The watchman and southron. (Sumter, S.C.) 1881-1930, April 26, 1919, Image 8
Council of Four Still Unable to
Reach Agreement as To De
mands of Italy .
TWO MEETINGS HELD;
NO PROGRESS MADE
Said That President Wilson is
Preparing to Issue Statement
If Deadlock Persists.
When apparently the council of
four was ready to take decisive action
on the Italian claims in the Adriatic,
including the* coast. islands and
Flume, the Italian delegates. Premier
Orlando, and Foreign Minister Coh
nino failed to appear at Monday after
noon's session. These ministers had
discussed the problem insistently
with Premier Clemenceau and Pre
mier Lloyd George earlier in the day,
and for the purpose of bringing the
matter to a climax, President Wilson
attended the afteioon session.
It.was then expected that the ques
tion, which up to that time was con
' sidered almost insurmountable, would
; be decided, but owing to the absence
01 uie Italian delegates, discussion of
tn? Iuilian claims was dispensed with.
it is announced that the council will
take no further action on the su
Ject pending information as to th
future course of the Italians.
Germany has accepted all the con
ditions of the allies with respect to
the Versailles conference.
Sunday's discussion of the Italian
claims was followed Monday by iw
additional* conferences but as yet
there apparently has been no breach
in' the deadlock over the demands
which the Italians consider irreducible
and the compromise offer of the other
? participants in tho negotiations?Pre
mier Clemenceau, David Lloyd George
and President Wilson. As in the
case of Sunday's discussion President
Wilson did not attend Monday morn
ing's session of the council of four.
He did, however, gather with the
statesmen for the later session in the
afternoon and was reported to b<
ready to issue a public statement ox.
the situation surounding the conLro
veisy in case an argeement was no
reached.
That there is no immediate pros
pect that the impasse is to be breach
ed without further argument possibly
is indicated by an official announce
; ment that the convening of the Italian
parliament, which was to have tak
en place Wednesday and befor<
which Premier Orlando and Foreign
Minister Sonnino hoped to place the
facts accomplished, had been post
ppned for two weeks from next Wed
nesday until May 6.
? A delay of three d^ys also is its
prospect for the meeting at VersaDIe
between the representatives of the al
lied and associated powers and the
German delegates for the delivery to
the Germans of the allied peace terms.
The German delegation. Marsha
Foch has been informed, can no
reach Versailles until April 2S. Orig
inally they were invited to be there
April 25.
The three days' delay possibly may
be of benefit to the allies in com
pleting the draft of the lengthy peace
document which is said to ap
proximate 100.0.00 words. Some doubt
has been expressed that the allie:
would be able to give the Germans
more than a summary of their peac
conditions at the first meeting at
Versailles owing to the length of the
document.
Talk of the German government
sending merely "messengers" to Ver
sailles to reecive the peace treaty is
discounted by official information re
ceived by Marshal Foch that the
German delegation will consist of si*>
high personages, headed by Count
von Brockdorff-Rantzau, the foreign
minister.
A new provision of the peace
treaty, intending to make impossible
any attempts of the Germans to utili
outside forces to rcesetablish mil
itary machine has been approved by
the council of foreign minister. This
is a prohibition of the sending by Ger
many of military instructors to for
eign countries.
President Wilson conferred at
length Monday with Baron Makinc
and Viscount Chinda of tin- Japanese
I.eace delegation.
Paris, April 21 ("By the Associated
Press).?The Italian crisis in tin- ne
gotiations with Italy has obscured for
the moment the incident over tin- Ger
man delegation to Versailles in which
the Germans announced that they
were sending delegates without pleni
potentiary powers, and the council of
four promptly replied requiring dele
gates with full powers to sign the
peace treaty. This incident was vari
ously interpn-ted. th" French and
British view being that it was anoth
er effort to delay the settlement and;
to pave the way for a refusal to sign
the treaty. The view taken by the
American delegation of the incident,
however, was less serious, it being be
lieved that th*- Germans would
promptly accede to the allied request
and send the proper plenipotentiaries.
"They will do about anything we
want them to do." said one of
American delegates today. ?"And
we want plenipotentiaries they will
send them."
There was little doubt that th..' al
lied military and naval authorities
had taken measures to meet, the pos
sible emergency of a failure to sit;
the treaty though it was said these
measures were purely precautionary
and without any expectation that
there would be occasion to put then
in operation.
Authority of Director of Kail
roads and Postmaster General
To Be Decided
SUPREME COURT WILL
RENDER DECISION
Issue Will Be Determined Before
! Court Adjourns for the Sum
! mer.
