Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1921-12-26
ASSERTS EUROPE NEEDS
NEW SOURCES OF CREDIT
Banking Machinery Good, but
Funds Are Not Easily
Found.
URGES L. :. no GIVE uELr
Editor Relieves NnndrriIps SuE-
G"S'i"m for HiIii"n Doiinr Inter-
national Corporation VIII Solve
Question for Stricken Countries.
ny Walter Is. Brown.
Editor "f the New York tonrirrrtni.

written for The United News
NEW YORK, Dee %. -Couditions
relating To world finance are not
analogous II an international cor
porHtirn with a billion dollars capital
we're organized. as suggested by MIR.
Nandoriip. It woult not be easy for
some OF these poverty stricken couu-
tries TO produce their respective
quotas. Furthermore. tho greatest
volume or credit available would be
IN the United states. Tho theory
would be that II the Dis,rIc, Bank Of
roland, for instance. should loan
moh"y to It's member banks on paper
representing absolutely Trustworthy
s"curitieH u could red scount mat
paper with the District Bank Of thu
United states. using the word dis
trict to correspond to tn. dIs.ric,
, hahHs ~ oar rwn Federal Reserve
hySt"in. But for tina, matter II any
hhnE In Poland. or anyI, here cIsc ia
Europe. mas cItgibl" paper. IL can hc
discounted or rcdiscouur.d In this
country with our prcsen; machinery.
What Europc needs Is not q new
form or banking machinery but new
.eH:ce" Of credit, 'Thc hos, That can
h' done unicr any circumstances is
10 help these European countries TO
help themselves ana that HELM will
ihar there Is an cTor; being mad. in
Tho right direction
To rIa>" New Problems.
". are 10 have a Few new problems
OF our own To claim our attention
/. before lpuR. Congress seems 10 Dc
SGT upon passing the bonus bill, but
with 40 very clear idea of where tho
money Is 10 come from nor how
much may be required. Tho PROPOSE
ton is To rats. IL by "a sales TAX.
the same sort ~ tax mat was re-
'"ctcd ~ q substitute for n" income
thN. II ~ proposed to raise the
money b. forcing the European
countries 10 pay tn" interest on their
loan. forEettng that though you may
Load horse To water you can't maze
him drink. II Is even proposed 10
relax III. Nolstcad law 10 tho extent
Of permitting licht wines ana beer
aud lh"n taxing them heavily enough
tc produce the needed revenue. All
~ these th.rFs ar" pcing seriously
considered. notwithstanding that tnoy
Hrn all economically uusouud and
absolutely sHworKable. except per
hates tn. siieS lay. and altosethcr II
ia rattle" disn"ar'euing when meas
ur'd against The efforts 10 reduce
;, the burden az taxation through tho
operation ~ the new budget Law and
The saving O.. money by disarmament.
u is quite certain that the country 81
not set alive 10 the menace OF wha,
tn" soldiers bonus really involves, or
Congress would hesitate" 10 pass II.
Lack Of UNDERWRITING.
Funding ~ foreign debts Will also
be another problem confronting Com
rrcss. but tho discussion ,hus FAR in
ticatcs a woefll lack ~ understand
ing OF the iutricacics ~ the subject
There Is .till marvellous idea on
the part OF some ~ OR crossroads
Statesmen that they can l-EISlntc not
only FOR thg country bu; for the
whole OF Europe Th.rc Us SIM son.,
hope that wise counsel viii prevail!
so that the nation viii not be held
up 10 ric!culc through tho enactment
OF unworkahie legislation II rs con
ceivnblc that Congress can 10 so far
az TO pass legislation If jhis sort
which Will create such disturbance
in the financial world. as ia ucccs-
nitate It's prompt repeal. but no, until
after business conditions save rc-
ccived n setback that VIII over
shadow the period OF depression from
(, which We are now emerging
If these conditions can b" worked
out favorahly thore is good reasons
10 look forward hopefully To Tho. de
velopments Of the coming year.