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Dearborn independent. [volume] (Dearborn, Mich.) 1901-1927, March 20, 1920, Image 12

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Americans Hold Conference in Mexico on Trade
Concluded from putfe 8
ties, if a great creditor nation with bankrupt or nearly
bankrupt customers, a moat unenviable condition, he
asserted. He declared tor an International banking
arrangement, a standardized, international currency,
ami at the conclusion of Ins address, and of the con
vention, the conference went on record as indorsing
tlie proposals made by him.
Because of the unique stand he has taken in re
iped t the world money situation and because of
the radical changes he proposes. 1 consider it of in
terest to all. and for that reason, am quoting at con
siderable length from the address as given to the
"Kinks are the arteries of commerce through which
flow the lifeblood of industry. If the blood is ill,
disease and death follow. If commerce is unhealthy,
financial paralysis is bound to result4 said Mr. Arnold.
"In 1914, prior to the outbreak of the great world
war. it was estimated that national securities were in
ternationally held to the extent of approximately forty
per cent. Th.it is to say. American securities were
held b) foreigners, and foreign securities were held by
people outside of the country in w inch same originated,
m all to the extent of approximately forty per cent of
the total. Some Optimistic students of economics were
of the opinion that this condition of things served as
a guaranty against wars. They however overlooked
the element of the complexion of this international
finance. The conditions prior to the war were that
England had invested in foreign securities approx
imately eighteen billions of dollars. Germany six bil
lions. France five billions, and so on. The United
States, on the other hand, occupied a negative position.
That is to say. we were a debtor nation to the extent
of approximately seven billions of dollars.
'"It does not matter what our individual views are
with regard to the causes underlying the late war;
that fact remains that practically all wars are caused
by the clashing of economic forces. In the struggle
i land was not forging ahead very rapidly while
Germany was gaining r her from year year."
Mr. Arnold then went on to explain that as a result
of war England has had to give up a great deal of her
foreign holdings and insofar as we know both Ger
many and France are practically cleaned out. Our
position was produced by unnatural causes, and must
be looked upon as abnormal m the extreme an
quote Mr. Arnold, "in my opinion it more dangerous
under such conditions to be a creditor than a debtor
nation. , ... . -4:
Ve are today," he continued, "in the position 01
a creditor who has largely bankrupt customers to deal
with. Now that usually calls for a meeting to consider
Mich conditions. The Statement ot the debtors should
be received and analyzed. Time must be given it the
debt is to be reduced. Also, new credit must be ex
tended. That is what the world should do today.
The leaders of banking and commerce throughout tne
world should meet to study the resources and abilities
of all nations and there should be worked out a plan
under which time is given and if necessary obligations
Would Pool War Debts
U PERSONALLY, 1 have advocated the consolida
tion of the war debts of all the nations concerned,
as will as the outstanding trade balances. I'nder such
a scheme we would have an international obligation
guaranteed by all the powers concerned but e ach nation
would he called upon to assume her individual share
under a taxing system which would be supervised by
an international board or commission, I believe that
even a reduction of outstanding obligations through
cancellation would have a salutary effect In addition
1 believe that our Federal Reserve system should be
internationalized. Very few of our American hankers
and business men have come as yet to realize or under
stand fully just what the purport of our system really
is. The fact is that a centralized bank would in all
probability have served the nation equally as well in
sofar as credit facilities are concerned. President
Wilson, however, had in mind the elimination of New
York, or Wall Street, as a factor which dominated
American finance. On this account he developed the
idea of having twelve regional institutions under which
each serves a limited .section of our country.
"Under an international scheme, the Federal Re
serve Hank of the United States would serve our
country, the Hank of England would serve England, the
Hank of France, France, and the Reichsbank, the new
Germany, and so on. This, in my judgment, would
eliminate the possibility of financial imperialism, which
i, m effect, or subtle, and in some ver -,)rta
respects, more dangerous even than imperialistic da
' Further, such an organization would make u
necessary the moving about of void from i -trv a
country and could bring about the itandai IS
currency, and. incidentally, weights and m. "'
well. It stub were done the fluctuations in cchaikSf
would be of a very moderate character.
