The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1920-01-17
THE MONEY KINGS
CONFERENCE
International Meeting to Be
Held to Consider Financial
Problems
ALL NATIONS ARE
TO TAKE PART
Concerted Action Necessary to
Restore Business Stability in
the World

New York, Jan. i A call Tor one
of the greatest international confer
ences of commercial and financial
figures ever assembled, in an effort
to find a remedy for the financial and
commercial chaos in which the world
has been left by the war, was issued
here today following the meeting OF
cotcrie of nationally known flnan-
ciers.
The appeal was issued sirulta-
neousiy with similar Droclamtions put
forth in Great Britain, France, Hol-
land. Switzerland, Denmark, Sweden
and Norway. In each case the docu-
mcnts were GiSned by business, finan-
cial, political and educational leaders
in their respective countries. In tle
case OF the European countries the
appeal was addressed 10 the respective
governments. In the United States the
chamber Of commerce Of the United
States was asked to arrange the pre-
linlinar;es of the conference. while the
appeal was addressed jointly to that
BODY, the American government and
the reparations commission in Paris.
While Germany and Austria are not
included in the original call, it was
announced that delegates from those
countries would be invited to attend
the conference ITO sum up the docu-
ment," says the official announcement
of the conference, "it is a call to the
people to return TO pre-war standards
of reason-an appeal to the repara-
ton commission for wise modera-
ton as the best business policy for
all concerned-an appeal to govern
ment to arrest imitation and meet in
evitable burdens by increasing their
revenue rather than by increasing
their debts, an appeal 70 the people to
work and save, an appeal to leaders
OF commerce and finance to get to-
gether in order TO study the problems
dispassionately and take it up as a
business proposition, relying on inde-
pendent action rather than govern
ment intcrvcntior. Governments can
he relied upon, however. to remove as
rapidly as possible the obstacles that
impede such 4 course
Willingness on the part Of Ger
roany to pay her just debts must not
n> converted into spirit of despair
and revolt" the statement warns. II
such a thing is threatened the repair
ton commission is advised to extend.
he period OF instailments which Ger
many must pay.
Recognizing the tremendous finan-
cial outlay required to rchabilitate the
worlds economic losses through the
war is too great for single country,
the sgnatories suggest that money
be supplied chiefly by those countries
where trade balances and rates OF ex-
change are the most favorable.
Long term credits are recognized as
desirable only where absolutely nee
essary to restore productiveness. and
then reduced. to minimum. Assist
ance should be given as far as pos
sible, in forn: which leaves national
trade free from restrictive government
control. in the signatories opinion
while loans should be sought in the
lending countries on such terms as
10 attract the savings Of individuals:
otherwise initiation would be encour-
aged.
Borrowing countries are advised TO
offer the best obtainable securities and
to give such debts first rank among
their liabilities. with special securities
set aside for interest payments and
amortization. Germany and Austria;
If is suggested, should assign import
and export duties practicable on
gold basis while countries entitled to
rcoein+s from Germany should offer
such charge on such collections.
nnE GATCE AE