Washing:on, April 2i.?Steps look
ing to early determination of the
government's authority under the joint
resolution of congress by control of
the railroads and telephone systems
of the - country to fix intra-State
rates were ' taken today by the
supn-me court in agreeing to ex
pedite consideration of the test case
{ brought under the resolution. The
court fixed May ? for hearing argu
ments and final decisions before the
court adjourns in June for summer
was considered probable by court of
ficials. . s
Three cases in all will be argued.
One is an appeal from South Dakota
supreme court decrees denying the
(authority of the postmaster to in
crease telephone toll rates. An ap
peal from the North Dakota supreme
I court denies the director general of
i railroads has power to increase freight
land passenger rates in that State and
enjoins the Northern Pacific Railroad
from carrying out the director gener
j aTs orders. The third case is an ap
ne.ii fom Massachusetts upholding the
(postmaster general and dismissing pro
ceedings instituted by the State to
prevent the ^ew England Telephone
v>c Telegraph Company from increas
ing its tales. Petitions seeking to
have the Massachusetts decision re
viewed were granted today by the
?court.
Government officials view the early
determinatin of these cases as being
of vital importance to tht- future op
eration of the railroad and wire sys
tems of the country as proceedings
attacking the government power in
these matters have been instituted in
I about 25 States.
; The court had planned to close
arguments for the term on May 2, but
towing to the importance of these cases
[ it was decided to set aside the follow
I ing Monday for the purpose of hear
j ing arguments. Officials declared it
is a very extraordinary thing for the
; court to extend the time for hearing
arguments after having fixed a time
j for closing the hearing of suits for a
! term.
Big Cotton Fire
_
j Seven Hundred Bales Burn at
Bennettsvilie
i
Bennettsvilie, April 21.?The Atlan
tic Coast Line freight depot, cotton
platform, on which there were about
700 bales of cotton, and eight box
f cars, some loaded, were burned here
I today. The tire started in the cotton
:;.nd quickly enveloped the depot.
[Some records, freight bi!;s and some
I small articles were; saved from the
j office. The cotton was in part under
i bill of lading ami practically all in
j sured.' ' "
j It is understood that the Pee Dee
I River Cotton Company owned about
i 4 0? bales of'the cotton, mostly long
; staple. The vaiue of the freight in
j depot destroyed was estimated a;
$4.000 and the buildings $12.500. Fo:
ja. few minutes the Marlboro Whole
sale Grocery and the F. G. Hohr
] Wholesale Grocery seemed doomed.
I but effective work on the part of the
i'firc department kept the Harnes under
j control.
? One car of cotton, one of hay and
j others partly loaded were burned.
The value of the cot ion destroyed is
estimated at more than $100.000. The
[total loss is about *150.000.
I_._
Martial Law Proclaimed
In India
- i
Populous District of Bombay j
Presidency Revolts Against I
British
Simla. India, Sunday. April 20.? I
Martial law has be< n proclaimed in j
the flujerat district. Gujerat is in the
[ northern par; of Bombay presidency J
and has a population of about nine
. million.
Disorder in Budapest
Downfall of Soviet Government
Expected j
Budapest. Sunday; April 20.- Thej
downfall of the Hungarian soviet gov- j
eminent is expected here as the re-!
sab o?" tlve desertion of thirty thou-'
sand troops :?> the Rumanians and 1
new movements against Hungary by
.he < 'zech-Slovaks. |
Outlook Brighter
In Bavaria
Spartaean Forces Defeated by
Government Troops
London. April 22.?The military i
situation in Bavaria is improving, ac
cording to an announcement bj the
Hoffman ministry. Spartacidos. who,
took Dachau, ten miles northwest of j
Munich. by violating the armistice i
with the govern men troops have been!
repulsed and jroverimient forces are
now holding the place. Reinforce-1
.,,,.,.!- grro i.. ? .,-.] Munich
i-iCm -'--'.?d. it is .-L.j..
Bolshevist Leader at Budapest
Resigns Under Pressure of
Roumanian Troops
WILD CHAOS PREVAILS
IN HUNGARY
jCzcho Troops Join Roumanians
I And Defeat Hun Soviet Army.
j Amsterdam, April 22.?The Hungar
i ian government headed by Bela Kun
1 has resigned under pressure of Ru
| manian troops, according to a dis
patch to the Central Xews from Vicn
j na. quoting reports received there by
j aerial mail from Budapest. * Wild
i chaos is said to prevail at Budapest,
j It "is reported that Czecho troops
j have joined the Rumanians and have
j defeated the Hungarian soviet troops.
