New-York tribune., 1919-10-28
Ministers Told
AnEurope Needs
Financial Help
Federation of Churches Is
Planning Sermons to En-
Tighten People; Partner
of Morgan Is Quoted

Industrial and financial conditions
are SO bad in Europe, according to
three trade representatives of Great
Britain, France and Italy, WHO spoke
at meeting yesterday afternoon OF
the clerical conference of the New
York Federation of Churches in the
Metropolitan Life Insurance Building,
that if aid is not given by the United
States Immediately Bolshevlsm may
soon hold sway all over Europe.
After listening to the stories of a
devastated Europe the clergymen pres
ent promised aid to arouse sentiment
among the American people to sub
scribe to large popular loan to be
given to the needy European nations
DR.. Walter Laidlaw. secretary of the
federation, announced that plans were
being made to have Europe's need the
subject of the sermons preached
throughout the country on Thanks
giving Day.
Edward A. Fiene, director of the
Boston Chamber of Commerce, in re-
viewing the financial situation of
Europe, said he had travelled all over
Europe during the past six months.
Industry, he said, is at standstill
and the people are in many cases
starving. The chief difficulty, how
ever, according to Mr.. Filene, is credit.
He cited Dwight w. Morrow, of J. P.
Morgan e. Co., as pointing out that "as
q result of the war America is now
piling up an export balance of approx
nately $4,000 O00, 900 a year; that is
in 1918 she sold more abroad by 81,
00000,0O0 than the rest Of the world
combined was able to sell here
That difference" continued Mr.
Filene, "Mr Morrow believes is now
beginning to diminish, but it will be a
gradual process, and he estimates that
next year the balance Will be at least
81 100000. This balance, which be-
! fore the war would have been paid for
either in goods or in gold, must be
provided for entirely by credit. Eur
ope's payment, that is, must be de-
ferred until she is able to manufacture
the goods necessary to lay for the
goods which she imports from US.
There is plenty of good will among
the bankers and desire TO do all they
can to furnish these credits, but the
amount required, 100000 900, OF
moro, if we accept Mr.. Morn ow's fig
ures, is SO huge that unless the people
OF the United States, the individual
citizens, understand that the war is
not over and show their desire to helI
. the task Will be impossible.
"As Mr.. Morrow expressed it the one
fundamental thought that we mus
hold on to is that while there will be
many minor factors in the great en-
terprlse of the restoration OF Europe
the indispensable man in that enter
prise will DC the plain old-fashioneC
man who spends less than he produce.
/ and thus creates the fund withou
which all Of the plans for the restora
ton Of Europe must come TO naught
This task is one for the whole Ameri
can people.
Further, unless our people do under
stand-for they will help if they un
derstand-such help as does go tt
Europe will have to go through th'
banks in the ordinary way. And th'
bankers, acting as trustees for the say
lngs of the country, must necessarlI.
demand the most adequate security
It can be seen at a glance that unde
these conditions the nations whicl
have the best credit and are th
strongest Will be those which stan'
the best chance of getting money.
This means tnat while the stronge
states might be taken care of in thi
way We have no solution at all for th'
small. weak and new nations which can
not furnish as good security.
at is just as important for the per
formance OF our moral duty in pro
noting the security of Europe and tht
stability of the world that thess
weaker nations be given full oppor
tunity to restore themselves. And un
less the whole American people ar,
ready to show their interest, by work
ing and saving and making it possible
10 extend aid to all Europe, the prob
lem cannot be solved"
Mr.. Filene told the clergymen they
can help by urging the American peo
pie to take part IN this large popular
loan and thus help the needy nation:
OF Europe
NJ. Arthur Waddington, textile manu-
. facture and prominent in French busi
ness circles, discussed the needs O.
France. saying that his country wa:
not bad investment" that he iva:
not here to beg" on their behalf, anc
that notwithstanding reports to the
contrary France is as healthy, from
the social point Of view, as any other
country in the world. The spiri
among the French people is not ripe
for Bolshevism.'
Dr.. Luigi luigi, noted Italian en-