The New York herald., 1921-06-25
CRISSINCER URGES
A Big WORLD BANK
international Currency to
Stabilize Exchange Is u. 8.
C0mptrOller's Plan.

| ATLANTIC CITY, June 24.-Creation Of
an International currency to cope with
ths Generalization of foreign exchange
was suggested by D. r. Crissinger.
Comptroller of the Currency, at the
concluding session here to-day OF the
twenty-eighth annual convention Of the
New York State Bankers Association.
John j. Pulleyn. president of the E,mi-
grant Industrial Savings Bank OF New
York, made an address on the duty Of
owners of railroad securities in tho
present railroad crisis"
Capt. Grant Williams. formerly head
of the missing persons bureau of the
New York Police Department, suggested
cataloguing laundry marks as means
Of Identification.
Jacob H. Herzog, ice-president of the
National Commercial Bank and Trust
Company Of Albany. was elected presi-
dent of the association. Other officers
chosen were: Vice-president, Howard
Rishell, Peoples Bank. Buffalo; treas
urer, A. A. G.. Luders, Coal and Iror
National Bank, New York; secretary,
T.. J. Gallien. 12S Broadway, New York
city.
Mr. Crissinger in his address was
careful to emphasize that he spoke only
for himself and that his proposal repre-
sented no political authority or indorse-
ment by fiscal agency.
IL my proposals seem radical" he
said. II venture that men who are most
familiar with present International
trade conditions will be least shocked
by them. They know how grave the
situation Is in the world and how neces-
sary 1t is to mobilize the credit of the
world to deal with it.
"The world is not bankrupt, society
y, .~t - L. ~
things accomplished during the war
constitute complete proof that in peace
the structure Of business will be able
to uphold and restore itself. To make
people know these things. to reestab-
lish confidence and q sense of security
is. in a largt part. the duty and obliga-
tion Of you captains of banking.
II make no plea in opposition to the
deflation of wages or the liquidation
of labor. but do say that we must
liquidate rates of interest, the profits
of the merchant, the burdens Of tho
national debt and general taxation in
as great and preferably a somewhat
greater proportion.
"TNhe question now arises, and it con-
fronts all the nations, whether we shall
deflate credit and currency and require
the repayment of these debts in a cur
rency restored to something like its
former buying power. To do that will
mean that those who hold securities
which were purchased with cheap money
Will draw interest and at least have
the principal returned in dear money.
1T means that the profiteer or his
children or his grandchildren will profit
by the necessities Of the great crisis. It
means that for the privilege Of saving
our institutions of liberty we will pay,
in economic terms, several times over.
II am pleading for the policies and
programme which will look into long
and uncertain future with a view TO the
greatest ultimate good, the least final
injury to mankind.
mo two money systems have been de-
preciated in the same degree; none of
them maintains any fixed relation to
any other. They all fluctuate inces-
sanity. adding the complications OF un-
certainty to the fundamental difficulties
that grow out of our generally higher
standard Of money values in relation 70
gold.
rs there any way in which for the
purpose of international trade something
like an international standard could be
fixed wherein to pay international bal
ances at reasonable fixed and permanent
rates of exchange? Is it possible to help
the foreign countries to maintain one
currency, with especially sound resources
behind it, as a currency of international
circulation, regardless of the domestic
use of the present deprecated moneys
of internal CircIlatiOn2"