The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1921-11-30

goods abroad. All sorts Of artificial meas
ures to relieve exchange have been sug
gested. but the tendency now is to avoid
experimental measures and go TO the root
of the trouble The theory upon which
the next conference will proceed. it is
suggested by persons familiar with the adj
ministrative view. is best expressed in the
recommendations of the Brussels confer
encc itself. which said:
Brussels Recommendations.
The conference recognizes that any
general improvement in the situation re-
quires a considerable period of time and
that in present circumstances ii. il not
possible for certain countries to restore
their economic activity without assistance
from abroad. This assistance is required
for periods which exceed the normal term
of commercial operations.
This assistance. however, can only be
effectively accorded TO countries which
are prepared to cooperate with one an
other in the restoration of economic life
and to make every effort to bring about
within their own frontiers the sincere col
Liberation of all groups of citizens and to
secure conditions which give to work and
thrift liberty to produce their full results.
The conference does not believe that
apart from the particular decisions die
tated by national interests or by conSid-
Grafton of humanity, credits should be ac-
Internationl Organization.
The conference makes the following
recommendations: An international or
ganizatiOn should be formed and placed at
the disposal of states desiring to have re-
sort to credit for the purpose of paying
for their essential imports. These states
would be given notice of assets they are
prepared to pledge as security for the sake
of obtaining these credits and would come
IN a tor Nj inta al
organization as to the conditions under
which these assets would be adopted The
bonds issued against this guarantee would
be used as collateral for credits intended
to cover the cost of commodities
Wait for United States.
The United States, of course. being
creditor nation does not have to guaran-
tee the assets of its own business men. but
is deeply interested in seeing some guar
antee made by the governments of other
countries with which American exporters
do business Obviously the extension of
credit by an American merchant to a
business man in Austria would be a risky
thing, but if the government of Austria
issues a guarantee which in turn is pro
tected by all the available assets Of Aus
tria. the risk to the American business
man would be minimzed. This plan has
been approved in Great Britain and
France, but without the membership of
the United States the whole fiscal situa-
tion has been held in allegiance Senator
Hitchcock of Nebraska has been active in
urging a solution and has brought forward
a plan for an International bank through
which the whole world could clear its
business.
The task is stupendous and the remedy
Will not be found at once. Incidentally
the Harding administration is waiting
patiently for the senate to pass the fund
ing bill which has already passed the
house This would give to a commission
appointed by the President power to nego-
tate with foreign governments with re-
spects to payments of principal and inter-
est on war debts The important step,
however of consulting with the other
governments of the world, inclnding in all
probability Germany, has been taken. 1t
is. an epech-making event in the era of re-
construction.