The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1919-06-14
,Vanderlip Says Frenchmen
and Engishmen Argue to
Cancel Debts - Help Must
Be Extended or Civilization
Is In Peril

WASHINGTON, June l3,-Fhe ~hoLc
civilization Of Europe Is threatened by
prevailing conditions and there is the
most urgent need OF financial interests
OF the United States and other nations
uniting 10 supply credit SO that Euro
Dean nations can buy American Pr"u-
NETS. This situation not only e1iSts
hut Americas interest IN II is FltAt.
Frank A. Vanderlip, retiring prcSlu in'
OF the National City bank. told the sem
ate foreign relations committee.
Mr.. yanderiip appeared oStenSloiy az
q witness before the committee In its
1uecessful effort to find out how copies
of the peacc treaty got int" tHe ha;'uS
NJ certain men in New York. MT VAN
deritp disposed Of this SO far as he was
concerned in a few seconds. but Kept
Hfe committee closely interested In ms
vutftne OF what American banking IN
1erests must do now 10 save the oIo
world
However, In answer to o question pue
NV Senator Knox. MI. Nand"rllp mar
Al sxtrvmely clear that he DID no' 'n'iIA
Rhe United States should undertake u
guarantee the political inuHprnus
aerrstorial integrity OF any nation ~
Nayx or his plan lie pointedly Woutu
k.ava Russta out Of any plan Tor h>'p
Rrorn outside for European indust7S
9vhihe che Bolshevik government NAM
hxans control thera
Blanket AID Il Hesded-
Ut feel said Mr.. YGnderltp. 'nH
ma sitnation Ia Europe ia sucn 'hae
Eurppe must be regarded now as
whole: that It win not do to ao Ine
country or even group OF coo
and leave others unaided.
Later Nj. Yandcrup excepted Russ&
There ts a paralysis Of INDUSTRY ia
Europe that leads TO lack OF prooue
ti1n. 70 tdleneSs Of men, TO want ano
win lead he continued. when that De-
comes acute enough, 70 pohocaI trou
isle; so that I think We should resaFu
lfhe situation as whole ana n'lAe
endeavor TO furnish the necessary
khinSs to start industry as whole
NOV the financial situation or some
~ those countries is prct& bad. l do
not believe this government or Amer1-
Ean investors should loan at the present
AJrne m those nations to rchaollltate
Vthetr domestic financial SITUATIONS.
What Is needed are those things thal
Save essential 10 starting industry-ra"
materials. machinery and SquIpmen' Iof
the railroads. The breakdown OF tra"
''Gortation is ono Of the serious dlthcui-
ties in Europe ,, -
G"personaily. I think it would be
N.4ter that investors furnish this mon
~ directly than If 1t were furnished IN
directly through further government
Soans. There is a disposition in france
and England 10 feel that It would De
.-zzise and just for Us TO for"Go the o.
Ioand for tho repayment Of the large
amounts Of money We have loaned
=? McCumber wants tho SastS'
''HlsAt any time. or just at the pfesrnS
rttner' Senator McCumber On d.
asked.
yanderlip.
- Upon what theory. Mr.. VanderllpE
Asked Mr.. Harding tOhto).
p THAT theory Is TarlousIy expressed.
Mr. replied. Generally I think 1t Is
!. mai we came into the war pretty !a'e'
.hat we ought 70 take a very tull snare
OF the financial burden because the SIT
nation has become So desperate for
tho.o ,ationa that came into the war
earliest and bore the full brunt or inc
.Aar and the financial burdens entailed
by It," ,..
any reparations, are we: Senator hnoS
suggested.
y ! MI, Vanderlip: "Tone whatever"
SSenator Knox: DO you not think
that is a pretty fair Offset TO what
they owe US:
VAnQcrllDs
This statement OF duty. you understand
Yrb;nl, This sentiment is increasing and
T think therefore it is doubtful OK tho
:. debt ought to be increased IN the 1a0e
of that sentiment
-. Senator Brandegee: How much have
we loaned 70 France and England?'
Mr vanderbilt: I'VE have loaned to
the Allies Ss,500.ooo. 900. We have loan
ed to France 81. 500 900. 900. and my reco-
lection is about $4.500.on0.OoO to Eng
land I was going on TO say WHAT !
thought was the way to hanole inns
- situation. I believe that the govern
!. %,ents OF the several countries that are
in a position 70 furnish 20 these EURO
pean countries the material necessary
10 start Their industries might wen
mite in an international loan.
would Make Loans Of MatartaA
"All the lending governments ~ouln
need to do would be TO have sufncleh1
amount OF interest in the matter 10 aP-
ynoint a large number OF oanKerS--'hlS
Ia too big for any single interest 10
bandle-and think those bankers Win
the advice perhaps OF the different gov
eruments should appoint a loan coii-
mission which would study the "hoie
situation in Europe and would SiioCAte
N the different nations such a proper
decide was Just and would make the
soan not In terms OF money going into
sr6e treasures OF the European nations
otA,t in terms Of goods going TO- some m
ik1stry raw material. maChi1cry ana
Equipment for the railroads.
you would include food in that OF
.,-,-4e-, Senator williams (SI!5S.) ask
~ed
FOOD TO a certain extent. but tne
rroplylng Of food alone Will never cure
4he situation Europe must 80 TO Work
itself or Europe Is doomed" was the
reply. -
make these people 90 to Work over
there Senator Borah asked.
- 'sThey will 90 to work II they nave
. the opportunity" Mr.. Vanderlip assert
..-rhry do not show much disposition.
MANY Of them" Senator Borah corr
mented.
conditions arc very difficult" Mr..
Vanderbilt answered. They have had
tba most serious trials on their morale.
rake the situation in Belgium. where
.tSere are 500. 900 men being supported
q, NV the government and have been sup
: norted for several years. It ~ G'f9cuit
20 N get old conditions hack
- THAT il all right. but you know we
nave Russia and those adjoining coun-
tries in the middle part OF Europe.
senator Borah intcrj"ctcd. DO you
zee any disposition on the part Of thos"
people to avail themselves Of the oppor'
ol$