The daily times., 1921-11-30
NATIONS TO WORK
OUT SOLUTION OF
FINANCE PROBLEM
STABILIZE EXCHANGE
International Cooperation is
Planned Not Only to Reduce
Armament in the World Euf
to Settle Other Big Oues-
tons, Conference on Finance
to be Held Abroad.
tBy David Lawrence.
Copyright, 1921. by The Daily

'N-'PS l - III, - ny ne IpdilN
Times
Washington. Nov 29-America
has decided to join hands with the
other powers of the world in an eff
fort to stabilize international ex-
change
The United States government has
governments to be represented at u
conference TO be held abroad in the
near future at which the whole ques-
tion OF exchange will be examined.
This is the most important step in
the direction of financial readjust-
ment which has been taken since the
Armistice. Ii successful, the move
ment may have "A far-reaching effect
upon the revival of business in
America and particularly in the re-
storation OF markets for the sale of
American agriculture and manufac-
tured products.
For a long time there has been a
persistent effort on the part of Euro
pean countries to elicit America S
interest in an international financial
conference. There has even been a
suggestion that the question of the
war debts of the allies might be dis
cussed at the Armament Conference
at Washington but this idea has been
abandoned. The movement to recon-
struct the worlds finances will be a
slow and evolutionary one and will
not be confined to a single conference
but to a series of meetings which may
take the better part of a year. The
whole thing is the outgrowth Of the
recommendations made at the last
international conference at Brussels
but it now has the moral support of
the United States government which
means that more results will be ac-
complished.
Just who the American representa-
tives will be is not known but un-
doubtedly some banker or bankers of
prominence These men will be in the
nature of observers and will not be
authorized to conclude any agreement
binding the United States but will
explore the whole field and bring
back to this country recommends
tions which might be laid before
American bankers in a series OF con-
ferences such as President Harding
held at the White House last spring.
When there is agreement among
American bankers as to the proper
course to be pursued, there probably
will be final conference in Wash
ington at which the whole fiscal sit
uation OF the world will be reviewed
and definite plans laid for financing
the trade of the globe.
Americas part in the deliberations
will hardly be passive even though
her delegates will not have the power
to commit this country to any de-
finite plan of action. The Harding Ad-
ministration intends to throw the full
weight of it's influence on the side
of financial reconstruction. This has
been urged for many months by lead
ing bankers as we'll as by such in
| fluential organizations as the United
States Chamber of Commerce. sc
vital has the question of internatlona
! finance become that men like Frank
Vanderlip and James Simpson OF
Marshal Field and Company who
have just returned from Europe are
insisting that chaos will follow i
America doesn't save the financial sit
uation abroad.
Along this line cablegrams from
Paris today tell of the decision of thu
Reparations Commission to appoint
committee of bankers and experts IL
international exchange to devis'
means for preventing a shock to ex
change rates whenever Germany pay
or fails to pay her regular reparatio1
payments. Although the United State
CONTINUED on Pagl 81