Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-09-07
American Hand in Dole Cut
Is Denied by Press of Nation

Charges by the Labor press Of Great
Britain that the proposal to reduce the
amount Of the British dole was inspired
by the demands of American bankers
IS denied on this side Of the water. 1t
Is contended, however. that only
through q balanced budget could the
British government appeal to bankers
of the United States, France or other
nations for the funds needed to Stabil-
L the pound sterling, whose integrity
Is declared to be Of great importance in
world commerce and finance. The
basis for present debate Is found in new
loans and credits extended to the Brit
ish government by financial interests
In New York and Paris.
THE reiterated charges that inter-
national bankers had imposed q for
eign dictatorship over England" &C
cording to the Louisville Courier
Journal, have been pretty thoroughly
disposed Of. Mr.. Macdonald has
brushed them aside with scorn. New
York bankers have emphatically denied
that they had exerted any such pres
sure upon the recent government.
Leading newspapers Of England have
emphasized the fact that only business
methods have been employed and no
coercion used by the international
bankers"
"The great loan for the British gov
eminent, arranged for in New York
and Paris" says the Springfield (MasS.)
Republican, sis money lent to gov
eminent abroad by bankers using pri-
vate funds for the purpose. II the
debtor government wants these private
funds, it must obviously meet the tests
of sound finance as understood by the
banker custodians thereof. In this, Is
there any debating how much British
unemployment relief shall be9"
ut has long been the habit Of all
European nations" declares the Column
bus Ohio State Journal, ito blame their
misfortunes, political, financial or
moral, on other people. It seems to be
necessary to provide a target for the
peoples ire, and their leaders. unwil-
ling to be that, cast about for some
simple, tangible thing that will serve
the purpose and at the same time take
attention from themselves. The
repeated assertion by Europe's political
literary and financial giants that the
world looks to America for leadership
has been interpreted as meaning that
America Is the world leader. The
world, in the words OF Marshal Foch
has thrown into our laps losing bat
tie and expected confidently that we
would win It, and when local conditions
60 wrong the explanation is that Amer
lea has failed in this leadership"
"A heavy Treasury deficit and Grip
pling financial burdens, preventing the
balancing of its budget" in the judg-
ment Of the Chicago Daily News, mat
urally would affect the credit Of any
government. Even Great Britain, long
the worlds banker, cannot escape the
consequences of conspicuous waste OF
national resources. Already the British
financial situation has improved greatly
as a result Of the stand taken by the
new coalition government. Confidence
In the integrity Of the pound sterling
has been restored. Sound government
policies do not have to be forced upon
intelligent statesmen by outside pres
sure"
ut IS tremendously important &c
world commerce and finance that
nothing serious shall happen to the
pound sterling" AYERS the Philadelphia
Public Ledger, with the added state
ment that new loans and credits by
financial interests IN New York and
Paris should secure the stability Of the
pound sterling during the period Of ad-
| justment which Is now under way
That paper also comments: "A COM
mittee of bankers refused to bolster
German finance any further than has
already been done unless and until Ger.
, tain measures, political and financial
were taken to make Germany a more
reasonable risk. Some OF these meas.
ures were also applicable to 0reat