The New York herald., 1922-01-22
REPUBLICANS HEAR
IDEAS TO AID TRADE
Crissinger Tells Advantages
He Sees in international
Bank of Exchange.
ALLIED DEBTS DISCUSSED
Fowler Suggests at Clubs
Gathering That America
Refund It's Loans.

The establishment of an international
bank of exchange is one way to help
present financial and trade conditions.
according to d. A. Crissinger, Comptrol-
ler of the Currency and formerly mem
ber of the Federal Reserve Board. who
addressed a gathering yesterday at the
National Republican Club. Mr.. Crissinger
was one of four speakers invited to ex-
press their views on Our Foreign Trade
Relations"
"Never since International trade rela-
tions have been so important have the
financial and monetary facilities for
world trade been so disorganized as
now" Mr.. Crissinger declared. There
is a widespread impression that the prob
lens of international finance and ex-
change are irreyocably bound up with
the complexities and difficulties OF do
mestic finance. / believe we have too
readily accepted this view, and that
thereby we have been misled into over
looking some real opportunities for re-
habilltatng industry and commerce. i
believe that It is vossible and necessary
for us to work cut means by which a
necessary segment OF the worlds credit
and responsibility may be set aside and
dedicated to the special purposes of in
ternational cominerce.
'sThe functions of an international
bank of exchange, closely articulated
with the financial systems of the par
ticipating countries. would have to be
worked out in care and detail; the ulti-
mate scope weeld be determined by ex-
perience. Personally, do not regard
myself as at AL bold when l suggest the
thoughtful cor sideration of such a prof.
ect. Such an institution might issue an
International currency.
Arms Farley Lays Foundation.
or the arms conference, Mr.. Criss-
inger said '"Tyse work that has been ac-
complished at Washington lays foun-
dation on which it Is possible for US 10
anticipate largo achievements in the eco
nomic department when 1t is taken In
hand. The task at Genoa will be pc
culiarly one for Europe to deal with, one
which must largey determine how tar
the European peop,es are prepared TO go
in order to assure economic rehabilita-
tion.
"The extent to which America can
cooperate and assist them in their eco
nomic difficulties will depend almost en-
tirely on the attitude they shall adopt.
in the long run, they will get all the as
sistance America is able to give them,
because the giving will be of advantage
TO us as well as to them.
whether the United States shall be
an actual participant in the Genoa con-
siderations or not, it remains true that
we will have the liveliest concern in all
determinations that shall be reached"
Edwin r. A. Seligman. professor OF
political economy and finance at Colum-
bia University, said that from the
ethical point OF view it is wrong TO
maintain that the allied debt is just
debt. 'It is legal debt" he added.
"and for us to demand every jot and
title of 1t is the reverse of equity. Dur
ing the war we paid an excess profit tax
because we believed that It was wrong
TO make a profit out of the blood ard
the misery of the people: then why isn't
It wrong to make a profit out of the
blood and misery of the Allies?"
Suggests Long Refund Loan.
Charles N. Fowler formerly Repre-
sentative in Congress from New Jersey
and at one time chairman Of the Bank