What Russia Asks
j Anti Bolshevik Governments
l Prsents Memorandum to Peace
Conference
Washington. April 21.?The Russian
treasury here made public today the
outline of the plan presented to the
i peace conference by Russian repre
i
sentatives at Paris to solve the Rus
sian problem, ft asks recognition a?
j de facto of all national authorities
who "are inspired by democratic ideals
j and enjoy the support of the popula
tion pending the setting up of a feder
j ation of Russian States/'
i Frince Lvoff, Tchaikovsky, Sazonofi
j and Mafflakoff signed the memoran
j dum embodying this program. Un
I der it the allies would recognize the
j Russian boundaries of 1914 except for
I ethnographical Poland, and would
support democratic defacto authori
! ties in their struggle against Bolshe
I vism a nd anarchy.
Private advices received here re
cently from London were to the ef
fect that the United States and the al
lies already had determined on rec
ognition of the Omsk government. Xc
information has been received as tr
the reception accorded the more
elaborate plan of the Russian spokes
j man. A summary of the memoran
' dum issued by the embassy here savs
j "Xew Russia, having definitely dis
j continued the system of centraliza
tion is prepared to meet the desire:
j of the different nationalities, to regu
late their national life, to which thej
rare entitled. Russia intends to es
I tablish with these nations relations
i founded on the principles of federal
' ism and. in separate cases, on the
i principles of independence under ccr
| tain agreed conditions."
; Citing the economic and financial
i interests as well as those relative u
j the defer.se of the country which
mutually binds these nationalities
?with Russia, the statement continues:
j "Decision of the intricate questions
I without participation of Russia wo.tin
j be contrary to the aims pursued by
j the allies of establishing a lasting
? peace - founded on mutual confidenc;
I and friendship of nations.
The statement therefore proposes
khat:
"One: The powers recognize that
all questions relating to the territory
j of the Russian State in its boundaries
j of 1914 except for ethnographical Po
jland as well as concerning the future
I organization of different nationalities
j in the above boundaries can not be
I decided tipon with consent of the
Russian people, that is until the Rus
sian people will be in a position free
ly to express their will and participate
in such decisions.
I "Two: Aiming to aid the national!
, ties in organizing their life and pro
jecting themselves from anarchy and
i dissolution the powers resolve t<
[adopt a temporary mode of relations
.corresponding to the necessities of th<
present moment. The powers are
j;ready to recognize' as defacto4existing
I .national authorities inasmuch as thosj
authorities are inspired by democratic
principles and enjoy support of th<
population, and to extend to them as
sistance in their political and econom
ic organizations. Such a decision ol
the powers would stimulate the co
operation in Russia of all forces strug
gling against anarchy and would speed
the reestablish!!)' nt of normal condi
tions."
Three Seaplanes
Will Fly
Naval Airplanes Will Attempt
Trans Atlantic Flight in May
]
Washington. April 22.?Three na - ?
val seaplanes will attempt the ilight j
across the Atlantic. They will leave'
Rockaway Beach early in May. but
so far as known now no decision hasl
'??eil reached whether the route will
be direct from Xew found land to I re
land or via the Azores.
Revolution in Turkey
Report bv Wav of Odessa An
i
nounces Establishment ol"
i
Soviet Government
j
Paris. April 22. - A revolution ha- ?
recurred in Turkey and a soviet gov-i
cnm.cn 1 has been declared. A rev-,
lutionary committee has been estab-!
?Shed at ?' *-ctantinople, according toi
! telegram i.om Kiev, quoting the
Bolsheviki representative at Odessa,
vho says that the Turkish consul there J
ta ? received cSici?! announcement of 1
he - y grcaaent citange.
PEACE LEAGUE !
ALMOST ASSURED:
j Head of Associated Press, Just
j Back from Paris, Expresses
Opinion
! difficult problems
have BEEN adjusted j
i
-
I Nations of World Find in Pro
j posed League Best Guarantee
I of Permanent Peace
-
j New York, April 22.?Development
of intercommunication promises a
chance that the league of nations may
: accomplish its object of insuring- world
' peace, Melville E. Stone, general man
i ager of the Associated Press, recently
j toid the members of news associa
i tion at the annual meeting at luncheon
? i here today.
