The sun., 1919-10-18
REDFIELD HASPLAN
TO BOOST EXPORTS
Favors u. s. Organization to
Absorb Securities of Many
Nations.
CAPITAL AT A BILLION
Gives Manufacturers Here a
Remedy for Chaotic World
Trade Conditions.

William C. Redfield. making what he
called his valedictory address as secre-
tary OF Commerce before the American
Manufacturers Export Association at the
Waldorf last night. said that he now felt
free to speak what was in his mind.
For one thing. he hoped that the busi-
ness men OF America would compel Con-
gres to sanction decent salaries In the
commercial and scientific service OF the
Government, which were now "a dis.
grace to the American people" He said
also:
"a large part Of the world is weter-
ing In want and misery, subject to all
the gusts of mental passion which lead
to Bolshevism; freed from the Hun
trembling toward red radicalism. Mean
while great, free. democratic America
talks, and talks some more, while the
world waits and our job Is not done
Nay, 1t is not begun. for 1t Is useless to
cry Peace, peace when there Is nc
peace, and no one can make plans for
granting credit to a State or to nation
or to a corporate enterprise when there
is no certainty that the State or nation
will continue to exist, when its life is
without guarantee and II is surrounded
by ancient foes greedily looking for the
themselves"
When peace really comes. to meet the
situation ARISING from world eager &c
buy but unable to pay" the Secretary
said there must be a credit providing
organization beyond anything we have
over known--''too big for the banks
too big for the manufacturers, too big
for the merchants and farmers, and only
to be made big enough by combining the
support in the form Of an effective or
ganization of all these forces"
He went on. showing his earnestness
in his voice:
LET us suppose, hen, a great Or
ganization with $500, ,000. 900 of capital
or perhaps 81 900. 900. 100000; the lat
ter sum would be none too large. Into
1t as holders or in one or another way
as interested hackers are combined all
toned. 1t must be inclusive of the
whole round OF American commercial
interests.
"That great organization could then
take the securities, in varied forms and
amounts, of nations. states, provinces
cities, utilities, industries. railways and
Of other forms of corporate activity
II could so distribute its undertakings
geographically. politically, economically
rs to average the risk.
Against these securities. kept under
constant supervision. and against it
own great capital. It should issue It's
own debentures at a commercial rate
of interest and In small amounts and
large so that the big and the little In
vestor might purchase them. These II
would be necessary to place all ovel
the United States, for a great sun
would be needed. probably two. per
haps three billions. possibly more, de-
pending on how well we did the job
These in their turn would be invested ir
our enterprises and 30 the good worl
would go on"
other speakers at the dinner were
William Phillips, Assistant Secretary Of
State. who termed the present American
diplomatic salaries "a farce: Maurice
Casanave, French High Commissioner
who, bespeaking ample credit for France
quoted the late ]. p. Morgan's words
"The best security for the lender is the
honesty of the borrower" and said thai
French industry was recovering rapidly
Col J. c. Faunthrope of the British EN-
bassy, Rear Admiral Count NJ. Lovatell
of the Italian Embassy, and Martin w
Littleton. The chairman was William
l.. Saunders.