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Show MUST SUPPLY CREDIT. The other day Tho Tribune printed a dispatch giving it as the opinion of Ansten Chamberlain, chancellor of the exchequer, that the financial situation of Groat Britain was desperate, and that bankruptcy was imminent in some of the other European countries. It seems to be up to the United States to save the business situation in all parts of the world by a more or less general extension ex-tension of credit, since many of the European countries have neither the gold nor the goods with which to make immediate payment. Doubtless we shall be compelled to lend money to the South Americans, but their needs are not so pressing as those of tho Europeans, Euro-peans, who must have food and work if stable political conditions aro to be maintained. Eegr.rding the existing critical financial situation abroad, Charles H. Sabin, president of the Guaranty Guar-anty Trust company of New 1'ork, has this to say: I have been deeply impressed by the recurring reports which come to us daily from authoritative sources concerning con-cerning the critical condition of Europe's Eu-rope's financial affairs. They sharply drive home the lesson that this country must act, and act quickly, not only to save the business situation in other countries, but also in its own interest, because of the extent to which we are involved in their affairs, and the absolute ab-solute dependence of our prosperity upon their rehabilitation. Unless the United States can find foreign markets for its present highly stimulated production pro-duction there will inevitably be a business busi-ness recession in this country. This is a time when all thought of profits, particularly exorbitant profits, represented in either commodity prices or interest charges, should be forgotten, and the simple necessities of the situation situa-tion faced. Our first and single duty now is to restore the world to normal conditions. If we are able to do our parr, properly in bringing that about, the question of profits wiil be cared for in the future. This country is facing the greatest opportunity and the greatest obligation in its history, and if the sacrifices sac-rifices which have been made in tho war are not to be in vain, we must rise to meet them. I am sure that if our people generally and onr representatives at Washington could have the appreciation apprecia-tion of the situation which has been forced upon us by those who have studied stud-ied it first hand in our jntereit, there could be no delay in meeting it. While the domestic situation is not all that could be desired, we shall bo able to surmount all difficulties if we sinlv politics for the time being and enter wholeheartedly into the work of restoring normal conditions as nearly as possible everywhere. With the peace treaty once signed, the extension of credit will effect a wonderful transformation trans-formation and our foreign trade will be increased as a natural consequence. It is Mr. Sabin's opinion that congTess has a duty to perform in the premises. |