Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-12-01
j. s. JOINS POWERS
IN PROGRAM To AID
FINANCES Of WORLD
If Successful Will Have Far
reaching Effect Upon Re-
vivaI of BusinesS-Wo
Restore European Trade
BY DAVID LAWRENCE.
Leased Wire Service to The journal. }
irr,+

Copyright, 1921
WASHINGTON. Nov. 30.-Ameri-
ca has decided to join hands with
the other powers of the world in
an effort to stabilize international
| exchange.
The United States government has
accepted the invitation of the allied
governments to be represented at
conference to be held abroad in
the near future at which the whole
question of exchange will be eX-
amined.
This is the most important step
in the direction of financial read
justment which has been taken
since the armistice. If successful,
the movement may have a far
reaching effect upon the revival
of business in America and par
ticularly in the restoration of mar
kets for the sale of American agri-
cultural and manufactured prod
uctS.
Moral Support of U. S.
For a long time there has been
a persistent effort on the part OF
European countries to elicit Amer
ica's interest in an international fl
nancial conference. There has even
been a suggestion that the ques-
ton of the war debts of the allies
might be discussed at the arme-
ment conference at Washington but
this idea has been abandoned.
The movement to reconstruct the
worlds finances will be a slow and
evolutionary one and will not be
confined to a single conference but
to series of meetings which may
take the better part of a year. The
whole thing is the outgrowth of the
recommendations made at the last
international conference at Brus-
sells but it now has the moral sup
port of the United States govern
ment which means that more re-
suits will be accomplished.
Just who the American represen-
tative will be is not known but I'M
doubtedly some banker or bankers
Of prominence.
10 Go Only as Observers 3.
These men Will be in the nature
of observers and will not be author
lzed to conclude any agreements
binding the United States, but will
explore the whole field and bring
back to this country recommends
tons which might be laid before
American bankers in series of con-
ferences such as President Harding
held at the White House last spring.
When there is agreement among
American bankers as to the proper
course to be pursued, there probably
will be final conference in Wash
ington at which the whole fiscal sit
uation of the world will be reviewed
and definite plans laid for financing
the trade of the globe.
Americas part in the deliberations
will hardly be passive, even though
her delegates will not have the pow
definite plan of action. The Har-
ding administration intends to throw
the full weight of it's influence on
the side of financial reconstruction.
Vital Question
This has been urged for many
months by leading bankers as we'll
as by such influential organizations
as the United States Chamber of
Commerce. So vital has the ques
ton Of international finance become
that men like Frank Vanderlip and
James Simpson, of Marshall Field &
Co., who have just returned from
Europe, are insisting that chaos will
follow if America doesn't save the
financial situation abroad.
Along this line cablegrams from
Paris today tell of the decision of
the Preparations commission to ap-
point a committee of bankers and eX-
perts in international! exchange to
devise means for preventing a shock
to exchange rates whenever Ger
many pays or fails to pay her regu-
lar reparation payments.
Although the United States doesn't
receive any reparation money, new
ertheless this country is deeply in
terested in international exchange,
and therefore America will lhave her
observers at the conference to be
held in Paris next month.
Result of Exchange Drop
In other words, it may be taken
FOR granted that the Harding adj
ministr ton has embarked upon a
policy of cooperation with other
governments, not merely for the re-
duction of armament burdens and
the settlement of such political mat
tiers as disturb the peace of the Far
East, but financial questions which
have been hanging in the aic ever
since the war ended and Waich ad
mittedly have done more to disturb
business conditions everywhere than
any other single factor.
The drop in exchange has prevent
ed America from selling her goods
abroad. All sorts of artificial meas
ures to relieve exchange have been
suggested, but the tendency now Is
10 avoid experimental measures and
go to the root of the trouble.
The theory upon which the next
conference will proceed, it is sug-
gested by persons familiar with the
administration view, is best eX-
pressed in the commentators Of
the Brussels conference itself, which
said:
1.-The conference recognizes that
any general improvement in the Sit
uation requires a considerable Pc
riod of time and that in present
circumstances it is not possible for
certain countries to restore their
economic activity without assistance
from abroad. This assistance re-
quired for periods which exceed the
normal term of commercial opera
items.
This assistance, however, can
only be effectively accorded to coun-
tries which are prepared to coop
crate with one another in the rest Or
alton of economic life ard to make
every effort to bring about within
their own frontiers The sincere col |
laboration of all groups of citizens
and to secure condition S which give
to work and thrift liberty to pro
duce their full results.
Conference recommendations
1.-THE conference does not believe |
anart from the DaYtic1I1ar decisions