Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-01-30
HOLDS MONEY PROBLEM
CAN Be SOLVED BY WORK
Treasury Does Not Look With Favor
Upon Proposed International
Conference.
OBJECTS TO EUROPEAN POLICY
Asserts Failure to Ship Gold and
Inequality I'm Taxation Causes for
Present Financial Troubles Of Old
World Powers.
OBJECTS TO EUROPEAN POLICY
rBy AssocI,,ed p-.s.,


WASHINGTON, Jan. 2e.-The United
States Treasury does not look with
favor upon certain features OF the
proposed international conference, re-
Gently called by coteric OF national
~ known inanciers and commercial
out OF the financial and commercial
chaos into which IL Was dragged by
the war.
Secretary Glass declared tonight in
a letter To committee OF the Cham
Der of Commerce OF the United States
that such a conference would serve
TO cause confusion and revive hopes
oooined 10 dlSAppointmcnt, Of further
government loans"
with mote OF come iinallty Mr.
Glass set forth the governments poi-
icy with respect to furnishing credits
stating that the Treasury us opposed
TO government control of foreign trade
TO private control. It is convinced
that the credits required for the eco
nomic restoration must come through
this government fears the proposed
conference would mean many Euro
psans would assume that the United
their burdens. Mr.. Glass explained.
solve Problem by Activity.
:, The situation facing Europe the
Treasury, Secretary said. was one TO
.. &c solved by the activity OF those ma
IONS and their nationals and no, for
settlement by any world widc plan
such as the proposed international
conference contemplates.
From the moment OF the cessation
OF hosiilit!cs." Mr.. Glass added. The
Treasury Of the United States has pur-
soea a policy Of looking towards the
normal economic conditions, the re-
movai Of governmental controls and
;nterterences and the restoration Of
itlon in business. The Treasury long
Tynee. with the cco-operation of the
embargo on the export OF gold. thus
nabiinS American citizens and in
deed. the nations of the world. 10 the
extent that they find credit here, to
finance their purchases throughout the
wo3Id In cash.
EGrone's Different Policy.
polsy has Been TSnsS p"rsned in diasTsnt Enrops.
European governments have main
,ained since the cessation OF hostiii-
ties cmbarCocs upon the cxport of
Eoid. The rectiiication OF the exchanges
now adverse 10 Europe lies primarily
IN, IN the hands OF European sovernmcnts.
verse lntcrnationa! balance is 10 shin
goid. The refusal TO ship gold pre-
'ents the TScti!ication of an adverse
exchange. The need OF gold embarcocS
ies in the expended currency and
credit structure OF Europe Relief
would be found in disarmament. re-
sumption OF industrial life and ac-
tivity. and the imposition of adrnuoI q
taNes and the issue of adequate dom
eStIC loans.
The American people should no.
IN my opinion. be called upon IN dn
ahce, ana would not IN my oDinion re-
spond to n demand that they iinance.
me requircmcnts OF Europe in so IA =
as they result from the failure 70 tata
,nese ,n,; necessary steps for the rehabiii-
tatlon OF credit
~, Bond Issues Imprnctfcnble.
,Mt; MT; Glass characterized as imprac-
icablc the International bond isst,,s
s.,hiiizn ,irJn.ie" ana measures designed to
plans would never prove WorkahIs
PneauSe re OF the inequality in taxation.
thinkable~ itI aceA@FGd ss5 u5or as folly and
people 10 remedy the ineouaUtias =;
exchanges. He declared the remodm
LOT LOT the situation lies in the actual
securities, and. in default Of Sandf .1nen. n l
securities, then in gold from EUro VI .
ana n order that such securities N, =,
De absorbed by investors our n-onis
,usl nnH consume less; they must work
Warns Against More Credit.
Relative to the solution of tba nv
changc puzzle, Mr.. Glass warned ,bat
,nla ms country could not continue to eS
cover The present swollen trade hal
anceS while paying cash (goid ana
Silrer TO Latin american and Far
nations Htrn nnGd ,raders n9w What the European
Is working capital rather than 90
much bank credit ma" 30
III the peoples and governmenta of
nr nurope i've within. their incomes, II. .
sinie. and limit their imports to ;IctUs,
necessities. foreign credits to coWar
ADVERSE balances would most probabIv
p re snppIied by private investors ana
ticabie methods as Eovcrnincni ''inrac, inans
ana bank credits would ceosn"