The New York herald., 1920-01-15
F|NANC|ERS Of 8
NATIONS JOIN To
STABILIZE TRADE
Issue Identical Calls Stimuli
taneously for Sessions on
Economic Problems.
BIG BANKERS HERE
ON AMERICAN LIST
J. P. Morgan, Paul M. .Warburg
and j. A.. Stillman Among
the Signatories for u. S.

In an effort to bring about an interna-
tional conference to solve the great and
/ complex economic problems now confront
ing financiers, manufacturers and busi-
ness men all over the world, prominent
representatives of large interests in eight
nations yesterday simultaneously ad-
dressed identical memoranda to their re-
spective governments In which they sug-
gest the calling Of such a conference. In
the memoranda they lay down the lines
along which, in the opinion Of the sigma
tories, the solution Of the problems must
be sought.
The sgners OF the documents take issue
squarely with Sir George Paishs proposal
for vast international bond issue. They
emphasize the necessity. on the contrary.
''of encouraging to the greatest extent
possible the supply of credit and the de-
velopment Of trade through normal chan
nels."
Great Britain. France, Holland switzer-
land, Denmark, Norway. Sweden and the
United States are the nations represented
in the international movement. Germany.
Austria and the new countries OF Europe
will be invited to participate at a later
date. Neither the place nor the time for
holding the conference Is suggested. but
the memoranda draw attention to the mat
ter as being one "of the greatest urgency"
Want a Private Conference.
The European signatories are address,
ing to their governments request to-
take the necessary steps for the conven-
ing OF such a conference. while the Amer
lean slgnatories have followed different
course in this respect by requesting the
United States Chamber of Commerce fol
call such a conference. The Americans
have not requested their government TO
take action because they are of the opin-
ion that such a conference should be one
of private character and that the prob
lens outlined in the memorandum should
be met primarily and as far as possible
through private initiative, with the moral
support of the government and by just
and constructive policy on the part of the
Reparation Commission.
The men signing the appeal both in Eu-
rope and in the United States comprise
leaders of thought and finance. statesmen
and labor leaders, conservatives, liberals
and socialists.
While disavowng any intention TO sug-
gest in detail the method by which inter-
credit can be obtained. the signatories lay
down the following principles as express
ing their vews:--
The undersigned individuals beg leave
to lay before their government, the Repara-
tions Commission and the Chamber OF
Commerce. of tho United States the fol-
lowing observations. and to recommend
that the Chamber OF Commerce OF the
United States designate representatives
of commerce and finance to meet forth
with (the matter being of the greatest
urgency with those OF other countries
chiefly concerned, which should include
the United Kingdom and the British do
minons. France. Belgium, Italy. Japan.
Germany. Austria the neutral countries
of Europe the United States and the chief
exporting countries OF South America, for
the purpose OF examining the situation
briefly set forth below and TO recommend
upon the basis OF authentic Information
what action in the various countries is
advisable among the peoples interested In
reviving aid maintaining International
commerce.
They venture TO add TO the above
recommendation the following observa-
tions-
THE war has left to conqueror and
conquered alike the problem OF finding
means effectively to arrest and counter
act the continuous growth In the volume
of outstanding money and of government
obligations and its concomitant the con-
slant increase of prices. A decrease OF
excessive consumption and an increase OF
production and taxation are recognized as
the most hopeful-if not the only-reme-
dies. Unless they are promptly applied
the depreciation of money. It Is TO be
feared. will continue. wiping out the saw
ings Of the past and leading TO a gradual
but persistent spreading OF bankruptcy |
and anarchy in Europe.
Nations Must Increase Assets.
There can be no social or economic
future for any country, which adopts
permanent policy of meeting its current
expenditure by continuous initiation OF
its circulation and by increasing its inter-
est bearing debts with n corresponding in
crease OF its tangible assets In practice
every country will have TO be treated
after careful study and with due regard to
its individual conditions and requirements
No country, however. Is deserving of
credit. nor can II be considered a solvent
debtor, whose obligations we may treat
as items Of actual value in formulating
our plans for the future. that will not or
cannot bring its current expenditure with
In tho compass Of its receipts from taxa
tion and other regular income. This prin-
ciple must be clearly brought home to
the peoples of all countries for IL will be
sdream OF false hopes and illusions TO the
recognition OF hard facts.
1T is evident that Germany and Austria
VIII have TO bear a heavier load than their
conquerors, and that in conformity with
the treaty OF peace. they must bear the
Continued ON rnsc FIVE, Col. rhree.)