New-York tribune., 1922-10-04
Morgan Partner Brings
Question of Remission
Before Bankers'C 'Conven-
ton; Action i'm Doubt
McAdarns Urges
End of Aloofness
Association Called Upon
to Meet Problem of Re-
construction i'm Europe

S'~H'NoA Pa1 a1tiClpdtlon Dy tne OEiIeu
States in settlement of world affairs,
designed to clear away the interna-
tlonal and internal complications car
rled over from the war and involving
specifically readjustment of the debts
born OF the conflict, was presented to
the country's leaders of financial en-
terprise and thought yesterday as the
program of the American Bankers As
sociat!on convention unfolded.
Thomas w. Lamont, of J. P. Morgan
& Co., in his speech as chairman Of
the local reception committee at the
initial general session, brought openly
to the attention Of delegates the Amer
lean responsibility and need in this
connection.
The interdependence Of the trade and
financial future of the United States
and Europe was further developed in
the address Of Thomas B. McAdams,
president Of the association, and of
Myron 7. Herrick, American Ambas-
sador to France, who, on the eve of de-
parture for his post, appeared to give
a message to the convention.
The question of the inter-Allied
debts, lurking for several days in the
corridors OF the convention hotels and
In the informal discussions of bankers,
thus publicly raised before the meet
ing, became the absorbing topic of
visiting and local bankers alike. There
seems little chance Of establishing at
thls session consensus, but tempo
rarily wave Of sentiment favoring
modlfcation of the American attitude
and probably part cancellation at least
OF the debt owed to the Treasury was
discernible.
Bankers Just Seeing Light
1t is possible but improbable that a
resolution dealing with these debts
may be presented to the convention
but in view of the present lack Of
capitalization Of opinion it would
hardly say much. Many bankers are
Just approaching fair understanding
of the problem, and even among those
favoring part remission Of the debt
owed the United States there are
some who feel that this should not be
done until Europe has further helped
itself, the debts meanwhile being used
for trading purposes. A more likely
course than the adoption of a resolu-
tion is the reference of the problem
to committee, either specially created
or to the Marine and Commerce Com
mittee of the association.
The knowledge that Mr. Lamont
would touch upon the subject in his
treatment Of the American bankers
responsibility brought to the ball
room of the Commodore for his ad-
dress the largest crowd that has ever
attended session at a bankers con-
ventlon. An air of expectancy was
observable on the fully occupied floor
and in the packed galleries, and as
the speaker progressed, dealing first
with domestic matters, the enthusi-
asm spilled over in applause at his
praise Of Governor Harding's admin
lstration of the Federal Reserve sys-
tenn and at his condemnatory reference
to the bonus legislation project
Leans to Partial Remission
Chief interest was reserved, how
ever, for the expounding Of Mr. La
mont's views on the international situa-
tion and relief was marked as he fore
cast settlement Of the German repara-
tion question at the November confer
ence abroad and told of Frances
changing attitude. He then turned to
cancellation of the Allied debt TO this
country and, while refraining from
committing himself, gave the impress
sion, nevertheless, by the tone and mat
ter Of his comment that he felt partial
remission, at least, essential.
Mr.. McAdams, taking q slightly more
positive position, urged the Importance
to American prosperity of the use of
the country's resources of brain and
money to help bring about a practical
solution of the chaotic situation now
threatening to destroy the eco1omic
life of Europe. He felt that the time
had arrived for the United States to
cast aside it's policy of aloofness and
throw herself whole -heartedly into the
situation.
81 return to my post with all that is
ahead" said Mr.. Herrick, with feel
ing that back here the problem now
reaches the banker and business man
Of the reorganization of this broken
world, for we cannot build ideals upon
anything but firm financial and COM
mercial foundation.
Herrick Predicts Settlement
at is going to be solved in the next
year. / am not one of those without
hope and it is going to be solved ty
the level-headed, steady business man
and banker of these different coun-
tries, who meet calmly, without poltl-
cal prejudice to consider as you con-
tcoatipued on page sikh
Evrr,.snp, Dzuocfuuv