The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-08-07
Bank for All Nations
Proposed by Senator
as World Finance Bill
By !. BART CAMPBELL
y s. Staff Cnrresrondnnt.

cock. uf Nebraska, ranking demo-
,,atir member OF the senate foreign
relations committee and millionaire
.,.lapapcr publisher as panacea
f.r the international financial Jam
ir which the wide wide world is
caught just now.
hitchcock has sponsored a bill for
'h. establishment OF the bank "
r.tlous mt New York city, with
branch Offices in this and other
countries lie would incorporate IL
as am international banking insti-
tuition with a capital stock OF S2.-
4UHUno,Oo0 divided into 10000
sa4-cs OF Slo.0CO each.
sounds like financial pipe
dream, but Hitchcock insists that
some Kind OF an international fed
t,al reserve banking system is the
only practical way 20 end the peril
oss flurtuation of exchange values
and the dangerous piling up of
'fro2cn credit now troubling the
worlds tinanciers
Everyone recognizes that there
exists In the United States and other
countries at the present time great
Generalization OF business. a high
'rate OF unemployment and a gem
tlal Improbable condition in all
lines ot trade" Hitchcock said. In
t"rulti1nal commerce Is almost In a
state of collapse. The United States
has an enormous surplus of prod
u.is which II Is unable to sell, while
other nations have great need of
these products and are not able to
buy them"
Two causes may be given, IN
Hi,.hcock's judgment. for these
conditions more than any others.
/. The unstable condition of in
ternlronal exchange, which has
fueiuat"d so violently during the
Las; TWO years that it has made ex-
porting and importing dangerous
EJmbi" and has ruined hundreds OF
i'ms attempting international COM
mer.o.
%. The exhaustion of intcrnation-
a. credit due TO the enormous bal
an.e OF trade which was not paid
Tor in products and could not be
la.i Tor In gold. Attempts by private
concerns 20 supply this credit have
only resulted in the exhaustion of
their resources.
Stabililation Is Aim.
Hitchcock believes that such rom
dltons can be remedied by the cs-
taphshWent of an entirely new in
te'HauopaI agency to stabilize inter-
national exchange and to foster an
''''N4'AitAA Altull system
lnasmuCh as the United States
now holds more than one-haIf of iii
u' gold In the world, which it is
not using, and inasmuch as the
lh','d states has become the ,grNat
'''ulor Of the world" Hitchcock
S"'"' no eiIort to restore commerce.
10 ltb!IiZe exchange and to establish
,reIt can be made unless the United
states takes the lead
therefore propose the bank of
I.' .a '.'hS. | would give the United
'"''S NE controlling interest in il.
""".d nave sl,300,O0O,OOO of its
states and 5000, 900, 900 moro soId
w American banks and bankers,
vAp9'i'rs and importers Interested
I"iEn commerce and the re-
,,'l'N'"E S90O,OOO,000 sold to foreign
governments.
me pank Of nations would he
are enough and powerful enough
f"t an end to the pirated sporu.
,....'.H which has been going on I'm
""l!ohaI exchange and which
. "dle commerce next to impos-
r,..,. IL would also be powerful
,"'"th TO establish a Legitimate in.
"'hfional credit to promote conr-
'",t'' between the nations partic,,-
with respect to great cxnnrt-
A. '"'p.uS products of the United
Sd',s 10 EurOpe. ''''''
..r would Issue Own Notes.
uy. NNt 'he bank power TO be
IN discoun,ing bin. Of oy
-.,.. hu!lng and selling govern
,...,.. securities, including treasury
r..r,'.,'',,.'s'", ana making loans to ex-
p.y... ..d importers. | would en-
or .,,.t L 10 issue its own banknotes.
H'h' bonds. "'' b"Fc'h-
y....,Il'S power to issue curroncv
I.'' g''elop an enormous possi,
..r,' ~. credit, ana | believe his
yb3 winch would be on n roId
M. would soon be in strong .' da
srr 'or use in other countrins amd
V.r. national shipment. In otbor
III. ,H1 great store of gold in
tho ..i "'ates--one-hal of All :
wurI available in the entirc /
but y,,,rI IN'u not be diminished .
whit. m" remain largely here .
w..rr "1 currency OF the barlf
DE-. hr used to /faciIitate i,'ar>
I commerce. '''c'-
r,r.,'''v' nations are struggling dos
their ID kfep enough gold within
cover H,is to make "A resncctahIo
~ r,,. 'H'lr currency. The hnnk 4
ta r,.'' ms would make {, ros.,,,,I,
,arrs,.,he ,t ,he gold as basis for p9T5'n1s an ip
us.I IL, .''t1. currency which coma he /.
t.r lis earaaiI,G'tnational commerce ana /.
ant aroi.t, IN this country abund-
al rarn1,o ,aeiIlties, but information ,
Tho l,rt 'Te practically has none
v0g,.I" ~ International crodi, g's"'e . .
ovrr ur able to extend tbjg G'' y,uII,i ahd
mat.r'. t'ar's time. So Thai ,b, r,',. rua, ,
ru..l -. purchased iron, Tho I
N. ,.[L''ies could he made ina ina
mlfk,,tsS product ana sont 70 '",9S ,bS
Paper ybIiotLore the maturity of The
tho pr00JjaaC,ht was created at the time
''uu't' were exported" ''"'
From ~. =, Worked Fast.
"a ' Edinburgh Scofsn,,,
o.. s''." Us letter +, w,"'',h ,,,