Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1919-02-14
The Dollar as a W0rLd-Worker

There is much significance in the announce
ment that a group of United States banks,
representing all parts of the country and
having the tacit approval of the Government,
are considering a loan of some fifty million
dollars to China for the development of that
nations material resources.
In the early months of the first Wilson adj
ministration, it will be remembered, when
American financiers proposed to participate
in an international loan to China and sought
countenance from Washington, they were
told that the United States was done with
dollar diplomacy and would not lend jot of
its power to the protection of ventures of that
kind. The Governments attitude was essen
TALLY the same on that point on the appeal
of certain interests for armed intervention to
safeguard retrieve their threatened for
tunes in Mexico. Mr.. Bryan, then Secretary
of State answered those petitioners in this
wise:
What did you go to Mexico for? You \
went there to make money. Now that
your stakes are threatened, you want the
u. Government to pull the chestnuts out of
the fire for you 1t will do no such
thing
However debatable the wisdom of the Mexi-
can policy may have been, it seems pretty
well established that the terms of the pro-
posed international loan were, in some re-
spects, such as to warrant the Administrs-
tons refusal to sanction them. The project
seemed too much like piece of shrewd ex-
ploitation of Chinas needs, and not enough
like liberal and constructive service which
would promote the borrowers basic interests.
But the loan now contemplated appears to
be a horse, not only of different color, but
of different build and disposition. That it
IS meant to profit the lenders as we'll as the
recipient, goes without saying; otherwise, IN
deed, it would be too unsound a proposition
to stand and wouIu smack altogether too
much of the Greeks bearing gifts. But when
profits are mutual, the resultant friendship
is of sturdier breed than that which springs
from mere sentiment, because mutual profit
means genuine service followed by confide zee
and hearty esteem on both sides. Finance
could do no more substantial piece of work
for the larger business interests of America
nor for the common business good of the
world than to aid IN the development Of
Ch1na's resources. Wiling of that country's
need of capital Richard Spillane, of the
Newspaper Enterprise Association, points out
that,
ut must have many miles of railroads
built, many hydro-electric enterprises
put through, many mines opened up. In
twenty-five or fifty years it may afford
one of the worlds great markets for
goods. 1t has awakened and has been
stirred more in the last ten years than
in the previous thousand"
The same writer apposite1y remarks that
there are but two nations to whom China now
can look for money-the United States and
Japan. Great Britain, besides being encum-
bered with huge war debt, must support
her colonies which have been pretty we'll
drained financially in supporting the mother
country. France is similarly circumstanced
and other European nations may be counted
out of the discussion. Japan is heartily
agreeable to the policy of Americas cooper
ating in the development of that region of the
East, and the Powers with whom we have
been associated in the war may be expected
to look favorably on the idea.
AS result of world conditions during the
last four years, the United States stands to-
day as the great creditor nation-a position
OF vast power and of vast responsibility:
The American dollar will become more and
more of a cosmopolitan worker, lending it's
stout sinews to the cause of true enterprise
and development in every quarter of the
earth and earning for it's homeland the good
will of mankind from China to Peru