New-York tribune., 1920-01-15
World Parley
Is Sought to
Aid Europe
Continued from page l

save, OF incentives TO the hlEnest IN
dividual effort and Of opportunities
for every one to enjoy a reasonable
share of the fruit of his exertlons
must be the aim toward which the best
minds in all countries should CO.
operate. Only if we recognise that the
time has now come when all countries
must help one another can we hope
to- bring about an atmosphere in which
we can look forward to the restoration
of normal conditions and to the end
Of our present evils"
The object of the suggested confer
enee, according to the American sing
information about conditions which
might be the foferunner Of eompre-
hensive action.
Text OF the Memorial
The memorial follows:
"The undersigned individuals beg
leave to lay before their government,
the Reparations Commission and the
Chamber Of Commerce Of the United
to recommend that the Chamber Of
Commerce Of the United States desig-
nate representatives Of commerce and
finance to meet forthwith {the matter
being of the greatest urgency with
those of other countries chiefly con-
cerned, which should include the United
Kingdom and the British dominions,
France, Belgium, Italy, Japan, Ger
many. Austria. the neutral countries
of Europe. the United States and the
chief exporting countries of South
the situation briefly set. forth below
and to recommend upon the basis Of
authentic information what action in
the various countries is advisable
among the peoples interested in reviv-
ing and maintaining international COM
merce.
"They venture to add TO the above
recommendation the following obser-
vations:
"The war has left to conqueror and
conquered alike, the problem of finding
means effectively to arrest and coun-
tcract the continuous growth in the
volume of outstanding money and of
government obligations and its con.
comitant, the constant increase of
prices. A decrease of excessive con-
sumption and an increase Of production
and taxation arc recognized as the
most hopeful-if not the only--reme-
dies. Unless they are promptly ap-
piled. the depreciation of money, it is
to be feared, will continue. wiping out
the savings. of the past and leading to
a gradual but persistent spreading OF
bankruptcy and anarchy in Europe.
There can be no social or economic
future for any country which adopts
a permanent policy Of meeting its cur
rent expenditure by a continuous in
fation of its circulation and by in
creasing its interest bearing debts
without corresponding increase Of its
tangible assets. In practice every
country will have to be treated after
its individual conditions and require
ments. No country, however, is de-
serving Of credit, nor can It be consid
cred a solvent debtor, whose obliga
tions we may treat as items of actua
value in formulating our plans for the
future that will not or cannot bring
it's current expenditure within thu
compass Of its receipts from taxation
and other regular income. This prin
cipie must be clearly brought home t.
the peoptea Of all countriess for it vii
be impossible otherwise to arouse then
from q dream Of false hopes and illu
sions to the recognition Of hard facts
Heavier Burden on Losers
at is evident that Germany ant
Austria will have to bear heavier
load than thelr c0nQOefOrS, ana tnaI
in conformity with the treaty of peace
they must bear the largest possible
burden they may safely assume. Blu
care will have to be taken that thi!
burden does not exceed the measure
of the highest practicable taxation ane
that it does not destroy the power o.
production, which forms the YER,
source Of effective taxation. For thu
sake Of their creditors and for th
sake of the world. whose future socia
and economic development is involved
Germany and Austria must not be rem
dered bankrupt. If, for instance, upor
, close examination, the Commission o
!, Reparations finds that, even with th'
most drastic plan Of taxation of prop
erty, income, trade and consumption
the sums that these countries will b
able to contribute Immediately towar,
. the current expenses of their creditor
will not reach the obligations nov
stipulated, then the commission nigh
: be expected to take the view that tn
scope Of the annual contribution mus
be brought within the limits within
which solvency can be preserved, ever
though it might be necessary for tina
: purpose to extend the period Of install
4 ments. The load of the burden an,
t the period during which it is to b.
t borne must not, however. exceed Ger
, tain bounds; it must not bring abou
{ so drastic lowering Of the standarr
Of living that q willingness to pay