New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1922-04-26
4. s. TO f{elt>
Europe Draft
L finance Plan
Harding Favors Attend.
ancc of Strong, Reserve
Head, and Morgan at the
World Money Congress
By Garter Field


WASHINGTON, April 25.-America
is willing to aid in working out a solu-
ton for Europe's present plague of
dcbascd currency This was made
clear at the White House to-day. No
opposition will come from President
Harding either to Governor Strong. of
the New York Reserve Bank. taking
part in a conference with the Euro
pean banks Of issue-from which the
flood of paper money has been pouring
or to members of the reserve board
taking part in later discussions after
Governor Strong has made his report.
1t also was made clear that the
President viii not object to j. P. Nor
gan sitting in with the European
banks Of issue. az has been reported.
though it vas said at the White
House that Mr.. Morgan had not con-
suited with the President as to this.
As The President and his advisers
view the situation, the first step will
be for Governor Strong to attend the
conference of European banks of issue
ana then to make a report to the
reserve board This is entirely, it was
made clear, an informal action. The
attendance OF Governor Strong is not
regarded as a governmental act
However, Governor Strorgs report 10
the Federal Reserve Board will be fol-
lowed, If the nature of his report
lustites such action, by members Of
the reserve board Sitting in at con-
ferences with the European banks OF
issuc This, it is admitted, would be
the longest step the government has
yet taken with u view to attemptin to
relieve the present disturbed fiscal
mechanism abroad.
Extent of Aid Conjecture
No spokesman for the Administers
t1on Tonight is prepared to say how
far tins government VIII be willing to
go IN the event that some plan might
be worked out at these conferences
which would require more active as
sistance from the United States than
advice. This idea was much discussed
here to-day. naturally. especially in
view of some recently advanced plans
notably that of Frank A. Vanderlip.
former president Of the National Citv
Bank, for kind OF Federal reserve
system for Europe in which the United
States would take part
1t is very generally conceded that
the Federal Reserve Board would have
no power, under the act crcatino il
or any amendments since adopted TO
JOIN IN any such plan which mi1ht be
worked out at these conferences with
the European banks of issue. Nor
would the Administration. it is held.
nave the right to empower the Fcde ral |
Reserve Board to take such action.
Should President Harding approve
any possible plan which might be
worked out at these conferences. il
would be necessary, it was asserted.
for the President to obtain additional
legislation from Congress specially
permitting the action desired.
Faces Strong Opposition
Strong opposition to such course
already is apparent in Congress, espe-
cially among some of the Senators
the President in his desire to have an
American member Of the Reparation
Commission. Some of these are op-
posed to practically any move with a
view to America taking part in work
ing out Europe's problems, because
they are afraid that one thing would
| lead to another. ana they are desper-
ate!y opposed to any progress being
made away from their idea Of isola-
tlOn as America safest pOlicy.
At the State Department when COM
ment was asked. attention was drawn
to statement issued on March g..
Following is the text, which has much
significance as result of to-day's
comment from the White House:
"At q conference held last summer
between the President, certain mem
bers Of the Cabinet and number Of
American investment bankers, the in
terest of the government in the pub
lie 1otation of issues of foreign bonds
in the American market was informally
| discussed, and the desire Of the gov
| ernmcnt to be duly and adequately in