Evening star., 1922-08-20
Finds Money Chaos
In Europe a Bar to Business

gold or can obtain the gold with
which to meet the Indemnity.
recognize that she Is hampered by
the ieg1slation Of the world in the
ufkDosa1 or her AroAucts. But II
she cannot pay In gold, she can
try to pay in kind.
Up to this good hour l have not
found It in my conscience to hnd
faalt with France for the mainte-
nance Of her army and the in
siBtence upon her indemnity.
found no feeling of hatred Of Ger
many in France. I found only
fear that the old military system
might be revived and that the
homes. lives and liberty of the
French people might again be i'm
periied II France could be- as
sured by Great Britain and Amer
lea that she need no longer fear
the German menace and that they
would come to her assistance
should danger threaten. France
would, in the interest Of the world
and the rehabilitation Of Germany.
consent to a change in the terms
Of. the indemnity. Let us in Amer
lea not be toe censorious over the
seemingly granite stand Of France
until we ourselves ratify the
treaty to come to her assistance
en- her with armed force.
whether Germanys financial
plight is the working of some in
exorable law or whether it be the
result OF efforts on the part sof the
German government to depreciate
the mark in order to show its in
ability to pay the indemnity ac-
complishes nothing along the line
Of commerce. Nearly four years
have gone by since the armistice.
There IL still no solvent and re-
sponsible banking and currency
system in Europe. Exchange has
not been stabilized. Business is
gambling has gone to the medium
of the exchange of business. FL
nanciers Of the world have pro-
posed remedies. but they have put
none OF them into effect nor en-
deavorAd to ascertain whether any
would work. Money will not be
invested without reasonable
probability that It is safe. although
It is always willing to fiirt and
have not been able to do and have
not tried to do in order to render
stable the business transactions Of
the world the business men have
heen endeavoring to do Business
tries to cure its own wounds as
nature seeks to restore the ravages
of disease.
There was formed nearly three
years ago at Antwerp what may
briefly be explained as an exchange
market with periodical settlements.
This market. at slight expense.
agreed to carry out all exchange
operations with fortniRhtly deliv-
cries within a period of six months.
1t was not a perfect system. but it
did enable persons, particularly
those engaged in foreign trade. to
establish their sales and purchases
over a period of twelve months and
enable them to take cost prices
with practical precision at speci-
fied periods. It Il to be hoped
that this exchange market will be
established elsewhere in Europe.
II 1t should accomplish nothing
else. it would settle the question as
to whether the rates Of exchange
were being manipulated for po-
litical or gambling purposes. The
vast amount Of the exchange com
modities made in these markets
would mkasurably fe-kstablish
again In force the old law Of sup
ply and demand. and would dis
close the true value Of foreign ex-
chanke. -
had hoped and believed long
ere this the moneyed men of the
world would devise some plan to
restore the equilibrium. The world
cannot wait much longer upon
them. The market exchange is not
perfect. but 1t would help. The
business men of America NAV well
study the Antwerp plan. speak
with no authority. but with good
intention. when suggest that
their investigation would show it
to be helpful to the foreign COM
merce Of America. and consequent
~ to the world.
Copy fikht, 1922 by Thomas n. MafshslI)