The Washington herald., 1919-06-28
CALLS CAPITAL
TO AID EUROPE
American Interests Must
Arrange Foreign Loan,
Says Holland.

Just as Henry p. Dawson was
expounding his plan for the indus
trial recovery of Europe to a group
OF Chicago financiers whom he was
invited to meet at Chicago, the
Federal Reserve Board at Washing
ton was issuing for publication q
statement of its views of the
amount needed to finance Europe.
In his address Dawson said that
there s at present no estimate
which would set~forth tentatively
the amount which is needed for
this purpose. Probably he had.
with his broad vision and pro-
found understanding of conditions
IN Europe, some idea of the amount
which 1t may be necessary to Sc
cure in the United States for this
purpose. but not such well de-
hned idea as to justify~him in men,
tioning it.
The Federal Reserve Board at
Washington has been much occu-
pied for some months in gaining
reliable Information about the
financial conditions, both in conti-
mental Europe and in England. This
information justihes the board in
saying precisely what Dawson
mas upon several occasions said,
as we'll as in a more moderate.
less excited way than has been
Characteristic of the several ad-
dresses of Vanderlip. agreeing with
tne prevailing thought In those ad-
dresses.
$4,000. 900. 900 Estimate of Board.
The Federal board was able to
supplement Davison's address Of
to set forth in specific figures a fact
to which he did not venture to al
lUde- For the board estimates that
at least $4,000. 900. 0oo. and perhaps
considerably more, must be secured
In the United States. If the European
emergencies are to be met.
These funds or credits, or what
ever form the assistance takes
must be secured by what the board
calls private initiative. In other
words, the banks. the manufactur-
ing industries. the commercial lead
ers and the men of capital must
mobilize their resources II they do
this, without doubt the United
States will be able to furnish all
the aid which Europe needs. This
IS the opinion not only of the Fed
eral Reserve Board at Washington.
but also OF Dawson as well as
other financial leaders.
Much comment has been caused
by the simultaneous publication Of
Dawson address to the Chica go
bankers and the opinion set forth
by the Federal Reserve Board at
Washington. In many respects his
address and the Federal Reserve
Boards statement read as though
they had been prepared by the same
man. This is regarded as all the
more important because it furnishes
perfect evidence that the abler
minds in the United States. or at
least the minds that are now occu-
pied with momentous international
affairs of a financial and CONNER
cial character. are in substantial
agreement. not only as to the con-
ditions in Europe. and to the rela-
tion of the United States to those
conditions. but also as to the means
by which our marvellous resources.
financial and other, can be so mob
niZed or co-ordinated as to name 1t
possible to furnish the aid which is
needed.
1t should be said that the estimate
% the Federal Reserve Board of S.-
600 10000 and a little more. as the
arnoupt of funds or credit which Eu-
rope will need. applies only to the
present calendar year. In other words.
IL the view Of the board be correct.
there must be secured by private
initiative as much money or credit
as Is represented by the first Liberty
loan.
That first loan represents subscrip-
tons OF citizens. of corporations and.
to some extent, not very great. the
services Of the banks Therefore. the
inference Is strong that il the people
Of the United States could upon a
irst appeal OF the kind ever made,
subscribe more than 5000. .C0o.0eO to
the first Liberty loan and do that
within three weeks. the people will
be able to provide like amount with
in the next six months. whereby the
Industrial and financial recuperation
of continental Europe may be put
well under way.
The probability is strong that when
Dawson confesses himself to be