, 1921-06-30
THERE Is NJ POCKET IN 4
SHkOIu'

WASHINGTON. June 27-'Tha
SAINT international bankers who were
such jealous advocates of American
participation in the League Of Ma
tons manifest a continued interes,
IN the welfare OF European and
Asiatic nations in determining their
policies relative to the loaninp of
their funds" says the Republican
Publicity Association, through its
President. Hon. Jonathan BOurn.
Jr. "Reccntly these bankers have
undertaken to float, in this country.
a large European bond issue, and it
is reported that loans are apparent
ly without restriction as to the pur-
pose for which the money shall be
used and, therefore, the nations Dor
rowing the same are at full liberty
to use that money either to assist
their own commercial interests in
rivalry with the United States or to
continue their program of military
preparedness which, of course, is
also inimical to the United States.
There has been an insistent plea that
the United States aid in the recon
struction OF Europe. 1t is we'll tina
the United States should do this,
provided it first guards its own in
dustrial and commercial interests.
the United States faces a critical
situation today. Many industries
have suspended operation: others
have curtailed their production and
several million men are cut of m
plOyment. In some lines of produce
ton there Is reported to be now on
hand in warehouses from one to two
years normal output, with no appar-
ent immediate market for this i'm
mense surplus. Holders Of these
goods will naturally not go on pro-
ducing and they are facing huge
losses due to deterioration while
goods are in storage.
I'm a situation such as this, two
things are vitality important. First.
to stimulate domestic buying; sec
ond, to find a foreign market for our
surplus. A moments reflection
leads to the thought that the second
remedy will be the greatest aid to
the first. Sales of surplus goods
abroad will relieve the American
market and start a chain Of employ
ment which will enable Americans
to become greater buyers and con-
sumers of goods at prices which will
afford a profit to the producer. 1t
is highly important, therefore, that
in all our foreign financial TRANSACT
ions there be kept in mind primarily
the purpose of stimulating foreign
markets for American products.
There is every indication that
American money has been used by
European nations to develop COM
mercial interests in South America.
American money has been loaned in
directly to South American countries
and spent by them in Europe for the
| r,rpb,-, r -t;.l x-,Il
have been procured in the United
States. Undoubtedly if American
money shall be loaned to Japan by
the flotation of her bonds in this
country. a large portion Of that
money will be used to pay the ex-
pense of the Japanese battleship
construction program, the only pos
sible purpose of which is antagonis-
tic to h interests OF the United
; States. These are facts which must
be well known to II international
bankers whose fortunes have beer
chiefly founded upon the profits they
have made in American finance.
1T is easy to understand that at q
time when American industry Is
practically flat on its back and UNI
able to pay a high rate of interest
for loans there is a great tempta-
ton for international bankers TO
loan their funds abroad in order &c
secure the commission of from five
to ten per cent on h sale Of Sc
curitieS. They ought to be far
sighted enough to see. however, that
their Sup"rStrUCture, as we'll as their
foundation, depends upon permanent
American prosperity and the ability
of the American government to pro-
tnnt than, HON, at hama and nhrooI
II has ofton been said that there is
no patriotism in the dollar. That
theory gathers strength from trans
actions which indicate that internal
tiOnal bankers of American citiZen-
! ship are willing 10 promote the well
fare of Othr" nations to the diSaI-
vantage of the United States because
they can make temporarily a ONE
what larger profit"
There is no pocket il ii
shrOud.'