New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-11-02
Delegates Told
u. S. Is Anxious
To Aid Europe
Americans Are Waiting Only
for an Acceptable Method
Of Lncding Money, Says
MIR. Glass in Conference
High ates Indicated
Proceeds of Loans Should
Be Used for Necessities.
Asserts Governor Harding

WASHINGTON, Nov. In the ex-
ccutive chambers Of the Treasury of
the United States trade delegates from
Great Britain, France. Italy and Bel
GUM. comprising the foreign members
OF the international Trade Conference.
to-day heard that the body of Amcri-
cans IS anxious 70 extend financial aid
for Europe, and is waiting only for the
development of acceptable methods
Secretary Glass. Governor Harding
the Federal Reserve Board; Senator
Owen and Comptroller Of the Currency
Williams indicated to the visitors that
the government Of the United State,
would be sympathetic to the financing
OF European reconstruction by Ameri-
can capital.
"Gentlemon." said Secretary Glass
who spoke briefly. "in these after-the-
war times. we face. grave problems of
read ustment and recons tructlon. 1t is
only by conferences such the one
IN which you are participating that
we can hope to do our job best. l am
sure that in travelling around the
country you viii find the American
people not only willing, but cordially
anxious to confer with you and to
End ways and means OF helping Eu-
rope get on its feet. The prosperity
At least OF our associates in the war
should and, under God, VIII be fully
restored
Main Points of Situation
Conversations with members OF the
Federal Reserve Roard developed the
following main points.
The reserve board approves the gen
eral proposal TO finance European pur-
chases in this country on q compre-
hensive scale.
The European governments. Compel
ing with American industries for funds,
will have TO pay relatively high inter
Loans to Europe on large scale will
impair the financial strength of the
United States. unless based on saw
ings Of the average citizen.
The proceeds OF the suggested loans
should De used by Europeans only for
The purchase Of essential raw mate
rials and machinery. not for Injuries
Governor Harding explained TO the
delegates what he meant by saying, at
the formal sessions of the conference
at Atlantic City eight days AGO. that
the European governments should eX-
pect to pay II per cent interest or
bonds 1pated in the United States
The statement. until explained to-day
caused much misciv.ngs among the
inter-AlHed delegates.
al used II per cent SAID the hcac
Of the Reserve Board "only - a.
alPebraic expression. just as Z nigh
have said that your countries viii
want TO pay 4. interest whereas tn,
American investors viii seek 3 in
terest. ! did not mean it literally. bu'
desired to indicate that the nteres'
Il Z l.
per cent, which the government o.
the United States ia charging on it.
war loans Of $4,000, Geo, 600. IL !.
better that YOU should be pleasantly
surprised in getting The loans at mucl
less than II per cent than in beinf
disappointed at finding that the rate
will be higher than you had antici
natcd"
Must Curb Extravaganza
Mr. Harding said further that h.
vas vholeheartedly in favor Of help
ing Europe, in SO far IS it could b'
health fully done He pointed ont tina
country would have to be curbed be
fore great aid could De extended tt
Europe, and declared further that Ia
rope would have to correct its owl
extravagances in its OWL way
Mr.. Hamin cheered the European
by saying: There can be no lastinl
prosperity in the United States i
there is adversely among the great ma
lions OF Europe w must restore
fairly even balance between export
and imports in all countries and afte
that is done the monetary problem
will cease to exist
The obstacles that must be sur
mounted if The vast project Of fnanc
ing the Old World is to be accom-
war. TiorNrcoJ IN, M5llo,