Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-10-07
u. S. DOLLAR TO
BE STANDARD OF
WORLD MONEY
Prepares Loan to
Queensland and Pound
Sterling Not Mentioned.
Special to Indiana Daily Times
and Philadelphia Public Ledger.
by G. q. EVANS.

BY y. Il. EVANS.
CHICAGO, Oct. Ga loan will pres
entity be announced that will have sew
eral kinds of significance with respect
to the finances Of the world. That loan
viii be expressed by S12O0O,000 of bonds
bearing per cent interest and running
for twenty years, issued by the govern
ment of Queensland and offered in the
American market. Queensland is not one
of tie islands of the sea- nor a part of
such a geographic unit, but a portion
CT Il real continent of an area greater
than that CT the United States. 1t has
an excellent government, its income ex-
ceeded its OGtgo before the war and
there was little deficit during the war,
ana the business community OF that
country commands respect everywhere.
The governments issued are now selling
on about GG0 basis, and readers of Lon
don newspapers VIII remember that in
former times the Australian governments
borrowed freely in that city at 3 and
per cent.
1t Is decidedly question whether this
country should increase it's lendings to
the governments of Europe. for the num-
Der Of our eggs in that basket already far
SURPRISES any aggregate between the ma
tions of the earth that ever existed before.
The Pacific countries belonging to the
British empire are in q different cafe
CORY. We have many things in common
with those countries. 1t is not alto
gethcr because they, as well as ourselves.
have fear OF too many Asiatics in their
domain
But the economist viii look upon such
loan from another viewpoint. 1t is in
dollars that this loan is expressed. Be-
fore the war it would have been in pounds
sterling. short time ago Italy adopted
the dollar Is the means of expressing the
values OF its moneys in exchange. We
have made some loans to China in dollars
oAd negotiation for S160O0O00 more is
now IN progress. The South American
countries have been literally treated from
this country in the same way.
The financial center of the world ap-
pears to be moving to the metropolitan
city OF this country. II is not because
Of any ingenuity on our part; it is a
natural result from powerful causes with
which all are familiar. During the war.
when there was such an influx Of the
worlds money into the United States,
we INDUCED in a good deal Of talk on
this subject, but we tried to move the
center to the United States by shooting
at 1t. The farmer will sometimes catch
the colt in his pasture by calling to him
coaxingly. but a peck measure with a
few oats in it is much more efficacious.
When We were trying to achieve CEN
trality for New York we did not even
coax, We just hurrahed that 1t was com
ing. 1t has not yet come but appears
to be on the way. The business men
Of this country do nos watch all the time
for the money rate in London, as they
formerly did, nor are they particular as
to what the Bank Of England is doing;
the sliding up and down Of the rate in
Kew York is the thing
We can bid fGIewell without tear to
the export companies which have gone to
pieces in the past few months. They
failed to do what the normal courses of
commerce are now doing. A committee of
the Chamber Of Commerce Of the United
States is urging this country to partici-
pate IN the affairs of the rest Of the
world. No urging appears TO be neces-
sary. We are in and that too with q
mighty big and increasing investment.
1t is not merely such loans as that TO
be made to QUeenland or any other gov
eminent. Hundreds Of our corporations
are interested on the many other sides
Of the waters. When the veil of distance
or the smoke of war is raised, one sees
Yankees in growing numbers everywhere.
The decline in the rates for money IA
vors these things and per cent in New
York will seek 90 per cent in Europe or
Asia without exhortation from any
American ommittee.-Copyright, 1921, by
Public Ledger Company.