The Washington times., 1921-11-10

Vi eHltIuluS drlI
Josephine by Napoleon are on sale
one photo the gems are seen adorni
worn by the beautiful empress hers
one OF the two principal unknown fac.
tors making the forming of an esti-
mate difficult was 'the date at which
British export trade may be expected
to revive te it's normal dimensions. I"
He added:
Even after industry is fully re.
established an interval must neces.
sarily elapse before the recovery Is
reflected in our export returns.
I'm point of fact, the revival will, of
course, be gradual, and some relief
may be expected before June, 1919. but
a normal state of affairs can hardly
be reached before the end Of the year. "
Request Rejected.
Assistant Secretary Rathbone, on
December 81. 1918, wrote Sir Harda-
man, rejecting this request for an ad.
ditional 500, 900, 900. Mr.. Rathbone re-
minded the British Treasury official
that the only loans the Secretary of
the Treasury may make to foreign
governments are for the purpose of
our national security and defense and
the prosecution OF the war;
The records show that ]. NJ. Keynes,
OF the British treasury, then appealed
at Paris to Norman II. Davis, SPECIAL
United States finance commissioner
in Europe, and Mr.. Davis cabled MI
Rathbone, on January 7, 1919:
1t Is more and more evident every
day that IL we ever expect to obtain
satisfactory peace settlement, il will
be necessary for the various depaI {
ments OF our Government TO co-ordl-
nate their policies with those of the
peace commission. ..'.. =
The allied governments, and esI,e.
cially England, appear to be greatly
concerned lately about their future
financial position, and aside from the
TACT that 1t is not good policy, at least
at present, to increase their worry by
Withdrawing financial assistance TOO
rapidly and radically, IL Ia. in nv opin-
rather literally until we can get rid of
the large surplus stocks Of high priced
guaranteed food products.
Glass Upheld Refusal.
otherwise, the price must drop,
with the consequent disturbance ana
a loss to the producers and to the
country of probably more than would
have to be loaned to tide over the
situation during the next two or three
months"
Secretary Glass himself replied to
Mr.. Davis, emphatically upholding Mr..
Rathbone's refusal to grant further
credits to Great Britain. He said:
Believe il Great Britain negotiate
loan on this market, increase amount
treasury bills, sell American securi-
ties, and avail of ordinary channels
for private credits they will be able
TO finance their needs here until
restoration OF normal conditions"
Mr.. Davis came back, on January
Is, 1919, with another argument for
more loans, and quoted M. Keynes as
that lust ct this par
ticular moment 1t is embarrassing to
them from many standpoints to be
forced 20 suddenly to negotiate, large.
ly private loans"
Secretary Glass position weakened
under this. He replied to Mr.. Davis
on January 20, 1919:
Cannot consider any further loans
to British without evidence OF their
in reasonable detail and
as to what they are pre-
pared to do to provide funds from
other sources. Upon such a presenta-
ton should feel bound to give re-
quests for loans careful considera-
ton Notwithstanding the burdens OF
the Treasury"
The next record shows Secretary
Glass cabling Mr.. Davis on April ?,
1919. that President Wilson had au-
Ihorized additional British credits OF
5000 900, 900, and ask.
ing MIR. Davis to obtain the Fresi-
dents approval OF further credits to
the British of $3.50. 900, 900.
Tho On 40 gig ID
Of the financial secre.
tsry to the British treasury, was ad.
vised that credits aggregating $780,
900 600, authorized by President vii.
son. were being allowed. This wa q
increased to 5000. 900 900 on April IA.
1919.
This arrangement does not fully
assure your government Of the pro-
vision for all its estimated require
ments through June, 1919"-the period
In which the new loans were sought
to tide Great Britain over until nor.
malcy was restored-Mr. Rathbone
wrote to the British representative,
adding:
"If after the credits assured your
government by the arrangement set
forth have been availed OF, your gov
arnment desired to apply for a further
extension OF credit in its favor, any
such application will receive the care !
'ul consideration o. the Treasury"
Another article in this
series will appear exclusively
A.