The Washington times., 1920-01-07
Loan Necessary to Save Europe
From Anarchy, Says
British Expert.
WHEELS MUST BE SET GOING
Equilibrium Of Exports and Im.
ports Weapon Against World
BoIshevism.

fVlkADbLfulA, J8u- t.-LurOpo
must have a loan of at least S10.-
000, ,o00, 900. to be saved from anarchy.
Sir George Paish, British financial
expert, told the Pennsylvania Bank
ers' Association here last night.
Europe must be really re-started
and restocked," Paish said. when
his has been done, Europe. will be
able to export commodities as we'll
as to import them. Thus the equiI-
ibrium, necessary to save the world
from Bolshevism. Win be rsstored,H
Members OF Congress teday,sxere,
attempting to reconcile statementS by
Secretary OF the Treasury Glass and
Herbert Hoover. In regard to the
financial needs of Europe.
Hoover Against Lea..
Secretary Glass has submitted to
the Ways and Means Committee of
the House a recomme dation that the
United States dig into its financial
pocket for further loans to rehabili-
tate Europe.
Mr.. Hoover states: aside from
secondary measures by our Govern
ment. the European problem is merely
one of ratification of peace and or
dinary business process"
Mr.. Hoover has been accepted gen.
rally as authoritative in his statement
as to conditions in Europe. As food
director of the allied forces during
the war. he came into direct contact
with not only the problem OF food
supply, but with the financial situa-
tion.
Business Credits ssfaciest.
Considering Europe as a whole, Mr..
Hoover asserts that the 7o.o0o,ooo peo-
pie OF nations which have not suffered
heavily in the war should aid Europe.
but adds: "If we contribute a bread
supply on Government credit to starv-
ing cities. plus business credits, we
will be doing our share of world re-
sponsibility."
He also points out that Great
Britain practically has admitted off,
cially that she needs nothing but COM
mercisI credits, while he says Eng
land has ample unpledged foreign as
sets to cover her needs. This condi-
tion also applies to France.
Glass Has Change Of Heart.
The Secretary OF Treasury. in a
recent letter to Chairman Fordney,
OF the Ways and Means Committee,
points out that he has changed his
view point on the question of assist
ing in Europe finances. In his an
nuaI report to Congress-, the Secro-
tary urged that European loans be
discontinued. In hts latter to Mr.
hn a IA CnnNinred that
the necessary financing cannot be
done through ordinary private chan
nels.
Secretary Glass has asked permis-
sion to appear before the Ways and
Means Committee to lay before II In
formation concerning the financial
status Of Europe and TO urge legis4a-
tion for further extension OF credit
Text OF Glass Letter.
The secretsry's letter follows In
part:
81 have the honor TO request that
your committee afford me the oppor-
tunity OF laying before II any infor-
nation which IL may desire and which
| am able TO furnish, In order that
appropriate legislation may be con-
sidered at once,
"The emergency is OF such mag
nltude; the dictates OF humanity are
so pressing; the possible effect OF
the present situation upon the so
cial, economic and financial rehn-
billtation OF Europe and, consequently
upon the trade and prosperity OF the
world. in which the United states
has so great n stake. may be of such
consequence that / do hesitate from
the standpoint of humanity and pub
lie policy to assume the responsibility
OF appealing to the humane and prac.
teal sentiments OF the Congress to
take immediate steps TO furnish from
our surplus the food necessary TO
save the situation.
1--WE cannot and must not fail to
supply some food on credit 10 save
human lives and safeguard civiliza-
ton, for which v,s have already en-
pended so many lives and billions OF
dollars,"
-"'kt nELu.-ANs BEFORE MEALS ssd