The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-01-24
Glass Will Veto
Big Bond Scheme
BIZ DAVID LAWRENCE,
Copyright By The 1ntelllgencer.)

WASHINGTON, D. c.. Jan. 2S.-Euro-
pean governments and bankers haven
yet gotten over the notion that the Cnl-
ted States will participate in huge
pooling Of war debts and get behind 1
comprehensive scheme whereby gen
cral loan is noatcd that absorhs all the
big bond issues of the war. And inso-
far as the private bankers OF Europe
have Joined with certain American bank
erS to bring about an international Imam
cial conference at The Hague to be call
cd BY the Chamber OF Commerce OF the
United States, II appears To be extreme
ly unlikely that the Treasury Depart
mept will look upon such project with
approval. In fact. some pronounccmcnt
is expected to he issued by Secretary
Glass in the next few days outlining cur
governments position.
The Chamber OF Commerce has q com
mittee at work on report which Will
answer the invitation made TO II TO call
the International conference. Whether
it will be approved or rejected depends
largely upon the attitude OF our own
governm"n, and whilc thcro arc some
n Washington, not only representatives
az American banging groups but Euro
pcan institutions as well. VINO sull
imagine comprehensive scheme can
be launched 70 finance the world during
the trying days Of reconstruction, the
prevailing sentiment on the part Of
those who would naturally have to get
back OF the plan to make II effective Is
far from favorable. Tho trend seems 10
be to say TO Europe that financial re-
construction can only be accomplished
gradually and that tho paths or relief
lie through the ordinary processes Of
commerce and such foreign trade cor
rorationS as can be created unocr the
Edge bill.
II it worc not Tor the fact ,nat Euro
pcan bankers have shown 4 clumsy hand
I'm ~
would be much more favorable consider
alton given to their proposals but near
" every scheme through brought forth
has in il the carmarks Of what the aver
age American would call getting out
from under and leaving the bag to
America To hold"
There was for instance in the original
petition which was signed by various
bankers asking for an international
gathering certain suggestion that M
aSmuCh as the United States had loan
ed ten billions to the Allies and Il large
part of that was taken by Great Britain
and rc-loaned to Belgium. Italy and
other allies, the government of the
United Kingdom ought not to be Obliged
70 stand back Of those loans but ought
TO be able to shift them on to tho
country themselves as a responsibility
direct to tho country which originally
loaned the money. namely the United
States. Thus America would nor have
to look to the government or Great
Britain for those billions but 10 hmallcr
countries whose powers Of rchahilita-
ton would have to be awakened by n
prnddiuc America instead Of proudinE
Great Britain. That scheme whether or
not II had tho backing OF any rCSpOn-
sblc groups in England did as much
damage here as any me proposal and
served to make persons IN authority .ook
with much less enthusiasm and inter
est on the new plan for rciinancing the
debts Of tho world.
There is no question that tho Cnvrru-
ncnt here recognizes how closely inter
woven American prosperity - M:tn the
early reconstruction Of Europe. olN the
European bankers seem to have II mis-
taken notion about tho extent to which
the public generally would buy foreign
loans nowadays aS compared with the
way they purchased Liberty Loans
during tho war.
The cost OF handling huge foreiEn
loan would bc enormous. Tho many
people who gave their services free such
as the four minute men and the work
crs IN every state. city and town would
no, bc available gratis and tho expense
Of selling the loan itself ~ bound 10 ne
u heavy burden. With news. moreover
Of uncertain political COndiiIunr In
Europe. the appetite Of tho public for
foreign loans is not altogether n certain
quantity. But the various committees
at work here on the prOj"C; ar" not dis
couragcd and they are trying to fUrmu-
late some plan that may enlist the gen
crous support Of tho American people
who served the world SO Splcndidly dur
ing the war when the future If "lylllza-
tinn was in the balance. Whutcvrr plan
is evolved however. must III order t. get
even the moral support oar our govern
mcut and must l." 81 such Il character
~ lu reveal marked progress toward
better schemes at lIIII!un inSlCr f.urO-
pran countries than have been put In
effect during the war. There is n feel