The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-12-20
Government In
Accord With The
Bankers Views
BY oAVIr LAw1INc1
Copyright by The lntslligencsr)

-----
WASHINGTON. Dec. 19.-J. P. Nor
cans statement that he told the Ger
man ambassador that prospects OF
loan from international bankers were
10 better to-day than they were last
June, has cleared the air OF rumors
and fantastic theories OF American
aid to Europe.
Mr.. Morgan said what the Depart
ment OF State was unable to say in
answer to the unfounded fears OF the
"irreconcilableS" and others who he.
lieved some radical departure IN
american policy was forthcomins
But Mr. Morgan's announcement real.
ly has another significance. 1t means
that he has told France that aid from
the allied bankers cannot be given
unless the program. drawn up by the
international bankers committee last
June is revived.
The controversy to the future lies
in the carefully worded document ~
sued then by Mr.. Morgan and his CO...
leagues. VIII France permit her
member OF the reparations commits.
sion 10 vote with Ne majority ant
issue 4 unanimous invitation to a
bankers committee again to devise
ways and means Of assisting the gen.
eral economic situation in Europe.
The bankers. in June incurred the
diSfavor OF the French BY. pointing
o8t the obvious though unwelcome
fact that until there was some moder
alton on the part OF the French TO
ward the enforcement clause OF the
Versailles treaty and some limitation
OF Germany's liability was made con-
sistent with the opinion OF investors
throughout the allied world, it was
hopeless to talk loan.
U. S. in Accord.
The United, States government IS
not 4 party to these informal negot1a-
,ions OF the bankers. Mr.. Morgan
went abroad as q private citizen and
with no commission offictal or I'M
official from the American govern
ment. He was invited to sit with the
international bankers committee ana
render advice 10 the reparation COM
mission. \ dispute arose AZ 10 Ut"
text of the invitation 10 the bankers.
the English and French wording De-
ing somewhat at variance. anyway.
the French saw the bankers commit
tee as a body attempting 10 usurp IN"
functions OF the reparation comthls'
sion and as endeavorinS to decrease
C;ermany's repara;ion liability. tnaer
such circumstances. the bankers com
mittee accepted nothing except to set
forth 10 the world its views which are
as valid to-day as they were then.
Unquestiorably the United state:
government is in complete accoru
with the statement made by the bank
crs committee. namely that the llxins
OF the reparatiOns must be done llrSt
before any private loans can be con-
sidere,l. The American government
has been hopeful that France won!o
revive the Invitation TO the bankers
committees anu that 1T the same tune
diplomatiC influcuCe might be cau'
,iouslv cxprted IN secure an agree.
mont between the allies 10 fOr"g" ea'
Corcement oG certain sections oi tus
Versailles treaty.
Another Meeting.
Tho diplomatic parlcys must pro
cned Concurrentlv with any efforts ol
,he bankers TO examine anaw the IN
tricate questions OF credit involved IL
the flotation OF a loaE to help Ger
MANY. The last word from the bank
ors committee was in Itself bid Tor
another invitation. IL reads as iol'
lows:
The committee are deeply con
scious OF the immense assistance 70
the economic recovery OF the whole
world which would be afforded o.
general conversion of Germany ooi''
CATION from a debt 10 governments
into a debt OF private investors. oaseu
like other debts not upon external
sanctions but upon genera! credit OF
the debtor country. They believe. IN
deed that the resumption OF normal
conditions between countries ana thS
stabilization Of exchanges are impos'
sihle without a definite settlement
of the rcparatiuu payment as OF eStcr'
nal public debt.
If, at any time. therefore the re-
,ro..,nu.a an Para Eirhteen)