Evening journal., 1920-01-30
OPPOSES new
CREDIT LOANS
TOEUROPEANS
Conilnued from rIrst Page

luuld. Jos. II. Martln, tnefcupoh pre-
senied resolution, which was adopted,
providing that the Chamber trans
init, through rs directors. a vigor-
GUS protest 10 Delaware's representa-
tives in Congress urging them to Sc
cure "an equitable adjustment" OF the
question. Mr.. Martin said the question
was very serious TO many OF the Kid
manufacturers here. Under the ruling
Of the government Of India a rebate OF
ten per cent. would be given CT goat-
skins exported to Great Britain or It's
various territories and colonies.
Mr. Crosby was given a warm hand
as he arose to speak. and devoted several
minutes 20 expressing his high regard
for Wilmington and the friends he had
made here while president OF The To-
cal traction company years ago. He
also referred 10 The numerous civic and
commercial improvements since his
residence here. Plunglng into his sub
ieot. political and Economic Prospects
OF International Finance" he reviewed
AZ ANA1lNNA hNlH lfNHAl Tie IhAN NANf "
by the United States In the war, and
told OF the credits OF ten billions OF
dollars which had been extended to our
Allies 30 see the conflict through. He
admitted some OF the money thus ex-
tended had been spent by the ALLIES In
other countries end for other purposes
than in the United states for supplies
although Il heretofore has been said
an the money was expended In this
country. He recited. humorOusly, how
Bonar Law. Britaln's minister Of the
exchequer, had ouimaneuvered the
Treasury authorities for some months
In order 10 thus divert the loans from
the United States.
Mr.. Crosby declared he believed the
external credits OF the European ma
tlons would readjust themselves salts
f9ctorlly without further assistance
from this country, and that further
government loans 20 them would De
equivalent 10 giving them money Win
which 20 finance their Industries TO
more vigorously compete with our own.
In short. we would be lending money
agar ST ourselves. As 10 the internal
loans OF the foreign g0vernmcnts-that
Is loans made by their citizens 10 the
Governments 10 prosecute the war-he
likewise felt they could be adjusted IN
time. through Internal taxation, provid-
cd the tax was not made so heavy as 10
stir revolts lie added that citizens
OF most European countries would
stand a tremendous amount OF taxation
II N were carefully imposed ana us
need shown. As for the American gov
erument's part In alleviallng the pres
ent dav burdens Of Europe, Mr.. Crosby
advocated deferring for several years
collection OF interest or monies alreaay
lent abroad. As 90 private loans 9y
banking syndlcaies In this country, ne
advocated high raies or interest lle
eject would be 10 make borrowers Keep
down their loans "even n they had 10
sell their shirts" and 10 stimulate re-
funding as promptly as possible. HOW
can we tell that those 20 whom we are
giving credit viii be able 10 settle wheh
navdav rolls around In three years
Iro advised against putting too much
confidence in great European CONFER
ences on money matters that TX the
rates OF interest they want to pay ana
advocated a reparation committee 10
arrange for the payment Of German ana
other Central Powers indemnitles.
"Then offer them for sale in every
oorner of the world" said Mr.. Crosby
"at relatively high rate OF interest
for mat is the only way you can al
So, The Individual with a speculative
mind. Diminish the currents that run
adversely for our late associates, lot un,
Nm we glve-up abstract demanus tha.
float ike clouds in the ar ana acoepl
concrete judgment the question OF war
will always be with us.
Mr. Crosby spoke briefly OF uIe
.eaene OF Nations and did not touch
upon the peace treaty before the senate.
He implied. however, he felt the Paris
conference. which he had attended as
financial adviser OF the President ana
American delegation, had failed to build
n league which would prevent future
wars. ...
"France avowedly desires and through
,ho peace Treaty. would obtain a long
tIme right to intervene In all the az
fairs Of Central Europe. And so would
ali the other members OF the victorious
But we are TO be yet
urther involved In such dangerous
Acting in good faith, with no other
Thought las I can vOuch) than to help
win the war. we find ourselves In role
toward the vlctOrs also. OF a creditor
,,bo NAV AZ any moment become
critic. II Is a role often sought by
urging loans upon weaker
states, with deliberate purpose OF thus
obtaining. by right or by ruse, power
Of Interference in the domestic analrs
M the borrower. Have we forgotten I
the 0ssco OF the six-natlon loan to |
It's open reyealment OF |
interior purpose2 Such plots are as old /
as human history and behold we, q /
naieve people, find ourselves playing /
leading role in one OF the most com /
plicated dramas ever set on human /
stage"
In conclusion. Mr.. Crosby declared:
'The way OF the world toward peace
s not clear. The League OF Nations
leaves all OF us armed, and, in the last
ANALYSIS. contemplating war and war
only. as the sovereign argument. Thus
there can be no limita-
ion by agreement Of the weapons that
nav at any time be used In a llfe-and-
Heath struggle. Untll nations are will
ng 10 sacrifice the savage sovereign
right OF using competitive forces. until
hey are willing to erect a controlling,
centralized force as a sanction for the
decision OF a centralized tribunal, un-
IN we give up thought OF abstract
nstice and content ourselves, as in
private affairs, with concrete Judge
nent. until all these things happen, the
Did order substantially prevails. We
have enormously increased the num-