The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1920-12-09
DlNGS ATTENDS CALLED MEET
OF AMERICAN BANKERS

Continued From Page One)
to pay their bills. The difficulty comes
With arranging the terms of sale"
Aims TO Arrange Terms
1t was TO provide an orgGniza ton
equipped broadly enough and power.
ful enough 10 arrange The terms D,
sale of American exports that The call
was issued by John 5. Drum president
OF the American Bankers association
for the conference December 1911.
Analy2ng the situation which con-
fronts the export trade of the United
SJates. and describing the proposed
functions of the 500 OO0 900 corpora
tion. Mr. Sabin continued:
Foreign nations. and European ma
tions in particular. impoverished by
the last six years, have no further
liquid assets with which to pay for our
goods. Our manufacturers and pro.
ducers are unable to accept long-term
payments. The only way i'm which
this diverse position can he adjusted
is through an agency capable Of ac-
cep,ing The offer tor long-term pay
ments from The foreign nation. ana
advancing the money on them imme-
diately to the American producer and
manufacturer
This is task beyond the scope OF
the ordinary commercial bank Ii is
possible TO certain state banks. under
Their charters, and is being developed
by some operated today
agencies of the kind operating un-
der federal Incorporation and with the
supervision Of the Federal Reserve
Board were made possible by the
passage, in December, 1919, of the
Edge Act. They are permitted to re-
ceive the promises TO pay of foreign
buyers. and issue interest-bearng
debentures against them. These de-
bentures will be offered for sale to
investors, and the proceeds from them
will pay the American manufacturer
or producer for his goods.
The plan is further for an institu-
ton Of sufficient magnitude to take
the place in relation 10 our foreign
business that the Federal Reserve
Board occupies with respect TO our
domestic business.
Banks manufacturers, farmers. eX-
polters and individuals generally will
be asked 10 subscribe TO The 500, ,000,
900 capital stock OF the corporation.
The board OF directors will be chosen
a. nearly as possible according to Fed
a
Ia national body. With the re-
sources which tne organization would
have at hand the operating person.
mel could and would be composed OF
,nr abiest expert in the country. II
would operate under The guarantee Of
per,s work ne with sense Of national
responsibility and checked and super
vised by ,he highest federal banking
board In the land.
While we were sun participants
In the war the United states govern
ment undertook the burden o. IinlGc-
ins The hard.pressei European nations
iu the purchase OF our goods Fol-
loving the armistcc the government
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