The daily times., 1922-01-09

kks41GA kkkkEkkk&kkk
views orally at first and then sum-
married. them in writing for the Brit
ish as follows:
Economic recovery of the states |
in Eastern and southeastern Europe |
(and consequently considerable |
fraction of our own and of world |
commerce is dependent upon each |
state erecting:
"Q) a balance in taxation and ex-
penditure
"(2) Currency reorganization and
stabilization
"(3) Wise control Of their exports
and imports.
! "(4) Credits for reproductive pur-
poses.
cit is hopeless to expect that pri-
experts to these states upon any
systematic basis until the first three
have been complied with. Further
more, attempts to secure these three
vital reforms by action through vari-
GUS governments foreign to them
risks being wrecked on the rocks of
conflicting political objectives of
such governments.
"The Ter Mullen plan proposes to
facilitate credits for exports by the
ordinary processes of business free
from political action, when these
three primary reforms have been in
itiated. This should act as great
pressure to secure the reforms and
if accomplished is at once nine-tenths
of the battle for rehabilitation of
credits and commerce with these
: states.
, 81 have the feeling, however, that
, something more is needed than ex-
: port credits to these countries if the
: three primary reforms are to be ac-
complished, that is some assistance
must needs be found to these states
in credit for purposes directly of cur
rency reform. have already suggest
ed in another place that some action
might be taken by the great banks of
issue of the principal countries look
tate solution of this portion of the
), problem; thus again keeping away
from political action in the economic
and financial affairs of each of these
states. Such plan in no way re-
I places the Ter Mullen plan as the two
MI ofh
81 may say I believe also that vital
las all such steps are (to which the
Ter Mullen plan would be an admir-.
: able contribution) yet again until
q there can be brought about some
I. financial stabilization in Germany, al
4 other European states will be ad
iversely affected despite every effort
s. implied in any of these IDEAS"
n The Ter Mullen plan to which Mr.
Hoover refers was evolved at the last
= international. financial conference a
Brussels and embraced the listing o.
la1l available assets of the busines,
men of each country and the issu
tance by governments of certain bonds
against those assets, which would ID,
in the nature of collateral or guar
.antee Of payment for purchases mad,
in foreign countries. -
The plan does not apply either tt
Germany or Russia. The difficulty O.
including Germany is that her asset.
Iare more or less pledged as repara
itions to France. Similarly on accoun
tof the chaotic condition OF. Russian
politics, and the unwilhngness oi
! the powers to deal with the Bolshevil
government, trade with Russia ha,
been at a standstill.
The viewpoint here however i.
closer to that held by the British
than the French. When Mr.. Lloy(
George says that politically he is mt
= more sympathetic with Germany
e than he was during the war but tha
Il the amount Germany can pay is no
sentimental but practical ques
y ton, his ideas find a ready echo il
/ American Official circles. The French
g and British have developed strained
L relations on this point and until the
r Washington conference produced 4
# deadlock on the submarine issue, tn.
it disposition was to take a more OF
less Indifferent view toward the
d lFrench-British split. The drift lately
= has been to support the British con
e tention that economic reconstruction
n can never be accomplished through
+ political objectives but through ma
u iterial examination of the economi,
Is facts in the whole situation.