Arizona republican., 1920-02-01
FINANCE CONFA FAb
 OF NATIONS NOT
 FAVORED BY J. ],
Republican A. p. Leased wirel


 WASHINGTON. Jan 29.-The Unit ga States treasury does not look with i&'or upon certain features of the pro- posed International conference recently caued by coterie of nationally known 1inancIerS and commercial leaders, in an effort to lead the world out of the financial and comm ercial chaos into which 1t was dragged by the war.
 Secretary Glass declared tonight in letter to a committee Of the cham Der of commerce of the United States. which had sought government eX- pression on the meeting, that such a conference would serve ito cause con fusion and revive hopes. doomed to disappointment. of further govern ment loans."
 With note of some finality, Mir Glass set forth the governments pol Icy with respect to furnishing credits, stating that the treasury lis opposed 10 government control over foreign trade and finance and even more op- posed 10 private control. It is con N1nced that the credits required for the economic restoration must come through private channels" In this re- spect. this government fears the pro- posed conference would mean many Europeans would assume that the United States was about to shoulder of their burdens Mir. Glass explained.
 Nothing Official About Conference
 If the chamber of commerce of the
 
 tails of the conference calD, considers it advisable and desirable to designate representatives to attend an unofficial conference MT. Glass said. the treas ury department does not offer objection provided the scope and character and limitations Of such a conference as well as the policy of the United States gov ernment are clearly understood But there are numerous suggestions con fained in the memorial sent broadcast ha 1nIlH ITh appropriate for consideration, such as cancellation of some or any obligations of foreign governments held by the United States. or even the deferrinS or obligations of foreign governments to liens created in favor of loans hereaf- ter made for reconstruction purposes
 Mir Glass directs attention to differ ences which is discovered in the formal call of the conference as issued here, and in several of the foreign coun- tries. The memorials. circulated In Europe. MT. Glass said. apparently ad- vocated further governmental finan- cial assistance and requested the re- spective governments to designate representatives to those international meeting which would thus accord it an official character This, however, was omitted from the document cir culated in the United States and made public in New York. January IA
 The situation facing Europe, tho treasury secretary said. was one to be solved by the activity of those nations and their. nationals and not for settle rnent by any world wide plan such | as the proposed international confer | ence contemplate.
 Europe Can Settle Europe's Ills
 Prom the moment of the cessa tion | of hostilities." MT. Glass added the | treasurya of the United States has l pursued a policy of looking towards the restoration as promptly as possible of normal economic conditions. the re moval Of governmental control and inrerferenceS and the restoration or | individual initiative and free competi- | lion in business The treasury long i since with the cooperation Of the fed eraI reserve board, removed the em- | barEo on the export of gold. thus en- abling American citizens. and, indeed, the nations Of the world. 10 the ex- tent that they find credit here. to ff- | nance their purchases throughout the world in cash.
 Rightly or wrongly. a different pol l icy- has been pursued in Europe. Euro pean governments have maiutained. ! since the cessation of hostilities em- | ~bargoes upon the export of gold The rectification of the exchanges now ad- | verse to Europe lies principally in the | hands of European government. The | normal method of meeting an adverse international balance. is to ship gold 1 The refusal to ship gold prevents the rectification of an adverse exchange The need Of gold emDarSOeS lies m the expanded currency and credit struc- ture of Europe. Relief would be found in disarmament. resumption of indus- trial life and activity and the imposi- ton of adequate taxes and the issue of adequate domestic loans.
 ''The American people should not, in my opinion. be called upon to if nance, and would not in my opinion, respond to a demand that they finance the requirements of Europe insofar as they result from the failure to take these necessary steps for the rehabili- tation of credit
 International Bond Issues impracticabfe
 Mir. Glass characterized as "impracl ticable', international bond iSsues. guar antics and international measures for Stabilization of exchange which were to be taken up at'the conference. Such plans never would prove workable, he believed. so long as there exist in- eGualities in taxation and differences in the fiscal policies of the countries in volved. When these inequalities and no longer exist. reasons for the international measures also will have vanished. he asserted.
 It would be folly and unthinka bie" to call upon the American people to remedy present inequalities in ex- change. These inequalities. means for aiIevfation or which formed one of the principle bases for the conference were born of policy of. taxation less f drastic in the European nations than here. Mir. Glass said. '.'The remedy for the situation is 10 , I-a found not in the manufacture of . hank credit in the United States for