"Unless something like this is done, and in the near
future, it is my humble Opinion that anarchy JSl
the world. Such a relationship of CO-opcrai n as
have suggested will prevent not only inten trouble
but war itself."
In reading Mr. Arnold's statement m
readily comes to mind that the "taxing sysl which
would be supervised by an international boai rnm
mission reauy ougni io dc emooaiea in tl
of Nations.
So, too, does the thought come that
Federal Reserve System be internationalize
act as a fiscal agent of the League of Nation-
The conference during its sessions on
.... I ...a, M. .... .Illlliii'tv '111.1 .
UIKUVaiUii iii.im iiivjcv,! ctiivi uiv.iv w ii i SJlCCiai JjroUD
meetings each evening at which those 11 t ted in
particular subjects were enabled to bring ah ui lebatei
that anled in working out problems hereto f lifficult
of solution.
Included in the scope of the conference .mo the
following subjects: Packing, billing and shipping of
merchandise to Mexico; agencies in M inking
facilities; agricultural machinery and the financing of
its purchase; woolen and cotton goods, furnishings,
clothing and kindred lines; banking, brokers and in
surance; real estate, mining and petroleum, ai soon.
As stated, the conference was the first ol its kind;
a number of Americans who otherwise would have
known little more about Mexico than tin y already hid
in mind, found out first-hand what the Me people
are like, what Mexican business men an like, what
Mexican lite really is. That much, and m was ac
complished. The meeting was not all probab at wti
desired from the point of numbers. No d ubt there
wi re many w ho planned to go who were persuaded not
to come because of the 'insecurity" and "dai ger' con
fronting the traveller and especially the American.
I .eague
lid the
I could
up for
The "White" Orgy in Hungary Breeding Another War
Concluded from page 6
the presence of his widow, of his money and even
his new boots.
In more than one case Catholic priests of the lo
cality interceded in behalf of the Jews, but in vain. In
one town the priest, Konyok by name, appeared on the
public square where two Jews were about to be hanged.
Clad in the surplice and holding the crucifix high, this
noble priest swore to the innocence of the victims, but
he was brutally jostled away and the hanging proceeded.
In one instance at least the infuriated Whites mur
dered a priest who tried to interfere.
That the Traiwlanubian pogroms were not mere
improvised outran -, but part of the White leaders' de
liberate Pplky is proved by the fact that some of the
White Officers had been provided at Admiral Horthy's
headquarters, before they set out on their Jew -hunting
expeditions, with medical certificates testifying that
the bearers were mentally defective and therefore un
accountable for their actions.
This precaution was taken with a view to pos
libl( protest on the part of the Allied missions. If
as m the case of the murdered millionaire Freund
tht White command thought it advisable to pretend that
the officer in question "exceeded his instructions," an
ordt r for his arrest was issued. It was just in such
an emergency that the cer
tificate of insanity came
in handy.
hue in the western
provinces these crimes
were being committed by
the White Guards of Ad
miral Horthy I w ho, by the
way. personal!) held aloof
from the proceedings de
scribed aDOVe) in Buda
pest counter - revolution
was progressing with no
less vehemence, though
with less actual slaughter.
Here the lead was taken,
immediately after the
overthrow of Communism,
by one Stephen Fnedrich,
an adventurer with a
.shadow political past (he
is aid to have been, at
ore time or another, a So
cialist. Communist and
even an active Zionist) but
With a ireat personal
magnetism and indomit
able will. Under the Ru
manian occupation he at
tained the premiership,
but was forced out, nom
inally at least, by the
stand of Sir George Clerk,
the representative of the
Allied Supreme Council,
who insisted on a "con
centration cabinet" of all
parties and under a leader
with a cleaner record. So,
about the time of the Ru
manian w 1 1 h d r a w 1
Charles Huszar, a mem
ber of the old Hungarian Parliament and a Catho
lic clerical politician of long standing though minus
distinction, became premier. The actual power, how
ever, remained in the hands of Friedrich who appointed
himself Minister of War.
