The Washington times., 1920-10-08

ally view this adverse comment as
emanating from. circles cIassed as
Visionary" in a financial sense. and
the element most responsible for re-
tarding the economic recovery of
France.
Commissioners Boyden. IT was said
authoritatively at the Treasury, has
the utmost support from Secretary Of
the Treasury Houston, in the position
he has outlined to the Brussells dele
gates. Secretary Houston, 1t was
said, has "supreme confidence in Mr..
Boyden's ability and judgment"
Officials were agreed that Commits
sioner Boyden, on his present mis-
sion. needed to employ blunt weapons
in speech to drive home to some Eu-
ropean groups his plea for sounder
currency conditions in Europe IL an
economic breakdown, world wide in
scope, is to be avoided.
UNOFFICIAL FRENCH CRITICS.
While no notice will be taken Of
ficially by the Treasury Department
of the French critics, who are not
considered as voicing the official
French view, the Treasury Depart
ment today found ample vindication
for Mr.. Boyden's course in the find
ings announced as the Joint conclu-
sion OF leading financial authorities
in allied countries, and just promul-
gated under the auspices of the in
ternational secretary OF the League
of Nations.
An official copy of this document,
representing results Of comprehen-
sive study OF financial conditions
abroad, directed by the League of Ma
liens, has been transmitted to Secre-
| n Of hn Inuatnn
Governor Harding. of the Federal Re-
serve Board. The conclusions reached
by these financial spokesmen for the
various countries shows agreement at
many points with the utterances Wig
orously expressed by Mr.. Boyden, and
likewise the recognition of the fact
that American industrial interests are
justified in safeguarding themselves
against dangerous risks now encoun-
tered under shaky exchange condi-
tions.
officials, though not definitely ad-
yised, assumed that the recommenda-
tlons thus outlined by the League of
Nations representatives will have an
important bearing upon the present
deliberations at Brussels.
LEAGUE DISCLOSURES.
| The League document disclosed the
| following as some of the outstanding
factors in the present foreign hnan-
| cial situation. All currencics have
deprecated in terms of comm ODDITIES
Neutral countries have been compelled
! to endure many of the financial and
economic ills which have fallen upon
| belligerents. Most curriencies have
| deprecated in terms OF gold. and goi ]
| itself has deprecated in terms of
commodities.
A very remarkable relation Is found
to exist, by the Leagues investiga-
| tion, between the expansion of cur
| rencies and the rise in commodity
prices. Whether or not this relation
Is casual is still a matter of dispute,
| tho document recites, though most
leading authorities attribute the rise
In prices to the use made by govern
ments Of currency and bank credits
J for financing expenditure
In the Leagues study OF Ger
many and its fiscal relations, IL was
| further stated, II was found a great
| disparity existed between internal and
external commodity values of cur
rency. But complete agreement was
given upon the point that everywhere
currency and exchange disorders are
hampering trade and retarding recon
struction.
Discussing unstable currency. the
Leagues finding is as follows:
SERIOUS CURRENCY PROBLEM.
"The effect OF the instability OF
currency values upon internal trade
and industry Ia serious enough But
the effect upon International trade