New-York tribune., 1920-01-30
r. S. Has Done All It Be-
lieves Practical to Re-
lieve Financial Chaos
of War, Secretary Saws
Opposes Proposed
World Conference
Holds Meeting Would Re-
vive Hopes, Sure To Be
Doomed, of More Loans

WASHINGTON, Jan. 29.-The
United States does not look with
favor upon certain features of the
proposed international conference
recently called by coterie of ma
tionally known tinanciers and COM
mercial leaders in an effort to lead
the world out of the financial and
commercial chaos into which it was
dragged by the war.
Secretary Glass declared tonight
in letter to a committee of the
Chamber of Commerce of the United
States which had sought a govern
ment expression on the meeting that
such a conference would serve "to
cause confusion and revive hopes,
doomed to disappointment, of fur
tier government loans"
With note of some fnality, Mr..
Glass set forth the governments
policy with respect to furnishing
credits, stating that the Treasury
lis opposed to government control
over foreign trade and finance. and
even more opposed to private con-
troll
Opposes Cancellation of Loans
1T is convinced that the credits re-
quired for the economic restoration
must come through private channels.
In this respect this government fears
the proposed conference would mean
many Europeans would assume that the
United States was about to shoulder
more OF their burdens,' Mr. Glass ex-
planned
If the Chamber of Commerce of the
United States (to which were left de-
tails OF the conference caiD considers
1t advisable and desirable to designate
representatives. to attend an unofficial
conference. Mr.. Glass said "the Treas
ury Department does not offer obiec-
non, provided the scope and character
and limitations of such a conference,
as as well as the impossibility of United
s.aIes government action are clearly
understood. But there are numerous
suggestions contained in the memorial
sent broadcast by the leaders which are
soh, such Is cancellation of some or
any Obligations of foreign governme nts
aeid by the United States, or even the
oeierring of obligations of foreign gov
efnments to liens created in favor Of
loans hereafter made for reconstruction
purposes"
Differences in the Calls
hr; Glass directs attention to diff
ierences which he discovered in the
formal call for the conference as issued
mere mere and in several foreign countries
Inc memorials circulated in Europe.
H. ~. diass said. apparently advocated
1af'her governmental financial assist
shce and requested the respective gov
.'"nents to designate representatives
70 'nose international meetings which
thus would accord it an Official char
sc'er This, however, was omitted
from from the document circula in the
vvhled States and made public in New
iork January ID.
me situation facing Europe, the
secretary Of the Treasury said. was
: one to be solved by the activitv OF
.aose nations and their nationals ard
MOI for settlement by any world
sd. s'ae plan such as the proposed inter
"aaohai conferences contemplate.
r rom the moment of The cessation
treasury Of the United States has pur-
s4ed policy Of looking toward the
.ss'oratlon as promptly as possible Of
noshai economic conditions. the re-
nova o. governmental controls and in
SSierences and the restoration of in
.''ouai initiative and free compet-
won in business. The Treasury long
s.nee, with the cooperation Of the Fed
i.el f. Reserve Board, removed the en-
"sstgo on the export of gold, thus en-
ssIolng American citizens and, indeed,
sa we nations Of the world, to the cx-
zen. tn2t they find credit here, to
nance their purchases throughout the
world in cash.
How Europe Could Get Relief
oo,ias ,in.snly or wrongly, different
ggoncy has been pursued in Europe
european governnenta have main
..sined, since the cessation Of hogtili-
ses, embargoes upon the export Of
s9io- The rcctihcation Of the OK
.ehges nov adverse to Europe lies
mnmariIy IN the hands Of European
s''eihmentA. he normal method Of
.+s5'"g an adverse international
.alance ia 70 ship gold. The refusal
ship gold prcyents the rectification
s.,a an aGYerse exchange. The need Of
sp.u emoargoes lies in the expanded
t'SJ ana crf1lt structure OF
.-ssope. Relief would be found in DIG
se..hamtnt- rcaumption Of induetrial
az ss snd activity and the imposjtion Of
sgiaate domestic loans.
M ne american people should not, in
"a opinion, be called upon TO finance,
IN "cu'c not in my opinion respond
,s,.... demand that they finance. the
,ssssn'fements Of Europe in 10 far az
ss.y result from the failure 10 take
-. sr hecessaly steDs for the rchabl-
Jpn cf credit"
az tllazs characterized az "im-
rysssticsole' International bond issues,
fa"'ses and international measures
:, ~ ,s'@ni3izatIrn Of exchange which we're
~ De @krn ~ Al thc conference. Such
55sahs 5slis never would prove workable. he
s..e,r'en, ~ long ar there cxiHt in
i Anl''eH in tazation ind differences
'. - Ms bzcal policies Of the countries
x.xp,'Fec. When these inequalities and
ftsisnees e.. m longer exist, rcasons
IN, he International rneasureH also
mare vanished, he asserted
Kennedy for Exchange puzzle
i" you'd he "folly and unthjnksblc"
ss,l .al upon the American people 70
ssay me pretent Inequalities in cx
s1,afs. Ih.se irsqualjties, means for
s,s,h''on III which formed one Of the
No. Epal bases for The conference,
norm VI pDijcy Df tnHhtion icss
f>~,1mued nm pnUe threc