The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1919-06-17
American Bankers Discuss
ing Plan for Backing Re-
Mobilization Of Europe
IFED'L GOVERNMENT
MUST COOPERATE
Want to Get Quick Credit and Materials
for Europeans to Give Employment to
It's Idle Millions-W Would Be Antidote
to Bolshevism.

to Bolshevism.
NEW YORK, June IA proposal to
form a gigantic corporation with federal
cooperation, and with resources second /
only to those Of the federal government
itself, for the purpose Of supplying all
Europe with the means Of resumng indus |
trial and agricultural work, IS under con-l
sideration here by the unofficial commit :
tee Of bankers who are seeking to reduce
to practical form the recommendations Of
Henry p. Davidson and Frank \. Wander
lip.
Thus far discussion has concerned only
the general features Of the program to,
organize the financial and industrial pow
er Of the United States INTO machine
which can act quickly to give credit and
materials for the general purpose OF put
| ting the idle millions i'll Europe TO worl,
| full blast, SO that they may lehabilitatc
their own countries, pay the debts they
| owe here, keep American mines and fac
! tories going to capacity, and fight Boshe
| vism everywhere with the antidotc of enl-
ployment
The plan generally favored for building
such . machine, it was said, was that Of
linking the federal government and pri-
vate banking and industry in zach way
as To bring together the power and unity
ing effect to be derived from federal par
tieipation with the energy aud efficiency
d private initiative
The problem has been discussed during
the last 10 days in series Of informal
conferences. The personnel of tins in
formal committee has not been announced
Henry = Davidson Of J r. Morgan q
Co. and Charles H. Sabin 81 the Guaran
ty Trust Co are among those who have
attended the conferences, and representa-
tIyeS Of kuhn Loeb Co. the National
City bank and other big banking com
panes have been present. \ similar com
mittee in Chicago has been studying the
problem
Henry p Davidson. in his address tc
6nanciers in Chicago %, Friday. inlprcSsct
on them that the movement ayas essen
TALLY industrial. embracing the Interests
OF the country and Of the world, and not
merely d q group 81 bankers Ills out
line Of the plan 81 European credit ma
chincry was as follows:
My suggestion is that dcbcnturcs might
he issued against the credits cstablisae,
IN Europe, secured by everything giver
against the shipment Every country
would guarantee tic dchenturcs agains
it. The debcuturcs would really be. agains
the whole of Europe
Then the banking interests could place
these dcbcntmas with the public dis
tributcd rs widely as possible Complet,
agreement saould exist with the admins
tration. and with the treasury depart
ment. which, We know, will do cyerythin.
reasonable for American trade
The FIRST steps, which will be takeI
after tentative plan has been WORKED
out viii he 10 seek conferences with rep
rcsentatives OF the administration auc
! members Of congress. and with leader
Il al american industries such as cot
= ton, steel, metals, agricultural machinery
J. and foodstutfs, probably with the view
If forming a series OF corporations to CO
operate with the semi-oii;cial parent corp
grafton The proposal 81 Mr. Davidson
IS that each industry shall have an agenc,
S TO direct the furnishing Of materials t,
the different nations of Europe in pro
Iportion to Their needs, as ascertaned by
IS the parent corporation or agencies wlicl
II II creates