New-York tribune., 1920-01-15
Memorial Signed by Citi-
Zens of Nine Countries
Asks Economic Confer
ence to Adjust Finances
Propose to Revive
Trade of Nations
Stop Initiation by Increas-
ing Revenue, Not Debts.
Appeal of Business Men

Eminent citizens of nine nations ad-
dressed memorial to their govern
ments yesterday directing attention to
the danger of bankruptcy and anarchy
in Europe. They urge the calling
forthwith of an economic conference of
the leading nations of the world, Yn-
Guiding Germany and Austria.
The American signatories also sent
copies of the document to the Repara-
tlon Commission in Paris and to the
Chamber of Commerce of the United
States. The latter body is asked to
appoint the delegates to represent this
country at the conference, since It'll
felt that private initiative can best
direct Americas part in the rehabilita-
tion of Europe.
Appearing few days after the put
ting of the peace treaty into effect
In Europe, the memorial is considered
to represent the sober second thought
Of influential men of all countries. 1t
constitutes an appeal to the Repara-
tion Commission for moderation in it's
demands on the defeated nations in
the war; an appeal fos governments
to "arrest imitation and meet inevitable
burdens by increasing their revenue
rather than by further increasing their
debts; call upon the people to work
and save, and a request to the first
men of commerce and finance to invent
cxpedients for meeting the new world
situation without unnecessary govern
ment intervention.
Disa9rees With British Financier
The statement regarding the Euro
pean credit situation is believed to
confirm the conclusions expressed az
long as nine months ago by several
leading American bankers, who studied
conditions first hand on the other side.
1t differs radically from the proposals
of Sir George Paish, the British finan-
cia writer. Several Of the American
signatories pointed out that it opposes
all schemes for pooling the credit Of
the world. When the memorial was
the Offices Of the Chamber of Commerce
Of New York late yesterday afternoon,
attention was called to the fact that
the men affixing their names comprise
leaders of thought and finance, states
men and labor leaders, Conservatives,
Liberals and Socialists.
An informal unofficial demonstration
of this non-partisan character is re-
garded rs unprecedented. Besides the
citizens Of the United States, citizens
of Mexico, Great Britain, France, Hol-
land, Switzerland, Denmark, Norway
and Sweden signed the statement of
>st,So Il 4 ~
the result Of simultaneous combus-
tion," and was not the scheme Of any
one country.
The American signers include: Edwin
A. Alderman, of the University Of Vir-
ginia; Frank B. Anderson, of San Fran
cisco; Julius Fl. Barnes, president of
the United States Grain Corporation;
Robert L. Rrookings, ST. Louis; Emory
W. Clark, Detroit; Cleveland H. Dodge,
New York; Charles w. Eliot. president
emeritus Of Harvard University; Her
bert Feischhacker, San Francisco;
James B. Forgan, Chicago; Arthur T.
Hadley, president Of Yale University;
Richard S. Hawes, president of the
Bsrton Hepburn, New York; Myron T.
Paul; Herbert Hoover; II. B. Judson,
University Of Chicago; Darwin F.
Kingsley, New York; George II. Nc
Fadden, Philadelphia; Alfred E. Mar
ling, president of the New York CHAM
ber Of Commerce; A w. Mellon, Pitts
burgh; A. L. Mills, Portland, Ore; j.
p. Morgan; William Fellowes Morgan,
president of the Merchants Associa-
tion, New York; +. H. Rawson, Chi
cago; Samuel Rea, president of the
Pennsylvania Railroad; George NJ
Reynolds, Chicago; R. G. Rhett,
Charleston, N. c.; Elihu Root, New
York; Levi L, Rue. Philadelphia;
Charles H. Ssbin, president of the
Jacob H. Schiff, New York; Edwin r.
A. Seligman, Columbia University; John
G. Shedd, Chicago; John Sherwin
Cleveland; James A. Stillman, presi-
dent of the National City Bank Of New
York; Henry Suzallo, University of
Washington; former President William
Howard Taft: f. W. Taussig. Harvard
University; Frank A. Vanderlip. New
York; Festus j. Wade. ST. Louis; Paul
II. Warburg, New York; F. 0. Watts,
st. Louis; Harry A. Wheeler, Chicago,
and Daniel Willard, president Of the
Baltimore and Ohio Railroad.
Income Must Meet Outgo
"No country" says the memorial, els
deserving of credit, nor can it be con-
sidered q solvent debtor, whose obli-
cations We may treat as items of ac-
tual value in formulating our plans for
the future. that will not or cannot
bring its current expenditure within
the compass of its receipts from taxa
ton and other regular income. This
principle must be clearly brought
home to the peoples of all countries;
for it will be impossible otherwise to
arouse them from Il dream Of false
hopes and illusions to the recognition
of hard facts"
Regarding fixing the war bill Of Ger
many and Austria, the memorial says:
at is evident that Germany and Aus
triA will have to bear heavier load
than their conquerors," but the docu-
mcnt qualities this by adding, "the toad
Of the burden and the period during
which it is to be borne must not, how
ever, exceed certain bounds; it must
rot bring about so drastic b lowering
Of the standard Of the living that a
Willingness to pay just debt is con-
verted into spirit Of despair and
revolt"
in concluding, the memorial says:
"Tho outlook at present is dark. No
greater task is before us now than
to devise means by which some meas s.
ure of hopefulness will reenter the
minds Of the masses. The reastabliah-
ment Of Willingness to work and to
Continued ON 7leTt 1uUo