torta bly," very large sum OF money
and be able. TOO. To keep her obliga'
lions 10 the lriIrr--aS. up 10 the pres
ent time. Sh" kept all other foreign
obligations.
In the old days OF the Manchu gov.
eminent. China'S credit ranked AL;
she could borrow. without the slight
est difficulty and on the very best
terms. in almost unlimited amounts.
The finanrirrS IF England. Germany
France and Belgium Were IEruStin%
money on her. \ viceruyS seal was
taken as yil-Cdced security. The
hotels in Pekin We're crowded with
financial agents who had money to
lend. They would steal one anOther'S
letters to get tips on competitors
enterprises. They were fmporins gov
eminent officials TO accept money for
straight loans. or for concessions. or
for anything else the government
could BE- persuaded to take money for.
The unimportant Chinese, from gate.
hteDcIS up " -kiIIuIil III - tICSlll IVY
who ate dinners in the Pekin hotels
at s. per plate and gave their enter
tainerS no return whatever In the
backstair influences reckoned on by
their hosts. can almost be counted in
the number Of fat men on the streets
Of Pekin.
The Same condition prevailed anew
some six months after the revolution
became an accomplished fact. But
from that time on. it changed. because
the republican central government.
previously permitting the governors
who had succeeded to the imperial
viceroys to contract loans for. their
prospective provinces. soon realized
that diffusion Of authority over the
national finances tended not only TO
graft but to the creation OF disadvan-
tageous loans for which the central
government must stand good. The re-
suit eventually was the wise course
adopted in floating the republics loan
of 25,O00,000 pounds - s125,000, 900 -
with the fivc-powcr group originally
Il sN-power group in which American
bankers were Included The refusal
Of our own government 10 lend it's
approval TO American participation
left this country out Of one OF the