The Washington times., 1920-01-07
Loan Necessary to Save Europe
From Anarchy, Says
British Expert.
WHEELS MUST BE SET GOING
Equilibrium Of Exports and Im-
ports Weapon Against World
y B0Ishevism.

PHILADELPHIA, jan I.-Europc
must have a loan of at least Sl0,-
000, ,ooo. 900. to be saved from anarchy.
Sir George Paish, British financial
expert. told the Pennsylvania Bank
ers' Association here last night.
Europe must be really re-started
and restocked." Paish said. "when
his has been done. Europe. will be
able to export commodities as well
as to import them. Thus the equil-
ibrium, necessary to save the world
from Bolshevism. Win be restored"
Members OF Congress teday,,Nerr
attempting to reconcile statementS by
Secretary Of the Treasury Glass and
Herbert Hoover, in regard to the
financial needs Of Europe.
Hoover Against Loan.
Secretary Glass has submitted to
the Ways and Means Comimttee of
the House a recommendation that the
United States dig into its financial
pocket for further loans to rehabili-
tate Europe.
Mr.. Hoover states: aside from
secondary measures by our Govern
ment. the European problem Is merely
one of ratification of peace and or
dinary business process"
Mr.. Hoover has been accepted gem
rally as authoritative in his statement
as to conditions in Europe. AS food
director of the allied forces during
the war. he came into direct contact
with only the nrnhlarn nf fnOd
supply, but with the financial situa-
tion.
Business Credits ssfacient.
Considering Europe as a whole, Mr..
Hoover asserts that the 100000 900 peo-
pie of nations which have not suffered
heavily in the war should aid Europe.
but adds: III we contribute q bread
supply on Government credit to starv-
ing cities. plus business credits. we
will be doing our share of world re-
sponsibility."
He also points out that Great
Britain practically has admitted off,
cially that she needs nothing but com
mercisl credits, while he says Eng
land has ample unpledged foreign as
sets to cover her needs. This condi-
tion also applies to France.
GIass Has Change Of Heart.
The Secretary of Treasury, in a
recent letter to Chairman Fordney,
of the Ways and Means Committee,
points out that he has changed his
view point on the question of assist
ing In Europe finances. In his an
nual report to Congress, the Secro-
tary urged that European loans be
discontinued. In hts latter to Mr..
Fordney. he says he IL convinced that
the necessary financing cannot be
done through ordinary private chan
nels.
Secretary Glass has asked permis.
sion to appear before the Ways and
Means Committee to lay before II in
formation concerning the financial
status Of Europe and TO urge legisla-
tion for further extension of credit
Text Of Glass Letter.
The secretsry's letter follows In
part:
81 have the honor to request that
your committee afford me the oppor-
tunity OF laying before 1t any infor-
nation which II may desire and which
am able to furnish, In order that
appropriate legislation may be con
sidered at once.
THE emergency IL or such mag
nitude; the dictates of humanity are
so pressing: the possible effect OF
the present situation upon the So
cial, economic and financial rehn-
bilitation OF Europe and, consequently
upon the trade and prosperity OF the
world. in which the United states
has so great a stake, may be of such
consequence that / do hesitate from
the standpoint of humanity and pub
lie policy to assume the responsibility
OF appealing to the humane and prac.
teal sentiments OF the Congress 70
take immediate steps to furnish from
our surplus the food necessary ia
save the situation.
1--WE cannot and must not fail "a
supply some food on credit to save
human lives and safeguard civiiisa-
ton, for which ws have already ex-
pended SO many In 81 and billions OF
dollars,"
"'kt nELr.-ANs BEYORE MEALS ssd