Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-02-18

Erephatic denial that the United
States. either as a government or as
teeop:e, has engaged in program
os Bra ncial or economic imperialism
was made by f. H. H. Simmons. pres
ident of the New York Stock Elk
change. in a comprehensive address
last night on international finance be-
livered before the Washington Board
OF Trade in special session at the
Chamber Of Commerce of the United
States.
'Ntisapprehension concerning the
likelihood that this country ever Will
make a political tool of its capital
markets in order to further a policy
of foreign ACKNOWLEDGMENT" Mr.. Sim
niofis declared, "can arise only from
utter ignorance of American Govern
ment and American business alike. "
Holds Policy Repugnant.
Such policy. he said. not only
would prove repugnant to the clti-
zens of the United States, but funda-
mentally is the opposite of what ira
ditionally has been the actual policy
of this Nation.
Tracing the great financial move
ments of wartime which made the
United States the greatest creditor
economic development. Mr.. Simmons
declared the American position has
been misinterpreted as "imperialis-
tic" largely because Europe lis Judg-
ing us by her own past history"
Edwin c. Graham, president of the
Board of Trade, presided over the ses'
sion, which was attended by more
than 500 business men, bankers and
financial students. Members of the
District Bar Association attended as
special guests of the trade body.
At the outset of his address Mr..
Simmons disclaimed any intention OF
discussing the ntergovernmental debt
settlements and confined himself to
foreign security loans privately
placed with American investors.
Reviews Financial History.
At the opening of his address on
"The Myth of American Financial I'm
perialism" he launched into de.
tailed account of the financial and
political history Of the Uni.Id States.
Although in 1900 acquisition by the
United States of colonies following the
Spanish War and a temporary expert
ence with foreign financing led some
to believe that the United States was
adopting imperialistic policies. he said.
the pS1iiAS VI AcVs
and the actual colonial policy adopted
by this Government sharply disprovee
such predictions.
The descendants of three geners
tons Of American pioneers, said Mr..
Simmons, revolted at the thought OF
dissipating the fruits of hard-won in
ternal conquest over the American
wilderness, in senseless and needless
foreign adventures.
During the World War, however.
he said, the repurchase of vast
amounts of American securities pre-
viously held abroad as well as the
development of the Federal Reserve
system placed this country in the lead
ing financial position.
This situation of the United States
today as the leading creditor nation
Of the world, with a powerful organ
lied central banking system" he de-
clared, lis so new and unfamiliar to
Americans themselves that it is little
wonder if it's future possibilities have
been and are misunderstood abroad.
Misinterpretation Not Surprising.
national financial and economic situa.
ton is misinterpreted in other coun-
tries as imperialistic, on the old pre-
war meaning of the term. Europe to.
day is judging us in this respect by
her own past history.
For almost 100 years." the speaker
said. there have been nations that
were able steadily to invest part of
their surplus funds abroad. Thus. al
though this experience is novel to us,
the basic economic principles by
which it operates are sufficiently es-
tablished.
I'm most cases, such nations tended
to expand their export trade by the
foreign loans which they absorbed.