The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1924-07-25
HUGHES WORK
BRINGING JOY
TO FINANCIERS
Raises Flag of Bankers
Over National Banners
BY LAURENCE TODD
2 Federated Press staff correspondent.)

Federated Press stan Correspondent)
WASHINGTON, July "a
Financial writer's in the nation
al capitol are happy. Hughes
has carried the message to
Europe. French bayonets must
come out of the Ruhr in order
that the world may be made
safe for investment. If they go
in again, it must be only to
make the world still safer for
investment.
American bankers are ready
to take Germany over as a
bankrupt property, and work
her until she pays off the bank
ers' lien and any debt to France
which may be found within her
power to discharge. But the
bankers terms are clear-their
preliminary loan must not be
endangered by any military
raid by the French; the final
power in the modern world
must be banking and not mill
tary. If the French don't like
the terms, they may go to
collapse in their own way.
Announces Morgan Decision.
Never has the secretary of state
announced an epochal decision of the
Morgan syndicate more suavely than
in this speech which he delivered
at the Pilgrims dinner in London.
"You may count upon our inter-
est and assistance in the neces-
sary measures to assure the eco
nomic rehabilitation Of Europe"
he said. 1T does not matter that
this aid is not given by the govern
ment Had we attempted to make
Americas contribution to the re-
cent plan OF adjustment a govern
mental matter we should have been
involved in a hopeless debate and
there would have been no adequate
action" This was his way Of say
ing that the Dawes-Morgan plan
was an administration measure
which was kept away from Con-
gress because Congress would never
have approved It.
Investors Come First.
"All discussions win be futile un-
less arrangements ultimately made
shall satisfy the investing public"
he warned his French and Belgian
hearers. I'VE appreciate the diff
culties, but we believe that the
Dawes Plan opens the path Of con-
1idence and prosperity. For that
reason we are deeply interested in
its prompt execution. My confidence
that q way will be found to sur
mount al existing dificulties"-
which means the withdrawal Of
French troops from German soil
Ties IN the fact that failure would
invite chaos.
There iano substitute for good
WILL and that is greatly promoted
by making possible the economic
satisfactions to which industrious
peoples-and all the peoples con-
cerned are industrious-ar en-
titled and by holding out promise Of
the release from the almost intol-
cradle burdens which the great war
has placed upon bent shoulders"
There is no promise in this speech
that the millions OF German toilers
will be protected in the possession
Of the eight-hour day, or that they
viii be enabled to gain anything near
q living wage. ALI Of the employing
groups-German, French and British
ARE agreed that the conditions of
German labor must be broken down
as an example to labor in the other
countries. But the bankers will in
sist that the sweating Of the work
ers in German mines, mills, factories
and transportation shall be Invested
Of nationalistic bitterness. French
bayonets must be withdrawn, and
American banking rights must be con-
coded priority in the profits Of the
new enslavement. So long as Ger
man police, rather than French sold
iers, keep the German workers at
their tasks, the situation will be safe
from revolutionary dangers. It will
be described as peace and prosperity.