Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-08-08
ITALIAN PROPOSES
WORLD EXCHANGE
tCont!nucd from First Page.)

Continued from F!rs; Page)
once act upon their spcechcsy Let
me attempt TO make reply. The
exchange evil is so G,cat ~ to he
frs, time that the height OF tho ex-
changes has divided the world into =
majority OF nations suffering from
heavily appreciated money. am a
minority OF nations who are making
Il pront-cven II II is more apparent
that real-out OF the majorit? in
exchange.
Americans Mako Proposal.
This exchange evil has brought,
forth several attempts 10 remedy IL.
all OF which merit examination. con-
tidcration and amendment, There Is
the Be!sian PROPOSAL issued with
ifin!o!!ieial authority Then there is
inc propose! put forward by the
American bankers. who are able TO
eHcr1,S- a decisive influence with the
p'oDaDly. too. other schemes which
have not yet been made public. but
which | assume have been elaborated
by learned technicians OF the Bank
or England, the Bank OF France. the
Bank Q! Italy. and the National Bank
OF B'!g!um, not TO speak OF the
Reichnoank or OF consortiums OF Ger
My own scheme Is based upon the
ahl!shmcnt OF an international
chamber OF compensation. or. /! you
INTERNATIONAL
!nE h-~-c for foreign exchanges, in
which al! differences between nations
would be settled by checks very much
on the same principle on which the
London Bankers Clearing House set
ties all differences between It's mem
beers.
My scheme would be TO coordinate
all the national commercial clearing
houses Imports and cXportS) with
international clearing houses. II,
would create an institution very
much resembling that admirable in
ternational concern. the International
Postal Union Institute. which up to
the time OF the war worked so
smoothly at Geneva.
Like the international Postal Insti-
tute. my scheme for an intcrnat!ona!
exchanges institute would deal with
the debit and credit balances OF all
tho nations. The scttlcmen, OF these
credit and debit balances would be
operated by means OF loan. issued
hnd guaranteed in common, and
which should logically be the neces-
sary consequence OF the treaty come
vanqnished nations have contracted
certain debts toward the victorious
nations.
Warns United Stntcs.
Let not the happy United States
which havo absorbed. and still abb
sorb. the gold OF all the debtor states
torset the story of King Midas. Let
Spain. Which after the discovery Of
gold and silver mines of America
began TO decay. The high price Of
the things necessary to existence Is
caused by the superabundancc of pa
per money as we'll as of real money;
and the superabundance of forced pa
per currency Will prove permanent
hindrancc TO the exports of countries
which, like the United States, are
Hooded with gold and silver.
| make no pretense at being in
fallibie,, Therefore. IL the formula
which | have so repeatedly put for
ward before authorized bodies does
not meet with general approval, take
any other formula which has
chance OF obtaining general consent.
Every solution offered as regards the
problem OF the exchanges Is of
technical character and prcsupposes
nm economic elevation OF mind,
moral attempt of nations to over
nearly five years Of human slaugh-
ter.
1t is essential that the nations
Shall make an effort to devote them
selves to hard work, to saving. to
retrenchment, and to sclf-sacrincc
The necessity of preserving the in
tcgrity and the safety of the state
egoisms which now prevail.
Every citizen. as taxpayer, must
consider the necessity of saving the
Commonwealth, for in so doing he
saves his private subsistence. In
fact, If the war brought about q
multitude of acts OF lay heroism, Gre
ated IN army of secular martyrs who
died for the good of their fatherland,
20 now peace requires acts of heroism.
but OF another character, if the COM
munity ie to he preserved from the
great pertls which threaten Ii.