The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1922-01-04
Owen ADVOCATES.
ESTABLISHING A
EUROPEAN BANK
Giant Institution Would Aid
in Settling Economic Con-
dition of World, Okla
homan Says.
WOULD AMEND OUR
FEDERAL RESERVE
Lack Of Gold-Secured Cur
rency is Outstanding Factor
Retarding Progress.

WASHINGTON.-T establishment
Of European federal reserve bank
providing n gold secured currency ana
linked inseparably with the American
reserve system from which it would
draw its resources and reserves was
advocated today by Senator owen,
democrat OF Oklahoma as a basic
move toward restoration OF stable eco
nomic conditions throughout the world.
In an extensive speech in the sen.
ate in which he dealt cOmprehensively
with post war conditions.
The Oklahoma senator suggested in
connection with the proposed reserve
bank the following proposals for Anne.
rican aid in world rehabilitation:
"1--That we should postpone the
final payment of the world war debt
in the United States by extending the
payment over fifty years; that we
should not for ten years collect any
amount under the sinking fund.
"9-That in arranging the payment
Of Europe's debts 10 the United States
we should extend time TO Europe ne
cessary TO enable them to readjust
their affairs and regain their pro-
ductiye interest due but allow 1. 10
merge with the principal.
"3--That We should put the interest
rate at 3 per cent Of Europes debt
10 the United States"
Amend Federal Reserve Act
Mr.. owen at the time submitted 20
the senate bill to amend the fed.
cral reserve act, so that establishment
Of the foreign banks would be pos
siblc. He proposed that the European
bank should be owned by the reserve
system OF the United States and that
from the - banks here It should draw
total Of SjOO.OO0,OO0 In gold as re.
serve. This. ne claimed. would in no
way impair the reserves or resources
of the American institutions. yet IL
would enable the foreign banks to
issue 100000. 900 in notes backed bv
sold as well as 100 per cent com.
modify bills.
Secured currency IS the sorest need
of European trade at present. the
Oklahoma senator declared. adding
that II the United states provided such
gold backed medium Of circulation and
then delayed collection " money due
% from the dcmoralized countries. Il
would do much toward revivng the
productive power OF the whole world.
lle asserted that only through restor.
ing the machinery Of Europe could
there be safe and sane conditions.
This one great outstanding fac.
tor breaking down confidence and
n4afWaNHtnsr "a
ity OF contracts In Europe" the sen.
ator continued. rs the violent infla.
ticn OF currency through the printing
press. In some countries OF Europe,
people have been compelled TO abnn.
don the making OF contracts in terms
OF currency and have had 20 resort
10 the clumsy system Of bartcr--so
many bushels of potatoes for so many
bushels OF corn or coal
Questions Value ~ Mari,
How can manufacturers contract
goods Tor future delivery In terms OF
marks when the mark at this time
or future payment threatens a high
per centagc or loss? How can mcr.
chants buy and sell safely In terms
81 marks or other deprecated curron.
cy when such units stretch from one
value to another without notice3
The outstanding factor that re.
t,rds restoration VI European indus.
Try and commerce. then. is the lack
ot gold-secured currency. This. the
United states Is able TO provide the
means for supplying. currency So.
cured by gold, rcdccmablc In gold and
secured at the same time by mer.
chantablc commodities that. In them.
selves, open and renew the ways OF
trade"