The Cordova daily times., 1922-05-24
A JOB FOR PRIVATE ENTERPRISE

President Harding's attitude on the sub ject of loans in the United States to aid ln
 the rehabilitation of Europe IS entirely consls- tent with his campaign speeches. More busl-
 ness in government and less government Ill business" was one of the prominent doctrines advocated by MT. Harding Loaning money IS matter of business, not of government. Only lin the extreme eXi gences of war was 1t pro per for one government to loan money to an other and even then it is doubtful whether the United States was justified ln gong as far as it did in loaning money to some of the nations associated in opposition to Germany. Certain it is that some of the money loaned bv this government. was not used to help win the war.
 In pursuance of it's general policy of hay inc the government do everything, the Dem ocratic administration encouraged the belief that supplying money to both individuals and nations is one of the most important functions of government. The railroads were taken ov CT and deficits paid out of public funds II Congress had permitted, this new national policy would have been greatly extended Even after the Armistice and the certainty that the war had terminated, there was dls- position on the part of the Democratic ad- ministration to be as liberal as possible in pay ing American money to foreign nations.
 The Republican administration has a far different conception of the proper sphere of government activity. It also has full under standing of proper lines of investment for prl- vate capital owned by citizens of the United States MT. Harding has made 1t clear that the United States has no objection to American business men entering into conference with foreion business men and negotiating loans of surplus capital in the United States to any enterprise or any nation desiring to borrow tle same Those loans of course, Wouic oo| made nnon security the suffclencv ot when wonld be determined by the lenders. It IS not the province of government to say that it's citizens either shall or shall not make loans of this character so long as those loans do not conflict with the international policies of this government Tn order that there might not bo any such conflict the administration asked that before making loans American financiers inform government officials what they contem plate doing.
 American business men who are going to Furope to represent their own interests and the interests of their clients among the ablest fnanciers in the world. If it is pos sible for a plan to be devised by which loans can be made, these men can undoubtedly de- wise the plan. When the terms of a loan have been agreed upon and the sufficiency of the security has been vouched for by men of the high standing of those who are to go to Flu rope !. is altogether l,r ;:;>1l- that Ancrr"ar capitalists. large and sn:,'l, will inves' tcei' savings in the securities thus offered for sale in the United States.
 The whole country with the exception of a few nternationalsts, will heartily approve the nolicv adopted by President Harding in leav
 ing the money -loanne business to private en- terprse The government cannot succeed as money lender any better than it can in any other line of private enterprise where exper-
 ionce and self-interest are essential to the highest efficiency.