Great Falls daily tribune. [volume] (Great Falls, Mont.) 1895-1921, 1920-01-30

opposes U. S. C0ntrol Longer.
With note of some finality, Mr..
Glass set forth the governments policy
with respect to furnishing credits, stat
ing that the treasury "is opposed to
government control over foreign trade
private control. 1t is convinced that the
credits required for the economic re-
storation must come through private
channels"
In this respect. this government fears
the proposed conference would mean
many Europeans would assume that the
United States was about to shoulder
more of their burdens, Mr.. Glass ex-
planned
Would Sit In UnofficialIy.
IF the chamber of commerce of the
United States ito whcih were left details
cf the conference CALI. considers it ad-
resentatives to attend an unofficial con-
ference" Mr.. Glass said. the treasury
department does not offer objection.
provided the scope and character and
limitations of such a conference, as well
as the impossibility Of the United States
government acting, are clearly under
stood. But there are numerous sug-
broadcast by the leaders which are clear
ly not appropriate for consideration.
such as cancellation of some or any
obligations of foreign governments held
by the United States, or even the defer
ring of obligations of foreign govern
ments to liens created in favor of loans
hereafter made for reconstruction pur-
poses"
Call Differently Worded.
Mr. Glass directs attention to diff
ferences which he discovered in the
formal call for the conference as issued
here and in several foreign countries.
The memorials circulated in Europe. Mr..
Glass said. apparently advocated
further governmental financial assistance
and requested the respective govern
mcnts to designate representatives to
those international meetings with the
hope these would accord it an official
character. This, however, was omitted
from the document circulated IN the
United States and made public in New
York. on January IA.
Nations Should Solve Own Ills.
The situation facing Europe, the
treasury secretary said, was one to be
solved by the activity of those nations
and their nationals and not for settle
ment by any Worldwide plan, such as
the proposed international conferences
"From the moment of the cessation
of hostilities," Mr. Glass asserted. the
treasury of the United States has pur-
sued policy of looking toward the res
toration as promptly as ssible OF nor,
NAL economic conditions. the removal
of government control and interferences
and the restoration of individual lnltta-
tive and free competition in business.
The treasury long since. with the CO.
operation of the federal reserve board:
removed the embargo on the export OF
gold, thus enabling American citizens
and. indeed. the nations of the world.
to the extent that they find credit here
to finance their purchases throughout
the world in cash.
Europe Locks Up Its Gold.
Brightly or wrongly. a different policy
has been pursued in Europe. European
governments have maintained. since the
cessation of hostilites, embargoes upon
the export of gold. The rectification
Of the exchanges now adverse to Europe
lies principally in the hands of the
European governments. The normal
method of meeting an adverse lnterna-
tioral balance is to ship gold. The re-
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