Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-10-05
AMERICAN BANKERS
HEAR PLEAS To Cut
ALLIED DEBT TOU.S.

~ GM ~ ~ ~ Y w
NEW YORK, Oct. 3.-Reduction
Dr. readjustment of the 81, 00O.000.'
900 allied debt to the United States
on the ground that such action is
essential to permanent American
property today became the fore
most topic of discussion at the
vention here.
In keynote speeches to the con
vention, Thomas w. Lamont, of the
the powerful banking house of J. p.
Morgan & Co., and Thomas B. Nc
Adams, of Richmond, Va, retiring
president of the organization, strong
Iy urged that the United States i'm.
nlediately exert it's great influence
toward reconstruction of the war
torn financial and economic struct-
IRE of Europe.
Say Reduction Is Necessary
Both intimated that a reduction
of the huge debt was necessary to
| Old World.
| AS q result interest centered on the
speech to be made to the convention
tomorrow by Reginald McKenna,
| former chancellor of the British eX-
chequer, who may state Great Brit
aims exact attitude toward the debt.
| In n
speeches caused widespread discus
sion among convention delegates
and in financial circles. In Wall
street circles, Lamont's proposals
were regarded as purely academic.
| Comment by delegates indicated:
that an overwhelming majority OF
the bankers favor steps by America
toward an economic restoration of
Europe. AS to a reduction or can
collation. of the debt, sentiment was
moro divided, with a strong group
in the convention favoring such ac-
! ton.
| Formal Action Later
Formal action on the proposals
will be taken by the convention
| later.
N. S. Calhoun, president OF the
| Nashville Bank of MaysVille, KY,
has been named by the state bank
division of the convention to I'LL a
! three-year term as member OF the
! executive board OF that branch.
BARRIERS TO BOOM
TOLD BY LAMONT
NEW YORK, Oct. 3.-A pic
ture of America, recovering from
the rude buffets and deep wounds
of 1917 to 1921" and, with
characteristic courage, binding up
! l.er bruises, and slowly moving for
ward to new goals was drawn by
| Thomas A. Lamont, associate or j..
| P. Morgan, in an address before the
! American Bankers association con-
vention here today.
But we have not yet cause for
unbounGed confidence" he caution
ed the bankers. 1--WE must not for
! oct that, before the race is won, we
still have some high hurdles to
jump"
These bars in the path to full
prosperity he enumerated:
81. Low prices prevailb for
farm products.
! "2. Labor strikes.
"3. The soldiers bonus.
az. The new tariff act.
"5. The foreign situation. with re-
snect to reparat.ons, allied loans and
| international trade"
Discussing reparatiOnS and the
| inter-allied debt, Mr.. Lamont raised
| two questions: do our former al
| lies really owe us all the debt? : nd
are we doing our full SHIRE tc solve
the tragic questions that are weigh
in; upon the world?
Sc, ,, Lo
ed, eff some one on April 4, 1917,
as to whether we should rather give
five billion dollars, or lives of sew
raj hundred thousands of our sons,
there would have BEEN no hesita-
ton as to our choice.
Fate, however, determined that
choice; it determined that Great
Britain and France should give up
the lives during the first year and
that we should furnish, not our
hood but our money; taking, how
cF7o~ N place of it the promises to
pay the bills of our allies
mo other policy could have been
followed at that me, I grant you,
Eut Low that thu war is behind us
ant. we can take long look back,
is it wise for us, is it just, is it gen
erous to make this SO much a bust
ness matter?
Domestic Affairs
Labor strikes rise as one of the
! most serious distractions to pros
perity," Mr.. Lamont declared, "even
though the worst seem ito be over"
He asked his audience to "remem-
Der that in this country there are
still traces of arrogance among en-
ployers, as there are manifest signs
of arrogance in labor"
President Harding's veto of the
bonus bill, with its threat to tax
billions more out of the American
people and distribute it in such a
way so probably no one would re-
ceiVe real benefits temporarily leap
ed that hurdle and created such a
feeling of relief, sad Mr.. Lamont.
Of the tariff, he said: 1--WE shall
be fortunate, indeed, if we do not
find that in practice it protects q lot
of industries that do not require pro-
lection, and cuts off from our farm
ers and manufacturers a lot of for.
c markets that are ready to buy
our commodities.
''If there is any one motto which
American producers and legislators
should learn by heart, it is that oft
repeated one of, the British mer-
chant, who, over a century ago, de-
clared, he who will not buy, neither
shall l. SELL
Invisible Forces at Work
Even with the sick man of Eu-
rope, the Turk, suddenly alive and
kicking the Greeks all around the
lot, with Russia, Germany and Aus
tria what they are, and with Ire
land in a ferment, it is dangerous,
declared Mr.. Lamont to say that
Europe has "gone all to pot In
visible forces are saving Europe, he
added, adding, politically Europe
may be in the doldrums or worse;
b economically I, for one, believe