Evening star., 1923-03-25
WORLD ECONOMIC
J PARLEY FAVORED
Rome Resolution Declared to
Be in Line With Presi-
dents Idea.
OPPOSES u. S. INITIATIVE
Executive Believes First Move
Should Be Foreign-Belgian
Offer Still Open.
OPPOSES u. S. INITIATIVE
ny DAVID LAWRENCE.

ST. AUGUSTINE. Fla. March "a
President Harding is not opposed to
the principle of a world economic
conference, but does not wish the
United States to take the initiative in
calling one.
This is the position of the chief ex-
ecutive as news comes from abroad
that the American delcgatian to the
Congress of the International Cham
Der of Commerce at Rome had sue
ceeded iii securing unanimous adop-
tion of d resolution favoring a world
economic conference.
Mr. Harding has before been con-
fronted by the same proposition.
namely, when Senator Borah intro
duced his resolution In the Senate,
whicn would have passed by an over
whelming vote but for the suggestion
from the President that such action
might be mi iScunStrued, because tee!-
erS had already been sent out by this
government on the subject.
Awnit for Initiative.
The inner history of what was 60
ing on AT the same time that Mr..
Borah was pressing his resolution
has never heon revealed by the Amer
tcan government. but II has a direct
bearing on the effect which the reso-
luton just passed in Rome will have
OF III" policy Of the Washington ad-
miniStratiOn.
Mr.. Harding's first mention of an
economic conference was in converse :
tion with Premier BRAND. Arthur j.
Balfour and other statesmen who at
tended the Washington conference on
the limitation of armaments in No
vemher, 1921. and he explained then
that he hoped some European power
would take the initiative. as he be-
lieved that upon the basic problems.
such as reparationS, which would be
inextrica bly, a part Of any Wc III eco
nomic conference, there should be an
agreement among the European pow
erS. Both the President and Secretary
Hughes found themselves being urged,
nevertheless, TO take the initiative.
They politely warned off these re-
quests. most of which came from
American business men. The chief
argument advanced then was that in
any economic conference the United
States, as host. would have to lay
down program. and this would in
EoIve sacrifices. just as was done at
the outset of the arms conference.
Pacts About Ratified.
Il was also contended by the
President that until the Senate acted
on the arms treatiees there would be
no use entering into further confer
enceS and when the Senate did act
the statement was made that until
the powers which signed the arms
agreements actually ratified them It
would be futile to propose other eco
nomio readjustments which involved
questions even more delicate than
limitation OF naval armament All
the powers have. ratified except
France, and action by the French is
expected within a fortnight.
Americas taking the initiative re-
main the same in the executives g
mind. He feels that until Europe is
IN more accommodating mood a
would be deadIecked. Belgium did
take the initiative a few months ago
and her invitation to an economic
conference to be held at Brussels
stllI hoids good. Her activities had
the warm approval of the American
government. But when inquiry was
made as to whether France would
consent to permit the subject of
reparatlona to be made a part of the
program of tho economic conference
the Poincare government at Paris
hatly refused There has been no
change Of ministry in France since
then and the Ruhr situation has de-
Veloped in the meantime, introducinp
. new series of problems which
France is demanding Shall be set :
.ied between Germany and France
directly.
Against Sacrifice.
The President has felt that the
success Of any economic conference
hinges first OF all on a Willingness to
make mutual sacrifices and unon a
recognition of the fact that repara-
tons furnish the keystone of the
arch or world readjustment Most
europeans insist that the debts of
I!ni.sd InG a,iies es to each other. and to the
put President Harding feels that
american public opinion would not
approve putting into the houper the
supJect or war debts. because such
Nltfng discussion of debt canceli.-
tion' against which Congress ALREADY
mas taken determined stand in
naz,ls res1slastaon limiting the powers of the
ih6 funding of the war debts
belng unable therefore to propose
sacrlnce on war debts, being unable
also TO persuade France to, djscuss n
rTead1ustment T of German reparations.
the President has the firm beIief +hat
a world economic conference Iyo,,dd
ne good thing If there were anv
assurance of progress being made on
'hese important fundamentals.
Business Men Confer.
lhe resolution passed at Rome
largely through the efforts of John
H. F'ahey OF Boston, former presi-
dent OF the United States Chamber
or commerce, represents the sentI.
nent OF the executive orea ,izatjon
oI tne American chamber and has the
support or many groups of American
business men who want TO see the
purchasing power of Europe increas-
Cd through improved exchange rates
ar. Fahey is an ardent chan pion Of
international cooperation and a f,rrn
believer in the league Of nations idea
HE Is democrat and a warm admirer
of woodrow Wilson. The present
mead of the United. States Chamber
2I commerce is Julius H. Barnes of
Dplutn, a republican and an intimate
friend of Herbert Hoover, Secretary
OF Commerce in the Harding cabinet.
Both Mr.: Barnes and Mr.. Fahey have
frequently been in conference with
the Department Of State and admins
tration officials generally in recent
months in the hope of persuading
the American government to par.
ticipate more actively in the econ
affairs.
The resolution passed at Rome is
unQuestionably an effort to give
moral support to any step which the
take whenever the clouds on the
present European skies clear up suf-
ficiently to permit the calling of an
other international conference At
.tie INoIie meeting are Representatives
of the business interests of the whole
world, and It is significant that
American business leaders have felt
warranted in urging a solution along
the very lines which the Harding
administration has been advocating
in its informal parleys with European
governments in the last twelve
months.
Copyright, 1927
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