The Union daily times. [volume] (Union, S.C.) 1918-current, 1922-08-18
Morgenthau Would Save
Austria's Intellectual Life

>hau mas n8u Il1ne 20 receive many
comments upon his proposal to res.
cue Austria from financial ruinswhich
he announced in Paris July 13. These
the former American Ambassador to
Turkey doubtless has found encourag-
ing and helpful, for he was cheerfully
ready to elaborate his project for, the
formation of $50,000,OO0. corpora
tion to reorganize Austrian industry
He dwelt among other things upon
the need of the world of saving the in
tellectual life of Austria, and said
charity was not the proper means to
this end, but rather a benevolent and
intelligent leadership from the out
side; men who would show Austria
how to help herself. :
what is needed is an outside, in
dependent, and helpful influence" )"
Mr.. Morgenthau said to The Associat-
ed Press. while my plan is pri-
marily benevolent, I am quite sure
that the international bank I have in
mind will earn money from the start.
l pitched on Austria for this work
primarily, because I fear her large
intellectual class may otherwise be
starved out. 1t would not only be a
pity, but loss to the world of art
and medicine and music. should the
world stand aside and let this people
go to pieces. There is larger class
engaged in such pursuits in Austria
than in any other country, and this
is not class that can be grown again
overnight. Its existence is the result
of centuries of study and thought and
wealth and effort.
"Since the Austrian Empire broke
up, Vienna and the country round
about has been aoundering, political
ly and financially, with all the Allies
and Americans inclined to help this
fine people, but with no .one willing
to take the lead to put the country
economically on her feet. A lot of
charity has been expended there, but
charity is not exactly the solution.
Austria needed well-directed eff
fort in reorganization. When a rail-
road does not pay in the United
States, there is reorganization
new capital and new blood are put
in, and the new concern goes along
and makes money.
There is plenty of actual wealth
and possibilities for industry in Aus
tria. What is needed is for some dis
interested concern to create conf
dence, to get behind the Austrians
and show them what they can do.
$50 soon as this bank is formed"
Mr.. Morgenthau continued, 81 have
no doubt we will have large num-
Der of Austrian depositors who are
afraid to put their. money elsewhere.
There are today large sums of gold
and silver money buried in the ground
throughout Austria. Besides, Aus
TRANS have large deposits lying more
or less Idle in Holland and Switsar-
land afraid to bring the money hbme.
One need never fear that Austrian
banks now existing will 60 broke;
they have large stakes placed out
side of Austria tocover them.
austria presents an attractive fin
ancial proposition. She now is almost
as large as the state of Indiana, or
about four times the size of Massa-
chusetts. Vienna is the sixth city in
the world. There are large possibil-
tiles in creating tourist business.
Consider what money was made, and
is being made, out of Egypt by tour
lists companiese.
1.-The art galleries of Vienna in
them selves are among the most at
tractive in the world. If I had hun
dred and fifty million dollars, I'd
give every cent of it to own the Lit
chenstein gallery. Austria has her
watering resorts, her cures, her mud
baths, her mountains, her old palaces
and her castles rich in history, to at
tract strangers.
"But the most money will be made
out of her industries. Vienna is in
ternationally famous for her furni-
ture, her leather and art goods and
toys, and her automobile factories.
She has large class of skilled work
men. She has mines of gold and 9TH
er minerals.
"Since the first details of my plan
were published, I have had many
suggestions. f. A. Filene, of Boston
told me he thought Vienna should be
made sort of free port, with no
customs barriers, where all countries
Of Central Europe might come AMI
trade or exchange.
MANY people have told me would
meet with big political difficulties.
TIC these I sa. that both France aid
Italy are interested in seeing a strong
Austria, and l am sure England will
offer no opposition. AS for the neigh
bors of Austria, who were once part
of the Empire, they will fnd it to
their advantage to have a banking
neighbor with stable exchange. All
these countries are cropping in finan-
cial darkness, well aware that, like