The Washington times., 1920-03-26
Propose a World CONNER.
ciaI Union to Improve u
s. Trade and Finance.
BY BOERSiAN Err.

Market makers composed them-
selves following Wednesday, discon-
certing loan calls. AS consequence
there Was more poise on change. Sew
eral of the industTials INDUCED In
rushing runs.
| Announcement Is made that there
will be- no increase in freight rates;
| not even from the representatives OF
the shippers, INCLUDING The pugna-
cious Mr. Thorne. The only argument
is on physical valuation. And this
happens To be aiphase of rallroadins
on which the Interstate Commerce
Commission has not fiat. Little has
bean said or written about the vastly
increased powers OF the commission
ers. A reminder may be pertinent.
| The commission administrators the
| six months Government guarantee
| II foTmulatcs rules and regulations
| under which employees and the roads
| may nominate members OF the labor
board: Ruperyises car service and car
\ distribution; has fun power 10 take
| control Of transportation distribu-
| ton in event OF congestion or car
| shortage.
The honorable commissioners are
also empowered to take charge OF
new construction and extension;
have authority to prescribe what
| steps the roads may take to provide
themselves with adequate equipment
| power for tho formulation Of condi
| lions under which terminals shall be
used by competitors: for division OF
the country into large railroad syR-
| TENS and formulation of plan Tor
voluntary consolidation OF all rail-
| roads; extraction of excess earnings
| from prosperous roads, and admins
| tration of the contingent fund so ac-
| a n1a l., of
| roads out OF this fund; purchasing,
constructing and repairing railroad
| equipment out Of the fund, and sell
| ing or leasing II to needy railroads.
| They have supervision of all new
| security issues, and OF the purposes
| for which the proceeds thereof are to
be spent; may establish an informa-
ton bureau In all the principal ports
/ for news Of ocean freight rates, sail
/ ings, routes. etc.
! The Washington Times Is favored
/ with many suggestions for the i'm
! provcmcnt of the cOuntry's com.
merce and finance. 1t Is extremely
/ rcgrcttable that space forbids the
publication of all these communica-
tons, all Interesting and not a few
Immediately feasible.
Now and then an example OF this
rather voluminous correspondence
can be submitted. No particular Sc
lection is made. The letters are taxi
on quite at random. The one Of
fered today is from George c. hes
sonet. treasurer Of the Chicago Ncv-
city Company. II reads:
las a solution Of the financial trou-
blcs OF the world. ! offer the follow
ing plan: Let the civilized nations
OF the world form an international
commercial union composed of dCle-
gates or representatives from the
several countries participating. Then
let the International Commercial
Union este blish an international
clearing house and elect its officers.
Let it also establish an international
monetary unit, which | suggest shall
be the value Of gramm of gold and
be called a unimon.
Give to each country member OF
tho clearing house a per capital cred
it in accordance with its position and
in proportion to-, its wealth, the
clearing house to function as fol-
lows: The country exporting COM
| modities to receive credit at the in
ternational clearing house in unima
and the country importing to be
| charged. There should be no inter
! est allowed on credit balances nor
/ charged on debit balances, but this
point can be waived, n necessary.
, In order to realize on credit bal
nnce. n country would have to import
commodities. gold or silver accord
! ing to needs In order to liQuidate a
debit balance, n country would have
! to export commodities AS il would
/ be ir0material to which country cX-
! ports were made or from what cour-
. try import. were made, trade would
! flow in natural channels.
! ~ scheme OF eG.Oral clearing
houses might be worked cut. In
| practice it would be necessary for
each country to have a representa-
| tive at the clearing house who would
serve as n sort of commercial and
financial ambassador, through whom
all transactions would be transmit
! ted. \ country would be as morally
| Bound to liGUid1te debit balance as
! il would its bonds. \ credit balance
guaranteed by the nations OF the
world would be as safe as earthly
things can be.
"a provision could be mad" that
nation engaged in an unjust war
would have its relations with the
clearing house severed, which would
be a great deterrent of war.
Let the statesmen Of the world
and great fiEanciers who can sub
ordinate their own interests to the
interest Of a common humanity get