Evening star., 1924-06-05
DAWES REPORT TOPIC
AT BANKERS PARLEY
-H2
Reparations Findings Applying to
q S. Must Be Accepted. George
| F. Roberts Insists.
HELD ZIG ECONOMIC ISSUE
P1esident Haynes Address at
2 White Sulphur Convention.
HELD ZIG ECONOMIC ISSUE
ny CHAS. r. SHAE;FFER

ny CHAs. r. SHAEFFER.
Spnciak Dispatch to The Star.
WHITE SULPHUR SPRINGS, W
Va, June 5.-The people Of the
United States are bound to accept the
finding of the Dawes report on repa-
rationSS, wherever it applies to this
couutsy, George +. Roberts, vice
president of the National City Bank
OF New York. declared in the princi-
pal address before the District Bank
ers' Association in annual convention
here this morning.
Mr.. Roberts said the principles la id
down in the report applied logically
TO all international indebtedness aris-
ing out of the world war and that
This country should make such read
luStmentS as are necessary. on our
part to complete an effective settle
ment all around and set the world in
running order again.
Mr.. Roberts described the repara-
tlonS question as the biggest eco
nomic problem the world has ever
had" and said that it concerned the
United States NitallN as Well as the
countries which paid and received the
reparationS.
Europe'~ nSettled Condition.
The unsettled conditions in Eu-
rope have affected trade and indus
SI-N everywhere" he said. The United
states has suffered. particularly in
the prices of it's agricultural prod
uCiS. The prices of most of the agri
cultural staples are depressed. and
the Congress is being urged to adopt
extraordinary measures of relief. The
conditions as to agriculture are the
same all over the world, and no relief
Is possible except by the restoration
"f II normal trade and consumption
throughout the world
Many persons. he said. think Of
collecting the debt of a nation as
they think Of collecting the debt of
an individual. IF an individual owes
Il debt and possesses property. he can
he sued, a judgment obtained the
property levied upon and sold, and
the proceeds applied to the payment
Of Il debit. he pointed out. But no
such process is possible with a claim
"a gainst 4 nation. You can not dis
possess nation. 1t would be i'm
possible to drive the German people
into the sea or into the surrounding
countries.
W NhatoNrr happens about repara-
ton. the German people are going TO
stay IN Germany and operate the in
dustrIes of Germany. and whatever
j. 'raration payments are made must
Se made with their surplus produc-
fton after they have had d livelihood
and cnoush out OF their la hors to in
duce them to keep on laboring That
y 10 say, in the last analysis the
production and the PAYMENTS have
got TO be voluntary.
Form Of Compulsion Possible
ut is true that there may be COM
pulsion in sense. They may be COM
pulSory persuasion. The presence of
French troops in Germany NAV stim-
uIate the Germans to greater efforts
TO pay reparations than they would
make without them. but that infiu-
ence is effective only within limits: il
VIII be effective only so long as they
think they have a chance to get rid
OF foreign domination. You can't gar
riSon a country: YOU can't reduce a
people TO slavery and get any salts
factory results from il. Slavery would
De a failure from an economic stand
rolnt; II never could compete with
modern industry. Modern society is
pased upon the theory that We will !
hold out inducements to people to
WORK, to produce and to accumulate"
me fundamental trouble with rep
arauons, the speaker continued, is
international relations, disturbing
normal trade and throwing it out Of |
balance Normal trade is reciprocal
ana mutually advantageous" he said.
so, but these debts and reparations
represent transactions of "a wholly
dlferent character. They have been
created ny war. and the Dawes re-
tort, coming nearly five wears after F!
ne peace treaty was signed. shows ,
mat unless handled UNDERSTANDINGS |
~ are almost as great menace to |
p'treiHi business as war itself.
nav" never advocated a sweep !
lhE can""Ilation of these debts: am
nor advocating it now but am
h"uhd 7" say that il seems 10 me the
SITUATION requires more general and
- "a attention than it has received
H"rtfui I" Exchange Rates,
~ present We are in position
,iiSlsilhs upon the payment of
~ ~,nest utbtS but refusing to accent
pay mcntS in the only way in rh;pt
~ ~, - prdctlcaI for them to ha n,ada |
ne eHect IS bound to be a disturb.
49,, - 'AchanSe rates which will
countries TO re-establish their o,tn ~
r"ncleS on gold basis II Tho
80 .iicIohS which the Dawes com
,rrr,et Trnn' recommendS upon payments
part Of our settlement with r neeli
britdih; payments by Great prita
.!!rt We been stopped before nov
cd ,h OPINION is frequently express:
never will listen to any sneatiE "uitrE
or the reduction or modifcs ,i9s .Ions
lhe Indebtedness. but we hayo ~ ~
,haoE modified the interest rata n
,,o,r,Ir -, the British debt Tho
people Of France have been though+
a., 20 hc even more unyielding in tbnir
itSistence of full reparations fror,
'tVmahH. y practical people wiII do
MAI appears to be for the bhst mn
ncf the existing conditions The
iiTtt peeh good reasons why the
4 hitcd states should not act bastiv
IN the cancellation of indebtnJnanS
'ut rather should wait on deveIon
,h"htS in Europe. II is jneyitahia
however, that We shall take account
European conditions and of our
thterest IN the accomplishment of a
nnal ana effective settlement
Offers Practical Settlement.
The Dawes report urges a prac-
neal settlement that will restore Or
der and open the way to neaca ~
operation and prosperity. The nrin
Clples laid down in it apply logically
10 all this International indehtednass
arising out of the war, and n won15
seem that we of this country arc
bound to accept their application
Whsre we are concerned; and to make |
Such reaoJusunents as are necessary
on our part to complete an effectivs
settlement all around and set the
world in running order again
President Haynes Lauds .Cabinet,
Harry " Haynes, president OF tho
association, who preceded the snasL
er, was particularly glowing in ref
erences to his cabinet" the council |
of administration, whose harmonious
teamwork, he declared, banished fear
during the year Like |
wise his many committees named |
during the year for special research |
work along many lines, came in for |
strong commendation.
Events of the year during his ad-
m n ~, o.. \