New-York tribune., 1919-05-27
L. S. Credits to
Save EUROPE,
Says Y anderlip
Unless Industries There Are
Financed, Banker Fears
That ''Forces of Destruc-
iion'' Will Be Unloosed

America must come at once to the
aid of all the nations of Europe with
offers Of machinery and raw materials
necessary to permit immediate resump-
ton Of industry, if these countries are
to be saved from fate more terrible
than the war itself, Frank A. Wander
lip, president of the National City
Bank, told fifteen hundred persons at
a dinner in his honor at the Hotel
Astor last night.
Mr.. Vanderlip, who returned week
ago from trip on which he made
an exhaustive study of financial and
economic conditions in all Europe west
of Germany, was grave in his warning
Of the fate now hanging over these
countries unless their peoples obtain
work imm mediately.
Europe must get to work if it is to
be saved" he said, "but it must be
helped even to start work
There are forces of destruction
which might be let loose as a result
of afterwar conditions that would be
more fearful than the great war itself.
There are starvation, idle industry,
kets, injured morale, shattered govern
ment credits.
Europe Must Have Credit
Europe is but a great factory COM
munlty, dependent in the main upon
world trade for much Of it's food and
raw materials. There are only three
ways in which they can pay for these
f. .things-by export of goods, by export
OF gold or by export of their credit
None of these nations can export
goods at present, and they have no
gold to spare. They must nave
credit"
Mr. Vanderlip warned his audience
against the excessive optimism which
is voiced in the conviction that
things will straighten out in the
long run"
81 would answer he said, chat
hungry stomachs will not wait for
things to straighten out in the long
run"
The dinner to Mr. Vanderlip was
a joint testimonial to the banker by
the Economic Club of New York, the
Civic Forum and the American Mid
European Association.
George W. Wickersham was toast
master. r. j. Caldwell, president of
the American Mid European Associa-
ton, also spoke.
Must Provide Essentials
Mr. Vanderlip said:
81 do not believe that we can furnish
the credit to rehabilitate the govern
mental credits of Europe. Many Of
them are too badly involved already. /
do believe that we must furnish those
things that are essential to the re-
starting of industry in Europe. 1t will
not do to use the usual methods Of
money lenders, TO pick out the best
security and say we will take chance
on this and let the rest CO. We have
got to lend in the measure of the neces-
sity rather than in the measure Of the
security, because there is no security
anywhere as long as you have part of
Europe idle, in want and hunger, ready
for Bolshevism
Now Europe has got to save itself
1t cannot do 1T by charity, but we have
got to get little priming in the pump
TO get the thing started / do not be-
lieve in charity for Europe-money
charity--we have done good deal Of
that, but do believe in the charity Of
mind toward Europe. | am no longer
critical Of any fool thing that Europe
does. They are entitled to do fool
things They arc in II nervous tension.
u think group Of nations that can
furnish the things that Europe needs