New-York tribune., 1922-10-06
lIcKenna Says
Isolation Idea
|Does Not w Work
! q Will Learn, as Britain
) Md. He Predicts, That II
/. Not Compatible With
World Wide Interests
Praises Banking System
Not Yet Ripe for
n I)efinite Funding of Debt
4 America, He Declares

a,,,.. sha. the United States would
s. experience, as England al
'sss ~. done, that a policy of "splen-
H.s, ,..,,..,on'' doesn't work was ex-
y - by the Right Hon. Regi-
.,u.Renna. chairman of the London
~. S,s ! Midland Bank, Ltd. in an am
',.s,stion ~ Of his views on the interna-
pa, f.s situation given in an interview
ss.,'' ,.s r.norters yesterday at the head
wax. -. ot the American Bankers As
soe;a.ion convention.
s', ~ w,gpnna, who spoke warmly Of
-. ,.eeption accorded him by Amer
'.sr 'as haskers and in appreciation of
-. M opportunity ., exchanging views
'1s y, ~ ,ssm was subjected to a rapid
s..A s.. !, questions covering a wide range
~ :. too,e., all Of which he answered
9th . s'p,aa, II. expressed understanding
ss. sss. nothing that he said was to be
va .,r,.d as criticizing or censuring
sonsaiu;s; sonssi;e;es Of the American Executive,
us gunrss. g. or of the American people.
gi;.anns e, y reserve and talking strictly as
id an.side observer, he gave his opin-
~ s ~ American banking, Of the re-
..at, ..at,y enacted tariff legislation In re-
,stio, to International trade, Of the fl
ssneisl situation here, and Of the pros
nsets ,,s for debt funding, and explained
4 greater detail the manner Of Eng
isna'a meeting Its debt to the United
Statss and the position respecting Ger
man reparations.
Impressed by Convention
Preliminary to the general question
,no Of MI. McKenna he said:
ssThsrs is just one thing that I should
Iisa to say, and that Is how tremen-
sously i have been impressed by tho
irsmsnse success Of this convention.
There are thousands Of United States
banks represented here by class of
men who, il may say it without pre-
sumption, are a credit to the country
Ths United States, like all other coun-
tries, had to go through q very trying
tine In the reconstruction period.
Tskiag all circumstances together, this
was for the banks probably more try
In and difficult than they had during
ths war. The United States banks
cane through it with great success.
III I may hazard an opinion, the
of the Federal Reserve
system played no small share in en-
shling the banks to establish sound
,redit and financial position which is
IS secure as at any time in the history
/! American finance. admire particu-
srly the public spirit of the great
htsrican bankers which has enabled
hem, even at times at loss to them
elves, TO face difficult conditions in
,M public interest The convention
has given us-lSmsan eoutside bank
ers--an opportunity Of hearing and
reading Of something of the work of
AMERICAN banks. .',,,-.---..,..,.--.....-,
Nj. McKenna said, in response to an
inquiry, mat he doubted if conditions
were yes ripe for definite funding of
the British debt to the United States
sabe agreed upon.
Broader Powers Desirable
There are still some preliminary
uneuitlss to be overcome, arising out
u the limitations imposed by act OF
congress on the powers of the Ameri-
t,n =, commission" said Mr.. McKenna,
II may be noted that the British Par
lament placed no such limits on the
powers Of the British mmissioners,
sue here in November. There is no
luestlon that if both commissions pos