The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1926-05-25
WALL Street
SEEKS CONTROL
OF FRENCH Cash
Bankers Plan Control
of European Finances
lay LAURENCE Topp. led. Press.l

(5y LAURENCE TODD, Fed. Press.)
WASHINGTON, May 2s. = Secret
conferences in London between Gov
ernor Strong of the Federal Reserve
Bank Of New York and Montagu Nor
man, head of the Bank Of England,
with N. Parmentler, financial repre-
sentative Of the French government,
indicate the development of the most
gigantic scheme of money Imperialism
in the history Of the world.
Serve France "Ultlmatum."
Cable dispatches from London, des-
cribing the negotiations between these
three men, have reported that Strong
and Norman agreed in serving on Par
mentier an 'ultimatum" as to the
terms which France must meet be-
fore she can stabilize her currency
and get loans from the American and
British bankers. Experts in Washing
ton who know the attitude of the Fed
eral Reserve Board members and are
familiar with Secretary Melons
hopes for future American control of
European finance, declare that the
maneuver is as dangerous to the
American workers as was the della
ton operation of the board, in 1920, to
the American farmers.
In substance, the scheme now I'M
der discussion in London appears to
be one by which the French govern
ment would hand over to the Ameri-
can enterprise, the control of French
finance. The gold standard would be
re-established, thereby putting an end
to initiation. Frances internal debt
would be largely wiped out, by issu-
ing new bonds in payment for the ex-
listing deprecated ones, on basis of
current market value. The effect of
sterilization in Germany, Britain and
other countries which was to cause
widespread unemployment, and re-
duction in the standard of living,
would be expected to follow in France.
The buying power of the French peo-
pie would be seriously crippled for
time, particularly since the holders of
her huge internal debt would be i'm
poverished, and the American export
market in France would suffer.
Wall st. and London Scheme.
Then American loans would flow to
France, to be administered under reg
ulations dictated from America and
London. American money would be
invested in France, ami American
power, as expressed ii American pol
icy, would be invoked To maintain ex-
listing French sovereignty as a means
Of safeguarding these investments.
Moreover, the war debts, for which
the settlement pact has been signed
and is soon to be ratified in Paris,
would be used as an excuse for re-
garding the territorial integrity of the
French republic and its colonial en-
pire as matter of concern to Amer
lea.
1t is reported that S. Parker Gil
bert, American financial expert in
charge of operation of the Dawes plan
payments by Germany, took part in
the London negotiations. In Washing
ton this fact is interpreted as mean
ing that he was called in to explain
to the French spokesman the way in
which a Dawes scheme could be ap-
piled to France without destroying
her national dignity.
Seek Control Of Europe.
Back of France, in the bankers plan
for re-establishing the gold standard
in Europe, are the satellites of France,
Poland, Roumania, Czecho-Slovakia,
Yugo-Slavia and the small Baltic
states. If American and British banks
can take charge of French finances,
and thereby indirectly gain control of
French policy, why cannot they do the
same with the rest of the continent?
Consolidation of the financial prob
lem of all OF Europe west Of the Sow
let Union is mentioned as being the
actual task involved, as the various
currencies continue to fall The Amer
lean people have declared against the
league of nations, but the American
bankers move forward, backed by the
treasury, to bolster up the conse-
quences of the treaty of'Versailles.
When the bankers scheme shall
reach a stage where ii requires Off
cial sanction, a political attack upon
1t will be made by the progressive
republican and democratic element in
the senate. But by that time congress
will have adjourned for the summer,
and the Coolidge cabinet will remain
in control in Washington.
FOREIGN EXCHANGE.