! 'Mr. Stone doubted if anybody knew
, j whether the league project would suc
ceed, but said the representatives of
the associated powers had addressed
themselves 10 the formation of an or
jganization. intended if possible, to prc
1 j vent a recurrence of war. which he
said had reached a point, through the
advance of science, where a future
j conflict would well nigh mean human
; annihilation.
j By the modern proeess of intercom
? j munication. however, the nations were
' I inevitably brought closer together, he
?! said, extending men's visions and giv
?! ing a "little promise" that the failure
? j of the congress of Vienna. 100 years
! ago might be followed " by something
' Like success."
:l Ir was a mistake, Mr. Stone said, to
i imagine that there had been an uu
j pleasant or angry situation between
I the peace envoys of the associated
' j powers, who had brought to their task
j i sincere desire to solve a great, prob
: lern. Despite the German hopes of dif
?{?ference among the concillors. he add
'' ed. they had agreed to principle.
M Describing a visit to the devastated
? regions of France, Mr. Stone declared
? I it had been "torn by th most malign
and outrageous savaj, ' the world
\ had ever known." To bring about its
j rehabilitation, he asserted, extension
I of long time credits by American
? j manufacture s was esential, a
' Scheme which he said could be oar
' i ried out through the banks with the
? federal reserve system to fall back
? ! upon in case of emergency.
? j In keeping with the Pan-American
j spirit of the meeting, inspired >y the
?; recent addition of -?"> South American
? ? newspapers to the Associated Press
membership. Mr. Stone stated that
? ; this extension of the service gave as
' jsurance of the ability of the Western
; hemisphere. In like manner in earlier
days, he said, the organization had
? j been a material factor in cementing
? ; the relations of the Northern and
? I Southern sections of the United States.
I a union which made possible the na
i j tional spirit evidenced in the Spanish
> j American War and reemph?sized in
i j the world conflict.
> ? Mr. Stone spoke of the peace con
j ference leaders, many of whom, he
> I said, it had been his privilege to
i j meet, lb- described some of the char
' ] acteristics of Premiers Lloyd George.
' Clemenceau, Yenizelos "nd Hughes.
j Of Clemenceau. whom ne had known
for 40 years, he said:
:l "When 1 went over there- first in
! June I went up to see him one day
land said '"Weil, you speak English as
! well as you did 40 years ago.' He
j said: 'I don't speak English. I speak
j American.'
"When T was in Italy, the Italian
j government w s very anxious to have
some American troops as reserves
and they felt that it. was a very se
I rious condition. If the Caporyetto dc
j bade were repeated and the Aus
'trians got through to Milan and Tur
! in. Italy would be out of the war
j and General Diaz was most anxious
about the situation. He went up to
seo Foch and Pershing and they could
not see their way clear to give him
any American troops.
I "Then he went to see Clemenceauj
and said: 'Now the situation is very I
J serious down there. It is a great mis- :
j take to imagine dial the Austrian*
are not good soldiers. They are veri
table lions. They have more artillery j
than we have and we are in grave
danger of their breaking through.' j
j "Ciemenceau in his sententious way!
I seid: "That is a military question l!
) caV.'t answer. You will have to see!
j Foch.'
j "He had already seen Foch and he
would not do iL About three weeks)
|-after, the French captured 3.000 Aus-;
j trians on the French front and Clem-J
enceau telegraphed: *Mv dear Diaz:
I
j We have taken 3.000 of your Aus
[ trian lions ;is prisoners. What shall
j we do with tin-::.'.' Vuurs affectionate-i
j ly. The Tiger.' "
j F.eferri'ug to the peace conference j
land to affairs in Europe Mr. Stone;
1 sa! 1:
*'!t is a mistake to imagine th.^t
I there has been on the part of the}
five great powers represented at the)
conference any angry or an unpleas-j
aai situation. I think ! may say?'
because I luive known well those
who have participated in it?that!
they have brought to the work a j
sincere, earnest desire to solve a j
great problem. !
"They feel that after all the worst j
offense of the (Pa-mans was not the j
killing of something like 7.000.000
young men. fine young men of Et*
rope am! America including those o.
Germany and Austria itself: nor ihej<
wanton murder of innocent women
and children by aeroplane and subnia- ? '
fine. At least the dead are at peace, j '
The worst offense of the Germans was j I
in creating a world in which it is al- ;
most impossible for the living to sur- ' 1
vive. I ?
"And thai being ih<- case the con-M
forces bad to address themselves not '
rf. .1," ryr (rmtfQr-t j !
for vir :.: they C-ui'i do nothing eui :
TOBACCO BARN SHINGLES
We have just received a large car of Red Cedar
Shingles which on account of grade and price specially
adapts them to tobacco barn covering.
