New-York tribune., 1922-10-05

pioniems OF repareetiens through repre-
sentasion on the Reparations Comt,,is-
sion. to use the trading force which
they hold through the indebtedness Of
the Allies to the United States to CO.
operate with foreign governments in
neiping them control the destructive
.erees exercised upon them because of
the broken morale of all peoples, re-
au.ung ag IN unbalanced budgets and in
ne ZION, and at the proper time at the
request of the Allies to extend such
credit to Germany on a basis Of nrior.
IVY to reparations as will enable her IA
paiance her budget, stop imitation and
ments. f"S
Kent Would Defer Action
"The time for such action on Tho nor,
OF the United States" said Mr.. Kent.
mas not yet arrived, as it Is necessary
Tor European statesmen to bring their
countries into better agreement with
each other and to eliminate the MANY
needless sources of friction which still
exist before credits can be safely ex
tended"
y, James s. Alexander, president of the
National Bank of Commerce of New
York, interpreting the future of Amer
ican business for the national bank
division, said that two courses are
open; either to rely upon indications
OF improvement already had and to at.
tain>a moderate prosperity, within our
selves and by the help of what foreign
trade must come to US; or, by taking
advantage OF our new position and
playing part in the adjustment of
world affairs, to return to something
approaching the old opportunities, the
old rate of progress and real pros
perity.
Much of the same idea pcrmeated the
ADDRESS of John G. Lonsdale, president
OF the national bank division, before
lts meeting In the afternoon. He called
tor active cooperation by the associa-
tlon with the government to enable the
nation to take advantage of "a great
mercantile era that has no counterpart
since the first Pheenicians ventured
forth"
I'VE are told" said Mr.. Lonsdale,
"that the President Of this nation has
recently Indicated that the time is ap-
preaching when America could more
1ully participate in the resuscitation of
Europe. Isn't now the propitious time
lor this association to not only serve
the best interests of this country, but
OF the world, in extending it's good Of
hces to the government in bringing
about in conference an interchange of
information and data on the principal
subject of erment-internationa
credit fnancing?"
Mr.. Lonsdale termed the patriotic
fetish Isolation" as commendable in
some respects but economically impos-
sible
Frank A. Munsey characterized con-
tInued high costs of production as a
chief threat to American prosperity
and, declaring the labor problem to be
among those most pressing just now,
asserted that America did not produce
plain labor, that the immigration laws
were responsible for the labor shortage
and that they should be amended He
then turned to a discussion Of Amer
lean political machinery, remarking the
entrenchment Of the Republican and
Democratic parties in a degree where
they had almost become "our masters,
not our servants" and the development
of radical and conservative camps
which might some day become organ
ized political parties. Appealing for
greater interest in obtaining the right
machinery to insure good government,
Mr.. Munsey said:
Nothing succeeds without owner
ship interest in the management. This
is as true of governments as Of bust
ness; as true of your government as
of your banks. If you want a good
government you must pay the price
that insures a good government"
This price, the speaker said, was a
deep personal interest in the govern
ment. He saw the need for new issues
as between political parties, declaring
the tariff issue wholly business ques-
tion and deserving no place in poll
tics.
"Standing out, however. as the orig