Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-05-24
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if we ,concede that the sovie
government represents the Rus
sian people, want to borrow tw'
billion dollars in gold. No Europe
an country could lend them tina
amount of money if they wante'
to lend it to them. Only n coun
try in the world has that amount o
gold to lend if they desired to d.
SO, and that is the United States
We have something W three bill
lion dollars in gold in our reserve
banks. A proposition to lend any
part Of this sum to Russia. as t;
government loan, would not ge'
past first base. In fact government
loans to any nation are out of date
W. did that during the war, but
we are not doing it any more. Any
foreign nation borrowing money If
this country now must borrow i,
on the open market from private
capitalists. This is to say they
must get it from private citizens
who are satisfied with the security
and the rate Of interest promised
Russia under the soviet govern
ment has no such credit. 1t seems
to US perfectly impossible that Rus
STA can borrow any large sum OF
money anywhere, and she needs
large sums of capital to restore
her productive capacity. The need
of capital in Russia is going to be
one Of the main questions discussed
at the coming conference, as it was
one of the principal questions dis
cussed at Genoa. The United
States may be represented at the
Hague. as it was unofficially rep
resented at Genoa, but we do not
look for this government to agree
to take any part in the financial
reconstruction of Russia. The
Springfield Republican, commenting
on the facts, says:
"The important and outstanding
fact developed by the latest COM
munications between Washington
and Genoa is that the United States
will be officially represented on any
Hague commission of inquiry into
the economic and financial relations
between Russia and the rest of the
world. If this fact signifies any
reversal of the state departments
first note of refusal to be repre-
scented at The Hague, it is wholly to
the credit of the president and his
chief adviser on foreign affairs.
THE wariness Of Secretary
Hughes concerning the Genoa pro-
posal has been easily understood.
Public opinion in this country is
much less prepared for dealings Of
any sort with the Moscow govern
ment than is British or western
European opinion, which is due to
the fact that the general economic
wreckage in this country is not
comparable with that abroad. Sec
rotary Hughes also must safeguard
his Mexican policy which is deeply
concerned with the protection of
the private property of foreigners
south of the Rio Grande.
But the United States govern
ment is not asked to recognize the
soviet government, while refusing
to recognize the Mexican govern
ment. It is not asked to loan
Lenine and Trotzky half a billion
dollars. 1t is not asked to repudiate
any long-established principle OF
formula relating to private prop
erty. 1t is not asked to abandon
capitalism in favor of communism.
None of these impossible things
has been asked of the Washington
administration. There has been a
misunderstanding. All that was
really proposed, when the Genoa
conference broke down, was that
the United States should join the
other powers in an inquiry concern
ing the financial aspects of the Rus
sian question:; and France, whose
policy toward Moscow is very
close to that of Washington, made
a special appeal for our partici-
patton.
The Russian memorandum of
May II suggested nothing more.
The original suggestion Of an in
quiry was contained in this passage
of the Russian reply of that date:
eff, nevertheless, the powers
wish to consider a solution of the
financial difficulties outstanding
between themselves and Russia,