Evening star., 1921-06-07
Editorial Digest
Bankers at the White House.

0oA0S@0 az tuC WQutC 0Ouo6s
The conference Of eastern bankers
at the White House recently has
brought forth more divergent COM
ment than news facts in the newspa-
pers OF the country. While some
writer's feel that the President's &
scheme for encouraging the purchase
Of foreign bonds on the condition that
the proceeds be expended on Ameri-
can exports 10 q sound idea, others de-
cry It as "a narrow exhibition of
Yankee trade cunning" The mere fact
that the leading dnanciers were called
IN as ADVISERS In q question OF such
importance to the country 10 looked
upon for the most part as an effort
to get more business into govern
ment, and derogatory comment to the
eject that 'the interests were en-
croaching on presidential prerogatives
ts conspicuously absent.
That such an occasion as a meeting
between the President and the great
financiers of the country. held in the
White House itself. should have pass
ed with SO little comment is an in
dicaion to a number Of writer's OF a
cnange IN the popular attitude To-
ward big business" If Mr. Hard
ings predecessors had had such din
ner company" the New York Times
independent democrattc) ventures
tho assertion that cit would have oc-
casioned q loud outcry about Bel.
shazzars feast" and other fancied
meetings of the rich to prepare new
ways for exploiting the Poor,, Nov. Mow,
and Courier (democratic) is confident
that there will be no misinterpreta-
tion, as "the public has learned from
experience that the country cannot
prosper If business is treated like a
public enemy"
The Newark IN. J) News (inde-
pendent) rejoices that we have reach-
ed "a point in our democratic evolu-
ton where possessing or directing
the employment of vast wealth. IS no
longer regarded "as the hallmark OF
the malefactor." and "the President
the man whose hand is on the nnan-
cial pulse of the nation"
So far as concerns the President s
policy OF making loans to foreign
countrmies contingent on the restrlc-
ton that the proceeds OF such loans
are to be used to aid American pro, pro
duction and industry" as the New
York Herald independently phrases
the plan. the differences OF opinion
that developed during the CONFER
ences are reflected in the press. the
Chicago Tribune dndependent re-
publican) reports that the bankers
agreed with the Presidents plan. but
whether because of politenese or
conviction remains to be seem. Whlie
1t hopes that the concurrence really
arises from conviction. and that all
the bankers and investors of the
country will follow the Presidents
suggestion" 1t points out that tine
great financial powers in New York
come perilously near to being inter-
nationaltsts in their business deal
ings." and it will be difficult for them
to refuse to negotiate loan whicn
means a fortune in hand without r1sk.
regardless Of where the money Is
spent"
The Richmond Times Dispatch
(democratic). however, expresses full
confidence in the bankers who. with
"the world before them as their mar
ket for their choosing" have in
dorsed the. Presidents plans ana
into into, . operation for the national
This view, however. is in sharp
contrast to that found in another
democratic paper in virginia-the
Lynchburg NewsNwhich m. nranas mas M MI.
Of foreign bonds in American mar
kets should be conditioned upon the
employment Of the proceeds in pur-
chasing merican exports" an entirely
"short-Sighted, cheap ana naFroW eA.
hibition Of Yankee trade cunning.
This view is supported by the Phi!a-
delphia Record (democratic). which
feels that the Presidents CLEVER
scheme" should be strongly opposed
by banking interests.
Borrowers Of American money IN
other countries may be presumed"
the baltimore Sun Gndependent-dem
ocratic) thinks. TO know the best
use to be made Of that money from
their standpoint, and 1t would un-
duly hamper them to prescribe the
way in which 1t must be spent"
Several writer's point out what
seems to them an obvious incon-
sistency in the Presidents efforts to
promote foreign trade on one hand
and tariff legislation on the other,
1t Is not enough. the Omaha World
Herald independently says. TO ex-
tend foreign credits. unless exchange
of goods is profitable to both parties.
Such legislation as increasing tariffs
can only further divert foreign com
merce, and temporary loans merely
patch up the situation" The two
plans ARE mutually inconsistent and
contradictory" the Rochester Times
Union (independent) asserts, because,
the st. Louis Post-Dispatch tnde-
pendent) explains, foreign markets
can grow but sparely II We raise a
tarif wall against the people to
whom We wish to sell"