The Birmingham age-herald., 1919-02-27
WHAT ENGLAND HAS DONE

MT. Morrow spoke as one well qualified to speak when he said that no matter whether the loan be for as much as $7, ,0OO,- lOO0,0oO or even $100O0, ,0O00 GOO, that amount would hardly begin to compare with the financial burdens which the people of Great Britain have willingly accepted and about which they have said almost noth- ing Certainly, to use Mr. Morrow's words, England has not boasted about her stupendous financial achievement If England could do all that she has done and do it uncomplainingly no good req son could be given why the United States cannot do all that the government now I asks in the way of providing funds which l are needed in order to take up what re- mains of the responsibilities of the war. MT. Morrow has been made familiar with the English situation. He had &C.,
 curate information respecting the amount i of the resources which Great Britain DOS 1 sesses. This information was given to l hip confidentially some few years ago. IL was sufficient to convince him that whatever the expenses might be due to | the prosecution of the war, nevertheless l Great Britain was in position without straining her credit to meet these ex- penses. She was also in position to se- I cure advances from American bankers
 and also very large line of credits
 from the American government. Great as
 the resources of England are they are far less than the resources of the United States, although of very different kind l Here are in great measure made up o1 investments which her people have made
 in one securities issued by her colonies and also by other nations Ours, except ing for the temporary and unusual re credits extended to foreign nations and by our enormous supply of
 gold, one-third the total gold supply oi the world, are natural resources many oi which lie in the earth awaiting develop ment.
 One comment which Mir Morrow's ra lmark caused was based upon what 1 seemed to be the clear intimation by Mir Morrow that the banks of the United States will probably have to assume tn. greater part of the burden which will b, created when the next loan is offered by the government. That has been for some
 time the view of men who are giving much time to this subject and are com petent to give good opinion. Ultimately lalthough gradually, the loan may be absorbed in the greater part by tht American people.
 One feature of MT. Morrows addres. confirms the opinion that next in i'm
 portance to the determination of thu
 peace treaties and their ratification Islands the financial situation. Gradual, ttiASiC VIII cOiitc tO all pcOpic ROOu uHueF tstanding of the unprecedented magnitude
 of this aftermath of the war The grea
 leaders in finance are already talkin,
 about it. Even from Germany comes lsuggestion which was made by the abl,
 President Won Gwinner of the Imperia
 Deuischer bank that there be summone1
 as soon as possible into international con ference the ablest financ al leaders of tn world for the purpose of re-establish, n, the financial balance of the world. H.
 even goes so far as to suggest that ther
 be an international agreement unde (which each country will pledge an an
 nual pro-rata sum to the United States
 and upon that basis the United State
 could extend credits to the world. Thi
 plan may be ins3racticable but the mer
 suggestions of it demonstrates that tn financial leaders are now looking ahead
 wondering how the financial balance c the world can be re-established. Tha
 question was possibly in Mir. Morrow mind when he addressed some 500 trus linstitution officers with the clear an 4plain admonition that upon them be in volved very difficult task. which is tn furnishing of adequate assistance to tn government in bringing to success tn lnext loan,