New-York tribune., 1922-03-09
Bankers
See Wisdom IN,
CenoaDecisio,,
Omission of Debt Subject
From Economic Parley Is
Full Warrant for DecIiu-
ing to Aid. Mitchell SAYS
Salutary Effect Expected
European Reforms. Ncces-
sary to L. S. Help in
Councils, To Be Spceded

News that the United States govern
ment had declined the invitation to at-
tend the impending international CON
ference at Genoa was received last
night by New York S banking and fnan-
cial leaders with some expression of re-
gret that possible basis for partic-
lpation had not been found. but with
quite general appreciation OF the wis
dom Of the decision under existing con-
ditions
The refusal and the reasons stated
therefor are expected to terminate any
misapprehension or the part of Eu-
ropean nations regarding the avalahil-
| Ity of American financial assistance
until their respective governments have
taken more drastic measures to correct
present financial and cconomic insta-
bii1ty. However great "the disapoi1t-
/ ment and encouragement to Europe"
foreseen by one banker, the decision IS
counted upon to hasten necessary re-
forms in internal administrative affairs
of Europe and the adjustment of inter
national relations on the Continent.
Il am not surprised that the United
states government has refused the in
vltatlon TO participate in the discus
sions at Genoa" said Charles T,
Mitchell. president Of the National
City Bank. when informed of the de
cision over the telephone. Il have had
no idea that it would accept | doubt
whether the trend of the public mind
IN this country at present is such as
would have justified the Administra-
ton IN an acceptance.
sDeht Snttlotncrf Nitol"
1t seems inconceivable to me that
the nations OF Europe should hold an
economic conference without discuss
ing the question Of international debts,
and American public opinion on this
| subject has not been Sufficiently for
mulated as yet TO warrant the Admin
istrations taking a definite position in
the matter"
James Speyer, of Speyer & Co.. was
another banker to express sympathy
with the declining OF the invitation.
without having seen our govern
ment's statement and its reasons,' said
Mr.. Speyer. sit seems TO me that the
decision not to participate in any con
ference at the present time is wise. 1t
is in the best interest Of the United
States and probably also Of Europe" "
The decision appealed to partner
in one of Wall Streets largest banking
houses as being sound. but NOT of vital
consequence. There are several points
in the hnanc ial and economic situation
Of Europe that should properly be
cleared up. he said. before American
participation in European councils is
desirable. To say that Europe must
put It's house fully IL order as con-
dition to American aid he felt to be
an exaggerated statement of the re
quircment. but some reforms should be
underta alses before the United States
could contribute materially to stabili-
zation of affairs on the continent.
''Sounder Finances Needed
A member Of another firm of inter
national reputation advanced the op n
on that the refusal was wise 10 the
extent that the reasons set forth by
the United States were constructive
at would be necessary for me to
read the text of the American reply
before reaching any conclusion as to
its probable effect" this banker said
'1f the United States gives notice TO
the countries Of Europe that they must
place their finances on a sounder basis
and stop sQuabbling among themselves
! before it is willing to lend a hand, that
is excellent and should have extremely
beneficial consequences. If the feply
means that the United States takes a
iinal stand agains. supporting Europe
now or III the future. then | think it
should be condemned
Disappointment at the news was eX
pressed by another prominent bank eX-
ecutive, who felt that American partici-
patton in the conference would have
considerably heightened the prospect OF
successful accomplishments
"Reply Forces Showdown"
"FranAly. l am Disappointed he
said. "But realize that SO many state
and diplomatic problems are involved
/ be critical Of the governm action.
/ The question of the Allied debts to the
( United States is only ore of these.
/ Speaking merely as banker, | think
that American support OF the confer
/ once would have rendered an important
contribution to the rehabilitation and
recovery of Europe.
"The refusal may have one good
effect. in that il is likely to bring
European nations to showdown. 1t
puts it sQGarely up to them to show
what they can do. The conference will
furnish the opportunity for q real start
in the right direction, and will, 7 be-
licve be merely the first Of q series Of
such meetings. an hopeful that its
achievements viii make practicable
participation by the United States in
any subsequent gatherings of the kind
"Tims> Was Not Ripe"
George w. Wi~kersham, former At
torney General Of the United States,
said: Il have not felt that this was an
expedieDt time for an economic con-
| ference. A better time would be after
the treaties negotiated at the Washing
ton conference have been ratified by
the Senate. I did not think the United
States government would accept the
invitation.''
Judge Alton 2. Parker, former Demo
cratic candidate for tho Presidency, de-
clared that he had hoped that. for the
present at least, the government would
not accept the invitation to the Genoa
conference. He declined to give his
reasons for The view
British to Help Palestine
Sir AurE1ou CoIIes Aes.