Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-06-27
THE HAGUE CONFERENCE.

THE HAGUE
MOT much news comes from The
~ Hague conference. In this
respect it is very different from
the Washington conference or the
one at Genoa. The latter was q
good deal of a failure. Great ex-
pectations were very poorly realiz.
ed at Genoa. No one seems to ex.
pect much to result from the meet.
ing at The Hague and therefore
the disappointment will be less il
it also fails.
The reconstruction of the eco.
nomic life of Europe is going or
slowly in spite of the failure OF
all these conferences. In alnos,
every proposition made Uncle Sam
is cast for the role of rich uncle,
and Europe finds him damnably
coy and disinclined to play the
part. That is most reprehensible
and irritating to the Europeans who
want to separate him from his
money. 1t is really amazing what
wild schemes of financing are pro.
posed in some European countries
with Uncle Sam as Santa Claus
In last Sundays Tribune there was
printed a cable letter from Maxi.
milan Harden, Germany's most
noted magazine writer. He is no,
in any way noted as an authority
on finance, but at least would
expect from such a celebrity a lit
tie common sense intelligence or
the subject of his country's or Aus
trials need for financial assistance
Macmillan Harden has thought
out a cure for Austria's lack Of
cash. 1t is simple as rolling off {
log. He suggests that three mil
lion Americans each send to Aus
tria $40 in gold, accepting for thai
sum a due bill for a like amount
that would be redeemed by the
hotel men when the owner came
to that country as a tourist because
it would be accepted in payment
of his expenses. The process
would be delightfully."- simple. The
hotel man would add ten dollars
to the hotel bill Of the tourist anc
the debt would be paid with no eff
fort on the part of the Germans
Or the Austrian government could
do as the Bavarian government i:
now doing, levy a tourist tax of S.
a day on Americans for the priv
lcge of spending their money there
and in 10 days the American loar
would be wiped out-that is if yol
could get three million American;
foolish enough to visit Austria ane
send 10 dollars each in advance o.
their coming.
Every scheme of reconstructins
European finances seems to bt
based on an American loan, anc
quite a number Of these European
countries seem to be getting away
with it too. Switzerland, France
Norway, Sweden, Denmark ane
New Jugo-Slav state have all float
ed loans in New York. They pay
a high ate for it to be sure
eight per cent Or better, and VIZ
are now taxing capital SO severely
in this country that some of it i:
seeking these higher rates, even il
the security is not as good as i
would be at home.
The latest international confer
ence in Europe to end in failure
was the bankers conference. Tha
was called to see if Germany coult
get a loan. ]. Pierpont Morgan wa
there. AS usual it developed tina
the United States was expected t.
furnish most of the cash and Mr.
Morgan could o see any secur
ity that he was willing to recon-
mend to his clients as satisfactory
SO the meeting adjourned withou'
doing anything.
So far as government loans mad
out of taxpayers money is con
cerned Uncle Sam has gone out o:
business after a very unpleasant
experience. He will do no NOR,
Of it, and will try in the future tt
collect a few loans Of that kim
already made and long past due
Of course if Europe can float pri
vate loans here by offering biz
wages to private capital that is an