The Bingham County news. [volume] (Blackfoot, Idaho) 1918-1930, 1923-04-27
CLEAR-CUT STATEMENT
OF EUROPEAN PROBLEMS
More Economics, Less Politics
! Seen as necesslty-Sound
Money Required.

ne problem Of European rehabiu
tAttol 10 set forth In simple an,
easAr-cut terms In . statement Of tn,
ooaefal principles involved. prepare.
tse the Journal q the America,
Bankers Association By .. n. Ander
SoA. r.. Al economist Of nationa
FsDstatsea. who has devoted parttcu
lAf study . Americas interest IN tn
Doeolgl situation. Mr.. Anderson
schedules these maiA principles "
oollsws:
I. FIRE. play o. prlvats enter
Prise 10 the great hsPs Of the fu-
turs. This means, ,sn the enc
hand, that governments should
Withdraw ~ rapidly ~ possible
from the practice Of broad sub
sidIes, unemployment dolss, pub
Ito operation and control Of In
dustry, and the like. Il means,
on the ethsr hand, that many
governments must perform FAR
better than they have been per.
forming what 10 perhaps the
Orsatsst economic function sf
government - the provision %
ssund msnsy ~ . basis for safe
busIness.
4 EesnsmIe eensIdsratlsns
must b given priority ever pelitI.
cal considerations, and steps to-
ward rehabilitation must b bassd
On . realistic cumming W 81 a.
ssts and liabilities.
3. Patchwork solutions deal.
Ing with only one or two eIs-
ments Of the problem are unlikely
TO be successful. Just because
reparatIons and InteraIIIed debts,
public finance, currency re-
form and 20 on arc really tied
together, II 10 necessary that we
should undertake to accomplish
all Of them In ono comprehensive
plan II we are to accomplish
much In connection with any Of
them.
A Comprehensive Plan
4. A comprehensive plan
should undertake to accomplish
the following things:
"a The restoration of the moneys
{ continental Europe to gold basis.
ince this obviously cannot be done
Dr. most Of the former belligerents
the old gold pars, 1t Is necessary
nat newer and much lower gold pars
hould be established, at which gold
sdsmption can be speedily begun
nd certainly maintained. In the
ase of those currencies whose values
ave approached the vanishing
oint, even more drastic measures
lay be necessary.
(b) Public finances must be re-
,rmed by such drastic increases IN
Ixes and such radical reductions In
kpenditures as will enable the gov
.nments to pay their way without |
lrther increase In domestic debt. !
loating debts should be funded into |
ne time issues.
(c) A workable adjustment Of the |
'parations problem based on Geo.
,mic realities is essential.
(d) Artificial trade barriers must
, greatly modified.
(e) The governments Of Great Brit
n and the United States, in consid-
alton Of radical reforms on the
ntinent of Europe, can well afford
reduce greatly or even cancel the
bits of their continental allies.
(f) The bankers Of the United
ates, Great Britain, Japan and per
.ps other non-European countries,
consideration Of financial reforms
continental Europe, should, and
ubtlsss would, be ready to place
tn the investors Of their countries
bstantial blocks Of continental Sc
rites to provide necessary work
: capital, to facilitate the financial
d currency reforms and to assist
Industrial revival on the continent
Europe, taking great pains that ne
It of the new loans be used tor
purposes.