Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-10-28
STEEL KING URGES
WORLD PARI EY ON
ECONOMIC WOES
Cancellation of Debts Made
During War Would Be En-
forced Charity and Wrong
full, Gary Says

NEW YORK, Oct. 27.-Another
international peace conference in
Washington for the full and frank
discussion Of all unsettled financial,
commercial and industrial questions
In which the United States is inter
ested was suggested by Ebert H.
Gary, chairman of the United States
Steel corporation in a speech today
at the semi-annual meeting of the
American Iron and Steel institute
of which he is president,
Such a conference, he said,> should
be participated in by able, open
minded, well-disposed representa-
lives from the different nations.
such as those who appeared at the
recent limitation of armament cor
ference.
IF there shall be such a meet
iug.' he declared, land the delegates
are all of the type referred to, good
will result to all who are parties.
They would not decide or discuss
how to abolish or overcome the old
established law of supply and de.
mand, how to avoid existing obliga(
tons, but rather how and when to
fulfill them without irreparable in
jury to any one or the sacrifice of
principle
Cancellation of Europe's war
debts to theN United States was OBJ
posed by the speaker. The debts,
he said, were voluntarily, openly
and fairly contracted, and cannot
be cancelled or dis used of on any
ether basis, without1 dong violence
to we'll recognized principles of JUS
tice and rule of property.
Forced Charity
To cancel these debts or any part
OF them, without full payment - he
asserted, would be forced charity.
and that is never agreeable to the
donor, and, as rule, equally dis
agreeable to a self-respecting person
Or nation.
"It is the individual citizens of
the different countries who are to
be consulted, and whose decision
must control.
Amer cans generally would not be
content with governmental action
which relieved from debt the citi-
zens of a foreign nation by increas-
ing the burdens of the former. Like
wise foreigners generally will OPP
pose any enforced act Of charity.
Certainly it would be abhorrent to
the business men and women Of
Doth countries"
The attitude and conduct of a
nation, he said, should not be diff
ferent from that of an individual.
IF your friend is in real need
and is honest and trustworthy" he
continued, you will assist him by
donation or by loan or both, but
in the latter case you do not ex-
pect him to turn the loan into a
gift. If he attempts this your re-
Spect for him vanisheS.
I'm the Judgment of many of us
the foreign nations can, and are
willing to, pay their debts, some
sooner than others and most of
them sooner than is now generally
admitted. We know something of
their capacity to work and earn and
save and their mode of living. No
doubt, in many instances, produc-
tive capacity has been reduced, and
we share in their suffering on ac-
count of deprivation.
I'VE should be cheerfully willing
to extend payment at reasonably
low rates of interest. We should be
glad to make new loans when we
are confident they will be paid.
Every man or nation, in order to
measure up to obligations, must
work and save; must be prudent
and fair and economical
Publicity on both sides of indus
trial disputes or questions involv.
ing the welfare of the public was
advocated by the speaker There
are no obstacles to continued pros
perity in the ironl and steel busi
ness in the United States, the
speaker asserted, except such as
may arise from interference with
the natural course of supply and
demand. Touching on the recent
coal and rail strikes, he said that
if the natural course of business
had not been interfered with, ths
IRON and steel industry would be
enjoying success and prosperity
greater than ever before, SO far as