Evening star., 1921-11-28
SEES us. AS ONLY !.
SAVIOR Of EUROPE
lanes Simpson Returns
From Study of Condi-
tions Abroad.

Immediate help from the United
States to Europe is SO imperative that
unless something is promptly done
to avert the disaster which ap-
proaches with constantly increasing
rapidity it will spread from one coun-
try to another until we are all In
volved in the maelstron of economic
and financial cnaos." declared James
Simpson. vice president of Marshall
Field & Co. who has just returned
from two months study Of condi-
tions in France. England. Germany
and Switzerland. -.
The leading minds Of Europe" Mr..
ing disaster, are looking as through
a fog and know not which way TO
turn. They feel that their only nope
lies In America assuming leadership
IN the restoration of an orderly state
Of affairs as between nations.
LET there be no mistake" Mr..
Simpson emphasized. mo country can
save Europe but our own"
U. 8. Only Savior.
AS a means of bringing about bet
ter foundations for the European
countries and at the same time rais-
ing the United States to the leader
Of nations. Mr.. Simpson suggested
Treasury be given unlimited power
to act with respect to the United
States European debts and that con-
ferences with Americas associates in
countries. and perhaps Germany.
should join. These conferences, in Mr.
SIMPSONS opinion. will certainly come
to plan ito stabilize the exchanges
of the world. without which enduring
commercial intercourse between ma
tions Is not possible"
Mr.. Simpson characterized as a mis-
taken impression" belief in some
quarters that Germany is deliberately
creating condition of bankruptcy IN
order to obtain modification of rep
aration terms. $50 long as present
conditions exist" he declared, "she
is helpless and must continue work.
ing her printing presses overtime
turning out money until total man
cial collapse comes. And that Will De
in the near future.
Two Courses to Follow.
The only two courses Germany can
follow to extricate herself from her
economic and financial tangle. in Mr.
Simpsons opinion, are to continue on
as at present, Sin which event finan-
cial collapse is certain" and likely
to be followed by revolution, or 10
decline to continue reparation pay
ments. This would mean occupation,
Mr. Simpson pointed out. which would
cause industrial stagnation.
A breathing spell of possibly two
years in which time to organize and
get herself in order would aid her to
pay reparation of mot to exceed two
and a half billion gold marks per
year as against the four and one-half
| at present demanded. She could raise
perhaps one-half of this amount by
\ tax on her exports. which at the
highest point before the war reached
ten billion gold marks. This two and
one-half billion marks per year shouio
| continue for as many years as neces-
sary to pay the full amount nnaily
determined upon as financial repara-
ton"
| Foreign Exchange.
! Referring to the depreciation OF for
| eign exchange, Mr.. Simpson said that
| if France were to pay her debt to the
l United States today she would have
| number of francs she received. Whlie
! Great Britain would only have to
1 pay 25 per cent more pounds. as her
! exchange has been more stable. The
| United States could give the greatest
measure of relief to her debtors. Mr..
| Simpson said, by accepting repay
ment of her loans at the same rate
| Of exchange existing at the time the
loans were made.
| Under present conditions the pos
sibility Of collecting the ten-billion-
dollar debt is very slight. Mr.. Simp-
| son said, because Europe has no gold.
They could offer goods, he pointed
out. but that would certainly mean
great unemployment in America. and
rather than that we had better for
! get the entire debt.