Evening star., 1921-09-18
BY BEN MeKELwAY.


n ENEFICIAL results of Secre-
tary Melons call for stimuli
taneous meetings here and at
other Pan-American capitals
to discuss international exchange and
/ its effect upon the commerce of the
western hemisphere already are be-
ing forecast by Latin American repre-:
sentatfves in Washington. Perhaps
no other official act Of the adminis-
tration has created such favorable
comment as. this first step toward
solving one of the most acute prob
lens in our relations with Latin
America.
the inter-American high commission.
the Secretary of the Treasury has
called these conferences to discuss the
factors now operating adversely upon
| finance and industry in the Pan
American countries and to find pos
sible remedies which might improve
the situation. Different national Sec
| tions will be presided over by the
! minister of finance or secretary Of the
| treasury of the respective countries.
| and officials of the ter-American
that fun reports of the discussions
| and suggestions be forwarded to
Washington. The time suggested for
| the meetings is December 21, and It
will be next year before the reports
reach Washington. A general con-
| their receipt.
| .Anti-American propagandists have
! made good use of the economic slump
in South America to discredit the
/ United States In some sections of
the southern continent there has been
a sentiment to put the entire blame
| for the adverse business conditions
upon the United States. The passage
of an emergency tariff act which shut
out many South American products
did more than any one thing to
strengthen this feeling. while per-
Americans way of thinking. only add
insult to injury.
Secretary Melons call for the con-
! ferences. therefore. comes at the right
time. Even those who have not
blamed the United States. directly or
indirectly, for a condition Of affairs
that had to follow the prosperous
trade of the war and has not been
confined to South America alone, be-
lieve the United States should take
1 tue ledu OulIluIuS IeINeuy lOT
their ills. And Secretary Mellon has
taken the first step in this direction
Each Of the Latin American repub-
lies has individual problems. No two
of them are alike. and cure for one
can hardly be applied to another. In
addition. artificial measures cannot be
applied successfully to an economic
condition resulting from purely nat
ural causes. Whatever conference or
series of conferences. undertakes to
provide remedy for adverse ex-
change rates and its resulting effect
on commerce will have both hands
full, and there are many who scoff
even at the idea of discovering a
physical remedy.
But whether or not there is any
feasible scheme evolved from the con-
ferences to help even up South Ameri-
sure to be felt. Oficials of this gov
ernment will be furnished with ex-
pert information on the existing con-
ditions in each South American repub-
lie. and at the same time will receive
the South American viewpoint on how
to meet them.
While Latin American representa-
tives here are unwilling to forecast
ieven the possible remedies which their
governments may suggest to restore
normal conditions. there is one point
upon which most of them are agreed
tutdl 1HScslIucut VI american CAPITAL
| in South America is the most prac-
tical step which could be taken to
revive South American business and
at the same time rebuild a market in
latin America for the United States.
! While many banks now are extend
ling loans to Latin American repub-
iIics. the result is only a temporary re.
ilief. The same would be true. it is
pointed out, should this government
through an agency created for the
ipurDose. make additional loans. Wha,
is important now is permanent in.
ivestment of foreign capital in South
American enterprises. to give the
jsouthern republics the stimulus need
ed to revive their own industries ani
build new ones. Nothing more prac.
tical could be done by this govern.
ment. it is argued, than to encourage
such investment.
DR.. Euselio A. Morales. minister Of
finance of Panama, IS on his way te
the United States as head Of mis-.
sion which is coming here to confer
with officials of this government or
financial topics. the nature of which
is not known at the Panama legation
here. DR.. Morales is coming by way
of Mexico. where he will attend the