The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-05-14
RESERVE BOARD
SHOULD ND
EUROPE
Advisory Council Urges Aid in
Making Dawes Plan a
Success
BY HARRY GUsACK.

The Federal Reserve Board and
American: financial institutions arc
urged to participate in operations
which win aid in the success Of the
Dawes plan for the settlement Of tho
German Preparations problem in q
statement made public last night by
the advisory council Of the board
which concluded two-day. meeting
here. W. ,s
Duty to Help.
The council recommends that the
Reserve Board study the question
OF amending existing rulings and
regulations which will enable it TO
approach the problems of European
reconstruction in the most helpful
spirit.
II there Is any reason to assume
that success of the Dawes plan may
prove the turning point in Europes
long road OF suffering and decline, >
the statement says, ''it ID a. unique
opportunity and duty for the United
States to lend helpful hand to the
Utmost Of its ability p -
FIN the opinion of the council,
for doubt with regard to the policy
which, In these circumstances, the
Federal Reserve system should pur-
sue"
Reports Of the Advisory Council
20 the Federal Reserve Board are
not ordinarily made public; but 1t
was decided to make this report
public because of the wide interest
council at its meeting this week
also gave consideration to the ques-
ton OF discount rates and econ 3mic
conditions.
AT the request Of the Federal
Reserve Board the Advisory Couf1.
Gil has given careful consideration
to the report of the first commit.
tee of experts, the so-called Dawes
report says the report Of the
1.-THE council wishes to record
Its admiration for the excellent
work done by the committee and to
express the hope that with the least
possible delay the committees rec.
concentrations will be carried into
actuali effect.
Endorse Coolidge.
1.-THE council furthermore en-.
idaOrses the. wish recently expressed
by President Coolidge that Ameri.
can private capital and initiative
give this plan it's hearty support
as b demonstration Of the nation 8
desire to do its full share in the
economic rehabilitation Of the old
world.
"Tns council has given particular
thought to the question Of how far
the Federal Reserve system may
aid the country in accomplishing
there aims.
':It is obvious that the Federal
/, Reserve system. Z, as such, cannon
by any action Of its own cooperate
IN the flotation and distribution III
! the new German loan, the ABSORB.
tion OF which on a liberal scale by
the United States is one Of the pre-,
requisites of the Dawes plan. MOI
should any such direct aid .ov the
Federal Reserve system be neces.
sary.
'There should be no difficulty in
placing this loan, provided it is
properly, secured and provided the
Investing public feels confident that
the debtor, having accepted the
burden In good faith, will be free
to go about his work without
hindrance as long as he makes the
utmost effort Of which he is
capable.
while, therefore, the council has
no suggestion to offer to the Fed
eral Reserve Board concerning this
phase, of the problem, there are
important services the Federal Re-
serve system could render with
regard to the operations Of the
new note issuing bank which Ger