The following text of a poster, displayed in all the
Streets of Budapest, is quoted in the "New Europe" of
London: "The Anti-Semitic League of Hungary de
sires to solve the Jewish question without compromise
and without shirking the extremist measures in the
most radical manner by a thorough disinfection. It is
a vital question for the dishonored and mortally
wounded nation to have no further dealings with this
murderous race. In order that the desperate nation
may not be forced into carrying on pogroms are de
mand that the .government and the National Assembly
should immediately carry into effect the object of our
league, namely, a H unwary without Jews.
The real intent of the Hungarian White leaders in
whipping up anti-Semitic passion in the masses is
twofold, hirst, making the Jew the scapegoat has in
Kastern Europe always proved an easily worked and
very profitable political device. The Magyar peasant,
largely dependent on the spiritual guidance of his priest,
does not understand the complex reasons of Hungary's
A Home for the Homeless in Vienna
Ml Ti ; q
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fliifM m fSrBl akgaBw Om HsWBH farJl
.jflhv as Ba 9 jBI v Bil Sia Sv.i aaaaaasaaaaBsa
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falfawaaw BBBBBBBBf BB fSfaW' """
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present disastrous state; nor is it desirable Fi ra the
Junker reactionary point of view that he should stop
and investigate. It is much easier to tell him that the
Jews are to blame for everything, that the Jewi have
sold out the country first under Karolyi to the Entente,
then under Beta Kun to Lenin. The si Kl
the Jew," is, esiecially in times of crisis, the short cut
to political success in the European East. But this
is not all: this is just the means toward an end. What
the Horthy-Huszar-Friedrich reactionaries lly arc
after is breaking the backbone of Hungariai democ
racy ; and that backbone is the Magyaried I wish mid
dle class. This class has furnished largely tl writers,
artists, thinkers of liberal, progressive, m I ti Hun
gary. It stood for advancement and for Europe; the
junkers stood, and stand, for retrogress i and fw
. today in
. is to re
:ndarie his and
spirit of
ly (l.mbt
m people;
I roceuei
svjty and
r neigh
the path
fiael Kar
,4si. But
ind their
,!av out-
The ultimate purpose of Admiral H rl
fact as well as in name dictator of Hungai
store the Hungarian throne and the anciei
of the Hungarian state. Every utterance
of the leaders backing him reeks with t1
militarism and revenge. The Treaty of Y
less inflicts grave injustices on the Hunga
but these injustices should be remedied b) I
of economic ne
. . the principles
ttonal conciliai
ing for a i
Hungary and
bors. This
of peace, won"
by a llunua
by liberals ai
like Count M'
olyi and ( Hd
these two iu
follower- an
lawed by t1 revnrea
regime o f M i ,;ir J1111'
kcrdom, and I itivei
for.-ien lands. , e regime
of Admiral 1!
JrPQfU iWlared ir
nath A milit; I isffl
rrtnniiMt. In the
VJ 1 llll.i v -
any ,,u'
of en ill v. na
huation entered
the victorious Ent nte,ww
,t n hi
be a inert
'. ,Ut. t he nil V T'"S'
i ' i i ... ,
..i. ..t.... ,.i ,,t fhi M H
resiin am'-t"
var Whites' foreign po
is the conclnfion ol "
r...:.. o.wi offensive a'
nam c
.Mistria. wiui
in the backgroutu
to loin. The
Reports come that Vienna it tottering under the scourge of famine n!cinr . .
A clone study of the picture will bring one to the realiratioo of the terrible buffer, n . especially amonl'ihe
:i: O. N Y.
in the Home for the llomeleae.
women and children of the city.
( iernian-
1 .art.
t. .... i . i r)rc,,,
pean war is ,
today tlu- mad chau
and reai
1 . .w.CT
at duufv"
vinist i
in saddle

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