The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-10-25
may be necessary to promote thl. great

lend.
ITO lend to Europe the stupendoui
sums which have been mentioned woult
require saving on the part Of all oul
people. The extension of such credit.
cannot be by our banks alone. Tn,
banks themselves largely act as medis
through which to mobilize the credit re.
sources OF the merchants, the farmers
the working people and the citizens gen.
orally OF our country. Our people must
De made to see that through saving and
through thus making possible those large
european credits the surest possible con-
tribution will have been made to the pros
perity and future welfare not alone OF
europe, but of our own country itself
| Our people must also realize that II
we are to be able to save the where
withal with which to bring about the
J prompt restoration OF the productivity OF
Europe II cannot be accomplished by
turmoil and strife at home. I venture
to commend to my labor friends the i'm
portance of stopping to realize what
they are about in the strikes now being
threatened In this country. Industrial
strife means not alone no savings for
Europe but II means disaster to our
seives-to every one Of U.S.
As to the basis for the conferences.
summarized the report of the committee
on credit and finance. of which James
Alexander of the National Bank of
commerce is chairman, as follows:
First-Aftor considering the great
problem from all angles the committee
states definitely IT'S belief that the re-
Quirements of the nation represented at
this conference can be met
"Second-No one plan can cover all
cases The problem of each nation is
different from the rest, not only firan-
e!ally but commercially and socially and
politically. Elements enter into the
problem. 1t is the responsibility of
Third. the definite step recommended
is the formation of corporations for for
eign credit under the Edge bill.
Fourth, 1t is REQ commended that a per-
manent committee be Immediately ap-
pointed by the Chat lber representative of
the entire nations interested in meeting
this emergency Swh ich can present the
case to the entire American investing
public"
Favor Cut In Tariff.
The resolutions ca nmittee this after
noon presented to tn conference a Sc
ries OF resolutions des handing reciprocal
recognition of nation ais. cessation of
control of industries. a spe-
cial resolution asking he withdrawal of
the restrictions on coal and a resolution
tavoring the freest and fullest distribu-.
ton OF commodities an d raw materials
according to the natu1 i demand. The
asst was considered Il further action
along lines unfavorabIe to a protective
.ariff.
The coal resolution vs Iuested the d.
'ctors or the United stat es Chamber of
- merce to bring. to M attention OF
- nerlcan authorities the need for
~ LIN travail of coal rem rictions for
80. 80, asked the foreha | delegates
40 tie ESQ with their hon Govern
ents. ,,.,, -,
The resolution o. free distrA ution OF
,mmodities and raw materials co.
at being In the COM non inoA 49,.
atoms that there should Ne the sS
ossible development of in6ustfsr an is
,mmerce and that prosperity sA 'ula
rerywhere prevail the internatfa na
.ade conference deems 1t to be prh ue
nportance that there should be "A
idest practicable interchange OF com
oddities and in particular the freesA
racticable distribution of raw materials
nd that at the present moment con- \,
deration should be given to the question
I a fair distribution OF raw materials In
with any financial plans Tor
,e revival or rehabilitation OF indus
les which have been interrupted or
by the war"
At the session this afternoon DoHenico
iidoni, representative OF the Naliah
reasury in the United States, summing
D the situation in Italy, again caiied
ttention to the Danger OF the unnavor
BILE exchange driving the allies against
heir Will to buy In Germany.
I'm spite of a natural reluctance to
esume business with Germ my ana AVS
ria," he said. the mercfA MT Will M
breed to make his purchases IN those
ountries where his own money Is at
and where the price Is eonse-
uently lower than elsewhere"
Penalty on Trading in U. s.
He showed that the present state TO
Italian exchange imposed a penalty OF 80
er cent. on all imports from the UpiSed
tates. He blamed some of this to spe>-
lation and advocated the renewal Of
ONE restrictions to prevent It,
NJ. Jensen of the Belgian delega- .
ion raised a cheer when in detailing 7,
,elgiums present financial condition be
old of personally swinging open the .
ault OF the National Bank of Brussels /.
DR. an armed detail of invading Germans .
o show them only q pile OF 100000
rancs in copper money. The gold had
IL been sent safely to the vaults OF the /,
sank of England.
BY raising the tax rate so per cent.
bove the present figure France will be
BILE to meet the financial situation due
0 her four years struggle. so NJ. lie
saron Du Marais declared here to-day
efore the conference. He explained
hat the worker and the soldier OF
rance were one and the same man and
hat the struggle Of peace would be met
70 less VIGOROUSLY than was the shock :
( war.
1.-The French budget In 1913 amounted
o 1920, 900 .000." said he. "Of this less
han $3.50, 10000 came from that part !
( France VIII. h did not later suffer
INVASION. This year the same section
gill pay into the treasury almost the
otal budget OF $4,000. 900. 900, which
institutes an increase in burden OF
20 per cent. From the above figures
lone you can Judge how unJustified It
would be to accuse us of not having
xerted ourselves sufficiently to increase
ur taxation to a reasonable degree.
these $4,000. 100000 which the treasury {
viii have at its disposal in 1919 will be
nough to pay all the civilian ex-
enditures OF our budget, including the
ntire interest on the public debt.
I'VE have a right to be pleased at this
tage. Our Minister of Finance recog-
lized this fact when he proposed to !
Parliament new taxes amounting to .
$50. 100000. These taxes are TO be con-
idered at the next session OF Parlia-
nent which is scheduled to convene i'm |