The Birmingham age-herald., 1919-06-24
RESPONSIBILITY IS
 UP TO BANKERS
py HOLLAND.

ny
 New York, June 23--(Special )--Incident- ally, as though it was passing thought. i Henry P. Davison is reported to have | said to the committee of the Senate which was authorized to discover. If possible, how a copy of the treaty of peace was placed in private hands in New York, l that in the financing and refnancing of Europe which is inevitable if normal conditions are to be restored there, l the government at Washington should take no part but instead the banking authorities of the United States should cheerfully accept that responsibility
 MT. Davison had already spoken briefly | for publication on the day of his re- turn from Europe some few weeks ago. 1 He then said that it was not expedient, 1 in hs opinion, for the government to make any further loans to other nations, Aid of that kind must come instead fnom American banks, and in some measure from private investors the purchase, by men of capital, of securities issued by foreign corporations, by municipalities, by railroads and by public utilities.
 | The incidental remark which MT. Davi- son made when testifying before the Sen ate committee was substantially in these | WOTQS. IL VIII DC ucCcSS8Ty IoF AIuCA l ican banks to cooperate in this work, and already steps have been taken in New York, and are about to be taken in | Chicago, which will lead the way to the co-ordinaton of aill the Amercan banks with intent to finance Europes needs"
 Since Dr. Davison thus spoke the ques- ton has, been asked. what did he mean | by coordination of the American banks 1 He meant exactly what the term co- l ordi In irnnlieg hecalSa he had all ready in prvate spoken of national bank ing cooperation of that kind.
 If perfectly adapted coordination of the I American banks is secured. then there can be no question about the ability oi American fnancal authorities. not easily perhaps, and yet adequately to meet the needs of Europe.
 WHAT IS COORDINATION?
 The Clearing House associations of tht United States, and especially those o the larger cities, are referred to by thos' who are competent to explain the mean ing 9f coordination, as furnishing thu best example of perfect financial fellow
 ship such as must be established if Amer
 icas s banks are so fortified as to mee the demands which Europe is likely t'
 make upon us for aid. There will b.
 established something like great famil.
 council whose membership consists of tn
 banks of the United States. It will b'
 made perfectly and speedily to respond L
 the calls that will be made upon 1t fo action; there must be. of course, leader
 and these will be chosen and their author ity recognized.
 The American banks now possess re
 SC urces actual really at hand. which Il the aggregate may exceed $l5.0o0, .ool
 Therefore they are well prepared. if the
 do not scatter their energies but instea' e-mbine them. to meet any reasonabl 1mand which Europe may mako upo tle United States for assistance.
 \ ge had an example of bank co-ordina (ssf a few days after the German troop sAsvtnced into Belgium. The securitie
 iafssets were clogged and for the pro
 fpn of securities the doors of thes
 sts were closed Foreign exchange
 4incspally exchange upon London. coul