New Britain herald., 1920-02-04
EXCHANGE DEMOR

few days. No turning point in the price of foreign money has been noted and. there is no particular i1cm in the days news from abroad which would indicate that sudden Financial strength has been added to The other countries which will mean the re- sumption of normal rates of ex- change.
 After day of despair in the for tiGh money market il was found that the low levels, as esta bliShed. wee $3.3% for the pound, lt.52 francs to the dollar and 17.J2 lira to the dollar. The purcha sing power of the currency of our companions in the late dirii- cHlty abroad has depretiated to su"h an extent that the entire market iS alarmed and buying has suddenly ceased. The great debts of the for eigners together with their seeming tendency 10 depend upon tne United States for most Of their supplies, has caused this slump. There is but one l
 
 tension Of liberal credits to those wno i would buy. Even this is of no avail 1 unless We may be satisfied that the l powers are prepared to produce and l to eventually be in a position to meet | every obligation.
 Various banking experts have ex~ 1 pressed their views upon the situation with great variance or thoughts.
 "America," says Frank A. Wander lip, has wiIfulIy shut Der eyes to the l economic position Of Europe and has l wasted a precious year in which she l has inflated her credits in wild indu,- trial expansion and has dissipatcd Inc l resources with which she might have l helped Europe * when We under 1 stand Noreign needs and economic l data) I believe we shall have bolI altruism and courage 10 face our re- responsibilities and 10 ass}me lh9 position of wot'Id lcadership.'
 Frank II. Sisson. Of the Guarantee Trust Company. suggests that the cure for the foreign exchange Situa- tion is the orderly opera ton of eco- homie laws. The United States has the gold. the goods and the credlt. which the helliGcrcnt nations lacN. EXchanre can onIN be restored when Europe begins to produce and deiiat4. The rcadjustment to normal would, of course. be expedited if we should extend credits to Europe for the pur- chase of necessities which woulI ena blc her to get upon a sound basis more rapidly"
 It is easy for the United S)at,s citizen to picture Uncle sam as being the proud possessor of the gold. credit and goods supply of 1hc Wor;G, and such is in fact. the case. II is not as easy to say 10 him, We must give of what we have to others iii order thai we may live and in order that they may. some day. be good GUS toners of ours" This is hard for bim to see. and the politician who thunderS. "AIloW the remainder of the world 10 take care of itself: we helped it once when it was in dire difficulties and cannot do so again; let Us keep what we have and fatten ourselves thereon." will have many friends the voters here. Nirtuali.' we are money- k ecpcrs now: truly w. have practically everything tha; other ma tions wish: but, for our own c>cn- tuaI good. as well as for the immv- dia1c good of the world. we must share.
 The difficult point is to determine just how far we should go. We do not wish to encourage industr;;l sl;tckneS. on the part Of the people or Europe by freely extending credit whenever they decide they Wish i;; NC do aspire 10 their we'll being. 6ur husinosS interests demand thai We our markets in times when terms. We ind ourselves in the posi- tion of the stone age man who. throuGh a combination Of Circunl- Sjancos, might have collected all Of the ciamshclls--or whatever the c1u- rcncy of that period was-in th" world and had. in addition. all of the could not buN-ho had the money He could not eat all that he had and. if the system of .currencN Was chanoad