The Washington times., 1922-05-17
PLANSEEN
As AIDING
BUSINESS
Of NATION
International Banker Feels
Cancellation Will Stimu-
late U. S. Trade.

Junking of the $11,392.472.-
642.37 allied loan and the $454,-
664,345 annual interest was pro-
posed at the opening session this
morning before the United States
Chamber of Commerce conVen-
ton at Convention Hall, Fifth
and l. streets northwest, "as be-
ing the shortest road back to
prosperity"
Would Wipe State.
The proposal was made by John
Ross Delafield, of Delafiefd. Thorne
& Burleigh, international banker and
lawyer, speaking before the $500
delegates to the chamber. and will be
followed up with resolution to-
morrow asking for the chambers in
dorsement Of the proposal that the
financial slate of the allies, in so far
as the United States Is concerned, he
wiped clean.
Some doubt was expressed by the
speaker as to whether or not the
monies, when loaned, had ever been
intended as a loan at all. but init
mated that they were in the nature
Of a gift. Whether these so-called
war loans were in fact loans, or
whsther they should be regarded as
contributions in a common cause
and for our own protection, is not,
therefore, before US" the speaker
said.
Would Cramp Credit.
Summed up, his argument was
that IL the allies were forced to pay
their debts 1t would Cramp their
credit and they could buy nothing
further from us. By giving the al
lies. however. the $ll 500, 900, 900,
along with the good will of the
United States, the speaker predicted
that they would continue to be good
customers of the United States. and
that the exporters of this country
would soon get their money back.
This country produces, and has
long produced, much more than W.
ourselves consume. We do not buy
and consume all our own products.
We cannot be prosperous without eX-
port business. Our prosperity. then.
depends upon the maintaining OF our
foreign trade at its maximum.
Great Britain, France, Belgium
and Italy, the countries to whom We
made these so-called war loans, arr
our best customers and the ones
upon whom we have to depend to
take our surplus product and mat
rials, and thus to keep our industries
going and to give us prosperity
Would Cancel All.
BY canCeling the alleged" loan,
the speaker held that II would give
the allies a stake in the international
export and import field and permit
them to sit in the game. Take this
81 900. 900, 900 ante away from them
and they must get out of the game, ="
he declared.
Prosperity at Hand.
This should be a period of the
greatest prosperity for us. Our in
dustries were not harmed by the
war. Our resources are almost un-
limited. Our working population is
Just as great and just as capable as
ever. Some Of our chief competitors
for foreign trade have temporarily
largely withdrawn from that field in
order to care for their own prob
lens.
Now is our opportunity to nave
an Industrial and 4 commercial pres.
perity such as we have never known
before. The reason that we have
not that prosperity now is that ex-
change is so high our foreign Gus
toners will buy no more products
from us than they absolutely must
have. The rate of exchange has dc.
stroycd our market abroad" the
speaker said.
The remedy, he declared, is n can
collation. of the debt. The effect OF
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