The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-12-27
Administration May Drop
Bill for Refunding by
Commission.
QUESTION SHOULD
u. S. + AXE LEAD
Delegates Would Be De.
MED Authority to Can .
eel Obligations.

Abandonment of the pending bill
authorizing the appointment of a
commission to handle the refunding
of foreign loans and substitution of
measure granting authority to
American representatives to join
with delegates from other nations in
a general international. economic
conference may be approved by the
administration.
Refunding of the foreign debt
would be the principal task OF the
economic conference. other aues-
tions, which the American delegates
probably would be authorized to
consider, would be the stabilization
of international exchanges and vari-
Gus economic issues involved in
trade relations between the different
countries, also the financing Of Eu-
ropear purchases from the United
States.
II such a measure is presented to
Congress. it may include a sipula-
tion that American representatives
would have no authority to agree
to the cancellation of any part of
the principal or interest of the for
eign Indebtedness. Congress has in
dicated that its sentiment Is strongly
against any cancellation, and a re-
striction of this nature would be
insisted upon.
Question Of Initiative.
Whether President Harding should
take the initiative in extending an
invitation to other countries to join
IL such general conference is one
of the matters that is under discus
sion. Some of the administration
advisers believe IL would be prefer
able to have the debtor nations take
the initiative. Accordingly, the
measure to be presented to Congress
may not request the sRresident to
issue Invitations for the Conference,
but instead authorize him to appoint
delegates to such gathering with
authority to undertake the refund
ing of foreign loans and deal with
other financial and economi caues-
tions.
Many of the Republican Congress
sional leaders believe that II would
be desirable that such a conference
should be held in Washington. II
the invitations are issued by another
country, however. II might be held
in Europe.
The administration foreign loan
refunding bill is stranded in the
Senate Finance Committee. The bill
was passed by the House with nu-
merous amendments. accepted by
the administration. The Senate
Finance Committee added still
other amendments, the restrictions
placed upon the proposed commits
sion finally being so numerous that
Secretary of the Treasury Mellon
notified the committee that the ad-
ministration felt that it was almost
useless to press the bill further. un-
less some of the amendments were
dropped.
Fresh start Undertaken.
Conferences are in progress be-
tween the administration and Con-
gressional leaders looking toward
fresh start with view of embody-
ing the idea OF general inter-
national economic conference. 1t Is
presumed that the American dele
gates would be appointed in much
the same manner as is proposed in
the case of the commission contem-
plated under the pending bill. This
commission, the bill provides, would
consist of the Secretary of the
Treasury and four others appointed
by the President
The success of the armament con-
ference has given impetus to the
proposal for an international eco.
nomic conference. Delegates from
foreign nations have informally
urged upon the administration the
desirability of such a conference
and 1t is well understood that Presi-
dent Harding, the Secretary of the
Treasury. Secretary of Commerce
and others in the administration are
becoming convinced that such a con-
ference would be desirable. 1t has
been stated that the President did
not desire. however, that any plans
should be made until the armament
conference is out of the way.
Definite Plan Expected.
Present indications are that a
definite program may be evolved
early in January and that the plan
will contemplate an international
economic conference in the spring
Hearings already have been held
by the House Committee on Banking
and Currency on the bill introduced
by Representative McFadden of
Pennsylvania, chairman of the COM
mittee, requesting the President to
extend invitations to Great Britaif,
and France to attend a conference
for a study of the international ex-
change problem. the conference to
be held in Washington.