The Union daily times. [volume] (Union, S.C.) 1918-current, 1922-12-19
LOAN TO GE
OUT OF q!
MANY
[ESTION

xNV
New York. Dec. ls. ZIP. Moro,
& Co. tonight issued s tatement a
.,ring they had notinsS~ the Germs
AMBASSADOR to this con, try that :"
las impossible for us "A b discuss q
consider loan to GeruAt IS unless on
until the reparations question wa
settled"
This statement was Sued. t. ,..,
learned, to set at rest lat were do do
scribed as "highly fantAa tical stor;es,
which have been publish ID reeardin.
the possibility Of the &ation of .n
International loan to ca Klmany. est;
mated as high as $1,5o0i bO Ooo
The statement followsf
"Dr. Otto Wiedfeldf A Ne Germ.,
ambassador, called on h4 Morgan On
Saturday to make inquid as to tho
possibility Of our undett3 bkine to .s
sist in floating large, s3 Ealled inter
national loan to Germanyk In hi. 70
ply Mr.. Morgan adverted 10 the stat
r,ent he had made follow tng the s;t
tings of the bankers, cU&2mittee 1.st
~ ldSC /
Jsne, and in effect told rle ambasso
dor that our position was fexactlv tho
same as it was then.
.'He informed DR.. WI idfelt. tb.+
while we greatly desired be Of Ser
vice to the general situsk hon, never
theless matters had nnanfestlv reach
ed such point that it wse not possi
bic for us to discuss or t@ consider -.
loan 70 Germany unless Nd until the
reparations question wSk4tled."
Official denial was nd Lckf report. a."
that the Morgan firm IA Hpresentad v
"a plan for the settlem 6rutI the rem =,
arations problem to tAiTbl,inoton =
administration. While Viul com
nent was made conceSs Mr. Nor. -
gan's visit to Secretary hughes IN ",
Washington last week itis under
stood the financier merel gave tho ~
secretary his views on editions IN .
Europe whence he recentl returned W"
after six months visit. IN. MORGAN '
was member of an nrnational r."
committee Of bankers vlo met in va. m
London last June to discJkhe oues- w.
ton Of financial assistap to Ger. e., c.
many. H"'
Local international bank are said 'e'
to believe that before " loan is .oI' I
made by this country Germany 't, =
there must be not sonly Settlement :.
fssss1 elvl ttcns psaafi1 lsssssf%9l ~
ahce her budget, revise 46afking t
system and stabilize he'd currency,
which has been enormously inflated. {
If these conditions are met small ]
loan of short duration may be made {
through local bankers, but the possi-
bility Of such an undertaking is said
to be "very remote" at this time.
While President Harding's cabinet
is known to have had the German rep
arations question under discussion at
recent meetings, local bankers do not
believe the administration will offer
it's services as a referee on the repa-
rat:c.s problem, in view Of its def
mite refusal to consider such action
at thesrequest Of the Grmap govern
ment some time ago: Vf ifauiry OF
first direct proposal nne Fl b Ameri-
can bankers for assis- by the
German government. on
In his repor. to the international
, committee Of bankers, Morgan as
serted the American stor would
, be interested in Ger Obligations
only if it were SAT >lactorily estab-
,ished:
First, that such loan should be
a at the request and would be for the
benefit of the allied nations.
: Second, that through the technical
i security to be given by Germany and
: tie rehabilitation Of its Internal finan-
is cial situation Germany should clearly
n show desire to meet its obligations
n j.: the hope that by the fulfllment OF
these obligations it would reestabiisn
its credit as one Of the commercial
nations Of the world"