Gunnison news-champion. [volume] (Gunnison, Colo.) 1905-1932, 1923-04-06
CLEAR CUT STATEMENT
OF EUROPEAN PROBLEMS
mOre Economics. Less Politics
Seen as ReceSsity-Sound
Money Required.

The problem OF European rehabil.
taUon Is set forth in simple and
C.aar-cut terms in statement OF tho
general principles involved. prepared
Tor the Journal OF the American
Eankers Association by b M- Andcr-
son, Jr.. an economist OF national
n puiauon. who has devoted pariicu-
lar study to Americas interest In the
foreign situation Mr. Anderson
schedules these main principles as
iOl!OSs;
I. Free play Of private enter
prise Is the great hope OF the to-
ture- This means, on the one
hand, that governments should
withdraw as rapidly as possible
from the practice Of bread sub
sides, unemployment, ooies, pub
lie operation and control Of in
custry, and the like. l; means,
on the other hand, that many
governments must perform far
better than they have been per.
forming What Is perhaps the
greatest economic function Of
government - the provision Of
sound money a. . basis for safe
business
2. Economic considerations
must be given priority over poiiti-
cal considerations, and steps to
ward rehabilitation must be based
On . realistic summing up Of a.
sets and liabilities.
). Patchwork solutions deaf
Ing with only one or two eie.
nents Of the problem are unlikely
to be successful. Just because
reparations and Intersified debts,
public finance, currency re-
form and SO on are really tied
together. II 10 necessary that we
should undertake to accomplish
all Of them in one comprehensive
plan " we are to accomplish
much in connection with any Of
them
A Comprehensive Plan
=. comprehensive plan
should undertake to accomplish
the following things:
ta) The restoration of the moneys
Of continental Europe to a gold basis.
Since this obviously cannot be done
for most Of the former belliEerents
at the old gold pars. 1t il necessary
that newer and much lower gold pars
should be established. at which gold
REDEEM ption can be speedily begun
and certainly maintained. In the
case OF those currencies whose values
have approached the vanishing
point. even more drastic measures
may be necessary.
formed by such drastic increases in
taxes and such radical reductions in
expenditures a. will enable the gov.
ernments to pay their way without
further increase in domestic debt.
Floating debts should be funded into
long time issues.
(c) A workable adjustment Of the
reparations problem based on eco.
nomic realities Is essential.
Cd Artificial trade barriers must
BE- greatly modified.
(e) The governments Of Great Brit.
ain and the United States. In consid.
GRAFTON OF radical reforms on the
continent Of Europe, can well afford
to reduce greatly or even cancel the
debts Of their continental allies.
(p The bankers OF the United
States. Great Britain. Japan and per
haps other non.European countries
in consideration OF financial reforms
in continental Europe, should. and
doubtless would. be ready to place
with the investors Of their countries
suhstantial blocks Il continental -
curitiss u provide necessary work.
ine capital, to facilitate the financial
and eurrsncy reforms and to assist
N industrial revival On the continent
q Europe, taking great pains that M
Part OF the new loans - used fos
non-essentisl purposes-