The Monroe journal., 1922-10-13
BANKERS TAKE LIBERAL VIEW

| BANNERS TAME Liberal hIEN
In the opening session OF the bank
ers' convention in New York, where
more than Ten thousand bankers from
all over the country were assembled,
Mr.. Lamor;. a leading fnancier of
New York. spoke very eonservatively
hut literally in regard TO the debts
due this couatry by its late allies in
The war. Ha took the view ths; the
me might come when il would be
more disastrous not to cancel these
debts than TO 20 on erpectn- them
TO be paid The convention after
wards PASSED a resolution To the ef-
feet that this country should steer
clear Of isolation from its European
ne.ghbors even if this should involve
! the partial cancellation OF these
i0tts.
Mr.. Lamont reviewed business con-
dtions in this country. pointing cut
that the three biggest problems were
low prices for farm products. str keS,
and political checks on trade lie
suggested that there was s;ill arro-
gance among employers, as well as
II labor. The bonus threat had been
4 hlrdl, for business, while the tariff
measure would like y protect indus
,rls tha, d5 not need protection and
ut Of fore IN markets froa our ia.-
aers and manufacturers.
The demand for the full payment
of these debts is an easy thing to
make popular speech upon. The
American idea of a debt is that it
h5U'd be paid no matter what hard
ship it may entail. This is true as be-
tween individuals. but so far as the
| debts in question are concerned the
matter is entirely different. Yet the
average c.tlzen is unable to think
about them except in the same terms
that he thinks Of personal debt and
acnce he flares up at the suggestion
that these debts might be cancelled
with advantage to all.
An entirely new phase of the mat
ter may dawn upon one if he will for
he moment forget the word debt and
ESQ cease to think of dollars and
tcnta Visualize the fact that these
le5.s were ro:hing in the world hut
material furnished for the war. They
Iere simply products made during
the war and shot away like other
powder in the common cause. They
cannot be paid in money because
there is no such thing as paying an
International debt in money. Such a
debt must be paid in goods.
Hence in the same breath that we
demand the payment of these debts
we make il impossible for them to be
paid by erecting tariff wall to keep
he goods from coming into this coun
try. We say the debt must be pad,
that is. that Europe now Must pro
duce from its present labor a sufti-
cient surplus of goods to replace those
that we furnished which were des-
troyed by the war, Manifestly. this
puts great hardship upon our allies,
who feel that while we wc.e fIrn;sh
ing these goods before our men were
ready 20 20 over they wee f.a 81
ng not only a similar amount oi
goods but the men to do the fighting.
We gave supplies before We could
give men. but only after we had en-
tered the war Now, because we gave
the goods in the shape Of a money
oan, which money was Immediately
expended in this country FOR the
goods, we demand that our goods,
,ontr buted to the common cause,
must be returned in peace time labor
That, in brief, is the argument for
the justice involved in renting the
lebts.
But the American bankers id not
ut il on this ground. They pa' It on
tG economic ground that Europe
would be SO hampcred ii its recovery
that our own prosperity would be
more emncrilel By collecting these
icbtS ii i were even possible. than
il would te by the remission o. the
!ebts 50 long as we decry The m
0orta,oN Of goods from Europe and
At The same me demand the payment
# the debts which can be paid only
goods, we ale pretty nearly in the
position of the hypocrite Bankers
and economists know that these debt.
'annot be paid so long as w are II
hs position even if Europe had The
goods to pay them with and they are
5eginnn ng 10 chafe under the nsin-
ere position vh!ch it places IS in.
@We believe that every dollar Of
hese debts which were made for
goods in this country after we enter
ed the war ought to be conceled, and
ii would be cheap at that Further
moro IL all debts incurred i'm war