Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-01-15
AMERICA DOING
FOR EUROPE ALL
WITHIN REASON
Managing Director Of War FL
nance Corporation Replies
Sharply to Sir George Paish,
British Economist.

New York, Jan. 14,-ShMp eNcep-
tion to the views of Sir George Paish
on possibilities of assistance for Eu-
rope by the United States was taken
today by Eugene Meyer, Jr, managing
director of the war finance corpora
tion. at n luncheon of the American
Manufacturers Export association.
His address followed one by the Brit
ish economist, who reiterated his
opinion that II was the duty Of Amer
lea to give Europe enormous credits
to aid in rehabilitation, The penalty.
Sir George said, would be loss of for
eign trade.
Sometimes" said Mr.. Meyer,
when listen to the discussions of
the subject from the other side in
which we are told what We should do,
what we haven't done, what we must
do. | wonder If it is realized what we
have done, Not only have we loaned
from the United States government
out of the funds collected from Lib
erty loans and taxes $40 S65. .O00. 600
but we have sold practically all of it
on credit. about $500, 100000 worth of
our goods--food supplies, machinery
motor vehicles--sent to Europe for
purposes of our army and auxiliary
organizations. This does not repre-
sent cost to this country of $780,
100000, but a sum largely in excess
of that Our grain corporation has
sold some grain on credit and our
merchants have granted considerable
sums of credit in the aggregate and
our investors have bought a total of
a large amount Of securities during
1919.
No Lack OF Sympathy.
Il I, tsalr Int 4 Ia
cused of lack of symoathy with the
with the needs of Europe, but I do
feel that the people OF Europe have
had such a reliance on us, a reliahce
which we have met so bountlfully and
so generously, that they are deuded
into the idea that this is a country
with no limit to it's resources of ma |
terial, money ard credit
when Sir George Paish speaks of
our surplus goods ] would like tossee
them tabulated There is a shortage |
of almost everything in the world that
we produce todaya.
at takes more than lenders, it takes |
borrowers to do business, and the
borrowers must come to this country |
with sound business propositions.
"I think the borrowers must con
slider their needs and come to the
market place. whether it be here or
abroad. with propositions that can be
found acceptable ana sound business. |
Whatever our sympathies may be. I
believe that 1t is more in the interests |
Of the borrowing countries of the
needy countries, to consider these |
things, except in cases where ii Is a
question of pure relief, on a sound |
business basis. feel that at this time
we are placing perhaps too much re-
lance on the magic word credit
Must Observe Care.
1T do not say that this is not h
time for the use of credit. but | do
say. and the money markets and the
markets the world over
show it, it is time when we must be-
gin to use il with more care than we
have during the war. We could af-
ford to take risks then that we must
cease taking now We must look
forward to the time when our balance
Of trade will be balanced in other
ways than on paper
Sir George said that one of the
purposes of his visit to the United
States was ito ask you to assist those
starving people of Vienna to get
through this particular time"
"The body of Austria has been cut
away from the head" he said, "and
FOR the moment the head must be
because there is no con-
nection with the body. am sure you.
he American people, with your great
heart, are going to help those helpless
v omen and children at Vienna and
hat you, will not allow them to
,tarve. But apart from Austria. I am
not here to ask for gifts. I am here
o tell you that we shall be able and
.eady to pay for everything you send
rs