Every evening, Wilmington daily commercial., 1920-01-23
U.S.. MUST PRODUCE
MORE, RESERVE HEAD
TELLS BANKERS
Will Aid Europe in Getting ~
Feet Again, Harding Tells
Pan Americans
WORLD MUST GO TO WORK
~ Ass~iated rrsss - gvery reenTnz


Washington Jar ~ Amcrair rapi
tai VII! bc employed IN WiIn0 irrIe -
get bark r. productive rrYl frH tSrafer
of atlrarit.r rates nf rtr~rt u't r
restore nprmal condition and h. rseu
markets for American export fFovc-ur-
W r. q Harding Of tte frdrnl srrt
board sa'd t0dav. strakug iefure fta
second Pan tutucau financial f.trrr
We cannot hevcs'r port trrT
which W Do not have Gprrru.- ~ frl'rg
sald and n order ~ provide 70 ~ r.
able surplus we mG produGo nprr III
i1illng 10 that ron lu, r
During hr isef ycir So 5se pfrr~7eb
an unprecedented ~ yirp Rarrc
thus country shore has uorr : satt-sorf
rao b pr.crp, au5 ID d tho vaH afr
products cxprc=-rd do'e-e hoe ur.u
greater than rg,r II n.in-} tla III
cal y9umr n5 goods prsdlccd ka s
than thc production 81 anv ee- arr
1916 Or domestic dcToa-d fne frv
competing with export demands 1nd te
result has bccn TINT pr~c7 Hte nrrn
bid up on both .bc farnrn 3nd dowrste
consumers
Oirrroplc r1uef be lrauecd tr t.r coo-
ecioUgncgs thaf after al ruav
living sincc thc rioeo NJ thr uar f1 tuo
paradise 3nd thnt rora ~ort economy
and liberal iuvc-fmcrt r inrrvn -cor
tiee are necessary We gieh 'u nako .fr
present apparent prosperity ra rJ
permanent 10 important trai fho
should gcf back 70 work o1d r order t1
provide gfcady employment for rc pe0p'r
IN uUr own country ever rece=sorv
that there should ~ Sustained nwsnd
fnr products md n order fn oaintan
This steady demand n uaceesarv fa
supply markets apropd .7r ur prglrs
production
III enable Europe n produce fnmes
necessary for lts own support Governor
Harding said American raw materials
and equipment ml7f ~ exported lnd fae
exchange FIR European products faciii-
tated American bankers were STUDYING
the situation from new angle towards
world finance he said, and undertaking
engagements they would not nave eun-
barked on a few years aR0. Amercau
manufacturers were extending long cred-
it, he added, but could not do ~ indeh-
nitely with undue pressure % the credit
with American banks ard ~ assure fhis
essential long credit 20 European buyers;
appeal must be made 70 Amerlcan la-
Yestors-"
Governor Harding called attention 70
the new Edge net providing machinery
for financing these undertakings, which.
he said, gave exporters, producers. manu.
facturers and American investors tnc
means of cooperation 70 solve the protl-
lem before them.
The basls 81 world commerce y o. TX
change Of goods. Governor Harding sald
pointing out that American loans must
be On terms To permit the borrowers %
repay ia products.
European nationals can produce mzny
things WHICH we either DO not produce
1t all or lannot produce - chrapiy IS
they can. he continued, 'Or IL NAV oe
they can produce things needed Ia South
American countries. Or II the Far East
As American importers have constant
dealings WITH south American and ORIENTAL
countries It follows that European crecl-s
available N China, and Japan, argentine,
Chile. Brazil and other Ialn-Amercan
nations vii be Just ~ effective in hqul-
dating European obligations N the United
States as direct European credits IN New
FORK would BE-
The speaker pointed ouI that she
United states IN five Years had passed
from . borrower nation Slth ave billions
in outstanding debts 20 3 creditor WITH
$4,000 on It's books and tAe
national debt had risen from one billion
70 twenty-five Exchange RACES abroad
were far below normal. he added md II
assuming its new role. the nIteG states
faced problems whlch we're unknown D
the old creditor nations OF ante oellgm
days.
Continued on paga