The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1920-01-03
Thirteen Billion
Fake Exploded
By DAVID LAWRENCE
Copyright, 1919, by The
Intelhgencer.)

WASHINGTON, d. c.. Jan. 2.-Loans
by the government OF the United States
to England or France are out or the
question. Publication OF story 70 tnS
effect that. Niscouut Grey went horne
with the pledge OF the Wilson admins
tration for $4,000. 100000 loaG ha'o
revived the subject OF international
finance and given the Treasury Dep@a.
ment an opportunity 10 place us views
unequlYocally before the public. hese
IS the way one OF the assistant SecFe-
karies OF the treasury phraSed II:
If England really wanted $tS.VoV,-
00O, 900 in credits In the United states.
years. II she wanted that sum. the
treasury would certainly not agree 70
recommend such = loan TO congress. IL
the treasury did recommend II. congress
would certainly not agree to II. Ana -
congress did agree, the money coutd
not bs raised from the people OF the
United States. That's all there IS to It.
Purpose OF the Story.
The purpose OF the story is consider
ed here TO be tnterwoYen with the cam
paign against the League or Nations
Opponents OF the treaty have souGnt 10
make II appear that the United states
Is yielding everything and giving away
everything TO Europe and particularly
Great Britain. For instance IN the IaSt
two weeks. much discomfort has been
aroused III Iual ltAN "aASNS h''' N''N''H
ti-British finds favorable reception
in the matter Of the big German SHIPS
which were ordered returned to Eng
land. As a matter of fact the solemn
word Of the United states was pledged
to give those ships back to England I'M
mediately after our war dcpartment got
through Transporting troops 20 Amer
lea The fact that England was delay
ing the return uf some ships belonging
to America WAS the fundamental reason
shining hDlFt.'S llSInClln1tlpn
to recommend the return Of the big
German liners. but President wilson
took the pos tion that America would
keep her pledge regardless of the out
come Of merits Of ~" controversy
which had separately arisen over other
ships Indeed. the United states conf
IDENTIFY expects England TO adjust that
question in due time
Anti-Sritish Campaign.
But the publication Of the story about
a thirteen billion dollar loan does not
have even the basis which attaches 10
the controversy over ships Yet the
two together are pronounced as part
and parcel ot the campaign 70 keep
antipatlieS alive between the United
States and England As far as imam
cling Europe is concerned. great deal
Of n ~-"oreSentation has been lex JooSe
In an ctIurt to make Il appear that the
foreign policy Of the executive hranch
OF the government to-day Is merely the
outgroWth OE d,Ire 10 keep on loan
ing American funds 10 r"habilitatr Eu-
rope. Since the armistice the United
States government has loaned about
$2.329. .OON 900 to the allied governments,
mostly ;,s credits for American food
stutfy so that America had hardly been
accused OF ill!berality. on the other
hand. the viewpoint OF the United
State. government cannot be better
fary ufsss Himself who gays: S-'i'e. s'''r
Mach 2xagHorAtioa.
The treasury believes that the need
OF Europe tor financial assistance very
great and very real though II is. mas
been much exaggerated cith here ana
abroad our hearts have been 80 touch
ed BY the suffering whicn the war lett
In it's train. and our experience Is 80
recent Of the financial conditions when
existed during the war when men were
deyotinE themselves to the business OF
destruction. that We are prone To over
look the vast rccuperatiYe power inner
ent in any country which. though de.
vastated has not been dcpopulated. and
the people OF which are not starved
afterwards.
we must all feel deep sympathy for
the suffering in Europe to-day but We
must not allow our sympathy 20 warp
our judgment and BE- cXaEgerattng Eu-
ropes financial needs. make 1t more
difficult TO fin them. Men must go
back 70 work in Europe. must contrib
ute 10 increase production. The indus
tries or Europe pt course cannot Oe SCI
to work without raw materials. etc. and
70 tne extent that these are to be Sc
cured from the United States the prob
lem OF financing the restoration Of Eu-
rope belongs primarily 10 our export
Starvation rhrsatonsd.
The only exception to the above which
has been made is I'm the case OF Central
Europe where starvation Is already be-
ginning. Congress has been asked 10
zl.nI tEWN 1Nf1 20
relieve the food situation In Austria:
Great Britain has assured the United
States that she will share in the effort.
Outside OF the distressing conditions OF
the smaller countries in Central Eu-
rope, however. which Involves at best
only relatively small sums the view
point OF tho treasury Is unchanged. The
United States is through with large
loans to her allies. The treasury be-
lieYes IL would be unSound finance 70
continue them. Europe is fully expect
ed to finance herself. first. by domestic
loans designed to remove sou1e OF the
large amounts OF inflated currency that
were made necessary BY the war: sec
ond by intensive taxation. something
that Europe neglected during the war:
and third. by buying raw materials in
the United States as reasonably as pos
slhle and sending back TO us finished
products at prices low enough 70 attract
American cOasumsers so that America
will start buying something from Eu-
rope and thus begin 10 offset the tre-
mendous export balance which Is keep
ing the rate OF exchange SO low.
Production in Europe depends mostly.
however, on political conditions. And
back OF that ar9 the factors or LABOR ana
mass unrest European governments
say that until rne treaty can be put In
operation and the moral support Of the
United States is assured as against the
political disinteGratton OF the allies
there will be no definite progress to-
ward reconstruction. Anyway, the gov
ernment Of the United States has ceased
loaning money TO foreign governments
and the problem IS entirely one for pri-
vate financial concerns and export
houses and the truth is the officials OF
our government are keeping as close a
watch on Uncle Sans pocket book as