Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-05-17
EPOCH MAKING
GATHERING OF
j. S. LEADERS
Big Business Men of
Nation Discuss
Problems.
TALKS ON EUROPE
Restoration of Peace
Is Regarded as
Essential.
Special to Indiana Daily Times
and Philadelphia Public Ledger
Ry II f. DORIAN

By Ii. +. DORAN.
WASHINGTON, May IA return to
normal business and Industrial conditions
In the United States is impossible with
cut restoration of political, business and
Industrial conditions in Europe. This
is the opinion expressed by business
leaders of the United States and England
in their addresses at the opening of the
general sessions of the tenth annual meet.
ing of the Unit I'd States Chamber OF
Commerce here today.
The meeting, which promises to be an
epoch-making one, is featured by the
sketched the economic and Industrial
situation of Europe, the effect Of that
situation on American business and its
effect on American agriculture.
For months business men Of the coun-
try have peen wrestling with many of
the problems that this meeting viii en-
>learor. to work out, but with all, the
eneral sentiment is a restoration Of
Confidence In the countries abroad, is
necessary before further efforts will be
made to aid them-and then only through
private investors and not with Govern
ment Loans.
-Four of the most prominent men In
their various lines addressed approx
iuately one thousand delegates at the
general sessions, and each touched upon
an important point In the matters now
involving a perplexed world.
SLOW But GRADUAL
IMPROVEMENT NOTED.
1t was also the opinion Of these lead
ers that there Is a slow but gradual i'm
provement noted In this country and
England, and that Russia eventually will
work out Of her difficulties as soon cas-
the people see the light of day."
1t was the consensus Of the opening
days session that European instability Is
the greatest menace to American staltl-
ity, American business aad American
prosperity.
The speakers were Joseph H Defrees.
president OF the Chamber of Commerce
of the United States; Arthur Bslfour,
vice president OF the Association of Brit
ish Chambers of Commerce; Herbert
Hoover. Secretary Of Commerce, and
James r. Howard, president of the Amer
lean Farm Bureau, Chicago.
Next to our domestic economic prob
lens, the matter uppermost in the minds
os all of us must manifestly be the adj
vance of Europe toward the degree of
stability of which we ourselves enjoy"
Herbert Hoover said.
ATMOSPHERE MUST
CHANGE, HE SAYS.
The steps necessary for its attainment,
the great majority believe, he declared
are such political relations between the
ates in Europe as will produce an at
mosphere of peace and destroy the at
mosphe-a Of war. the reduction of arma-
men, - lessen government expenditure
and give confidence of peace, fixing of the
intergovernmental debts, including Ger
= IaE, -. -
payment Of interest and principal as will
create reasonable confidence that pay
ments viii be met; the balancing of
budgets through the reduction Of ex-
penditure and a cessation Of the initiation
in currency and short-time bills and the
ultimate establishment of the gold
standard with the assistance OF eitLer
credits or geld loans.
After declaring he was one who does
not believe that civilization will crash
because these measures have beer de-
layed, he continued:
THE most unlikely event is that the
United States will, as Government,
again engage in any governmental loans
and that as financial assistance must
arise from private investors confidence
must be restored before they viii so
place their money"
WOULD coNFINE
LOANS TO PRODUCTION.
He also said 1t is essential that all
loans should be confined to reproductive
purposes and classes loans that are dis
sipated through military expenditure or
In unbalanced budgets, or the bolstering
up of inflated currencies as double loss
to the world.
The greatest agricultural problems
confronting the American farmer today
are transportation. including merchant
marine; industrial production. interna-
tional exchange, the balancing OF Euro
pean budgets. German reparations and
the solution OF the Russian problem, ac-
cording to Mr.. Howard.
He declared the farmer has a greater
direct interest in European conditions
han hns the merchant or the manufac-
oSdrer. or the bankers. claiming the form
err has no other fields to which he can
turn.
Mr.. Howard suggested that the more
than $4,000. 100000 European debt to the
Government and business men OF this
country be paid off by distributing to
the citizens of this country goods re-
ceived from Europe, adding that there
are but few families in the land but
would be glad for these benefits"
Particularly instructive were the pa