The Washington times., 1919-07-02

pOSeQ 10 represent Ine real WealIn
of the world, there is always much
more wealth than there Is money,
and real wealth is often compelled
to wait upon money, thus leading
to that most paradoxical situation
"a world filled with wealth but
suffering want.
1t now perhaps begins to be ap-
parent to the reader why the
league Of nations should also
control the economic interests OF
the world, at least in q way to
negative these evils, If 1t Is to full
fill the worlds expectation Of peace.
1t would mean a sanctioned control
of the market rules Of the world.
The member nation seeking
the sanction Of the commerce
section Of the league would de-
post Herewith bonds issued
upon the real wealth Of the
country. What is a nations real
wealth? First, its lands; second,
its improvements thereon; third,
its production. But no nation
will pledge its land, its sovereign
domain; so that for the purposes
Of credit the fruits Of its creative
labor upon the land might be
pledged.
In exchange for these bonds
issued upon internal improve
ments or production and bearing
interest, the league would issue
trade participation certificates to
the amount represented by the
bonds, and these certificates
when presented in any market
would establish the presenting
nations credit without its being
subject to inspection or specu-
lation or at the mercy of those
groups which extort high toll for
assisting to obtain credit. A ma
ton would trade to the extent
of its actual wealth if it pleased,
but no further. Back Of its GER
tiicates would be the guaranty
Of the league of nations that the
value Of the certificates actually
existed in tangible, exchange
able property.
Under this proposed arrange
ment, if a nation wished more
credit in the marts of the world it
would simply have to produce more
wealth. The most industrious and
efficient nation would naturally
have the larger proportionate basis
Of credit.
Some Of the benefits Of this
plan to the participating nations
and the world at large may now
be noted.
It would relieve the nations of
their dependence on those who
have gained control Of the gold of
the world.
It would equally relieve those
nations which are able to corner
the gold of the necessity of forcing
it into all sorts of speculative fields
to win interest thereon.
Moreover, it would prevent that
most frequent source of Difficult
ties between nations-the system
which makes debtor and creditor
countries. Credit would no longer
be a strangle-hold by the creditor
on the debtor, for credit would al
ways be money-credit, a sign of
actual wealth in possession, not a
sign Of need.
1t would be a guaranty Of world
peace because all transactions in
volved in preparation for war
would have to pass through the
hands of the league II they were
made at ALL The nation which
should stop production OF real
wealth in order To make munitions
for the manufacture or exchange
Of which the league would issue
no trade participation certificates
that nation would simply be iso-
lating itself from the world and
blockading itself economically to
its own undoing. It would be i'm
possible to finance a war. Gold
would no longer be the magic war
maker OF the world.
This, in broad and sketchy out
line is a plan that might well be
adopted TO complete the nobly con-
ceiVed and ably executed plans
which comprise the political part
Of the league Of nations.