Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-04-30
AMERICAN BUSINESS
DEPENDS ON PEACE

NEW YORK. April 28.-Re-estab-
lishment of American prosperity de-
ponds upon speed settlement of the
German reparations question.
Other factors depending upon i'm
mediate solution of that problem in
clude: Revival of American ship
ping operations; progress toward
universal disarmament; sterilization
of world economic conditions, and
industrial reconstruction of Furope,
This represents the composite
views of four men who have devoted
much time and study to the repara-
tons situation, as expressed today.
They are Bernard Baruch, economist
and financier; James w. Gerard, for
mer ambassador to Germany; P. H.
w. Ross, president of the National
Marine league, and Francis H. Sisson,
vice president of the Guaranty Trust
company.
While they held varying opinions
as to some of the minor phases of
conditions centering about repara-
vital present problem in the world,
and that upon it's disposal hinge a
myriad of important questions.
Messrs. Ross and Sisson favored
American mediation, if that role
would speed up settlement; Mr.. Ba-
gard, and Mr.. Gerard opposed it,
pointing out "the anomaly of Ameri-
cas- position in mediating for
country with which we are at war, in
it's relations with countries with
which it is at peace"
ut would be difficult to OVer-em-
phasize the economic Importance of
reaching a speedy and definite con-
clusion on reparations," Mr.. Sisson
said This is the most important
single factor in the worlds business
situation, affecting us in common
wit E1Irnnn 60
luton is the whole problem of Eu-
ropes peace reconstruction, and
upon that problem largely hangs the
issue Of our own prosperity.
Our own immediate stake is
made clear in the fact that Europe
owes American banking and business
houses more than $4,000,OO0,000, in
addition to the ,OOO,OO0,OO due our
government, and $2,000,000,0OO or
more to American security holders.
Europe also constitutes the largest
market for our surplus, as well as
the market for the surplus of other
nations who are our customers and
can prosper only as their markets are
maintained. Until a definite basis
for peace is established there can be
no stability or peace of mind in bust
ness circles; there can be no indus
trial recovery or sound credit basis"
Mr.. Baruch said that his views
were the same as he had entertained
ever since the opening of the repara-
lions question.
Germany must pay to the limit
of her ability, as a punishment and
as protection for France, but she
must not be asked to pay more than
is humanity possible" he said. 1--WE
have long since reached the bottom
of our own business depression. The
speed with which we make the up
ward climb, however, depends upon
the settlement of the reparations
problem"
THE greatest percentage of world
taxation goes for armament" Mr..
Gerard said. Before we can be re-
lieved of this burden, an actual state
of peace must be established If
France seiZes additional German ter
ritory by force, disarmament will be
set back years, and I doubt if the
French would have much success in
collecting reparations under those
conditions. 1t would be better for
Germany to pay a lump sum of S25,-
000,000,000 to $50, 000,O00,OOO than to
extend payments over long period"
Mr.. Ross pointed out that about SO
per cent of American shipping is idle,
and declared the only hope of a re-
vival of international commerce
hinges upon settlement of the repara-
tons question, with it's CONSEQUENT
sterilization of exchange rates and
economic conditions