BOOTH & McLEOD, Inc..
PHONES 10 & 631 SUMTER, S. C.
EVERYTHING IN THE BUILDING LINE
WILSON STANDS \
\ FOR PRINCIPLES!
j I
-,
! Will Take No Action That Will
Jeopardize League of Nations j
j Or Conflict with Principles
! ? i
I ADRIATIC DEADLOCK HAS
NOT INFLUENCED HIM
i _
i
j Effort of Italy to Force Accept
i ance of Her Contentions Has
Not Stampeded Wilson.
i
! _
j Washington. April 22. -Administra
tion official.-; wore advised in a con
[fidential cablegram from Paris today
!that in the consideration of t?.e prob
j Ieros confronting the peace confer
' ence. such as Italy's Adriatic claims
and the question of an alliance to pro
tect France from future aggression,
President Wilson would take no ac
| tion which might in the slightest de
g: ee jeopardize the league of nations
or conflict with its fundamental prin
I ciples.
-?_
: , ?iw???i itm w ii i.mwtmmtmmt
!
! to some sort of an organization if
i possible that should give some guar
i antee that in the future there would
! be no recurrence of this terrible ca
j tastrophe because they knew that
i by the processes of war by its scien
j tific and mechanical development war
1 j haci now reached the point where any
i future conflict might weil mean hu
man annihilation.
'[ ??The Germans hoped that the asso
ciated powers would differ. It was
jthe dream, of the Germans that they
{could not agree, in principle they
, have agreed, [n principle, as Clemen
! ceau who is the Tiger of the place,
I told me: 'We are at one in all this
j business.'
"Now 1 do not know whether a
j league of nations will work or not. I
j doubt if anybody knows. Plato, who
was the first apostle of a principle
I of the sort says in his book on "The
Republic." that the republic can only
exist when men are superior to
themselves. You know it is a book
of question and answer and he is
asked the question 'What do you
i mean by superior to themselves?' and
j he said. 'In every man's make up
j there is a superior side and an in
I ferior side and unless he can rise
above the inferior level it is useless
j to Try anything1 of the sort.'
"One hundred years ago almost to
ja month, 100 years ago in June, five
I sovereigns of Europe sought to cre
ate a league of nations. It was cailed
I the Holy Alliance. They met and
! adopted a treaty in the city of Vien- j
na and after three years of struggle
lever the problem it failed. It faijed I
! for the reason that Plato and Stilly j
; and all the men who had striven to j
j this end. even all the way down from |
; Dante had had in their minds.
{ ''There is one thing that in this
hour gives a little hope what their
failure may be succeeded by some-1
thing success and that is intercom-j
munication. That was a day when thei
j limit of man's vision was ten or l.2|
[miles and certainly was limited to his j
town country. Today by the processes]
rof intern.-' ional communication one!
sort or another the world is neces-1
sarily brought together, and my dear (
friends, the very introduction of the I
Associated Press service into South!
America, the very alliance that is
there, gives the very best assurance)
in my judgment of the amity of the
whole western hemisphere.
??[ am very proud of the Associat
ed Press and one thing that seems to
me of enormous value is this: In 1 st*:j
there were five or six so-called As
sociated Press organizations in the
United States. There was the New]'
England Associated Press, the South-!'
em Associated Press and the Western
Associated Press all working within
their own fields and arm stretch with j.
each other. We went at it. the first}
principle that we adopted was that (
there should be no alliance with local
organizations, that it should be a na
tional cooperative association in which v
there should be members individual
!y representing newspapers .
??Now the consequence of that was -
this, that men like dark Howelljr
from Atlanta, like m.\ dear friend, j
Stahlman from Nashville, who had I c
been rebels of the most rebellious! <
kind and men like Charley ('lark of i j
Hartford, who had been an abolition- j
.st. got together and saw that neither
of i lie?ii wore horns and they became <j
friends and we by that act united this e
country as it had never been united s
!>y any other process. The North and
South became one and we went ^into e
the Spanish war. years after the j (.
close of the sectional struggle as ajy
?ompaei nation having one heart and I b
>nc soul. And 1 believe that the ac-1 f,
ivities of this organization in a-large t
? ' '?? fo?'21-'t tr* thlC CCUnt**V t'1'' I ?
jpirit of'itfi.7, which made it possible [t
HUNS WILL HOLD
AN ELECTION
Planned to Refer Acceptance of
Peace Terms to a Plebiscite
of All Germany
CABINET DESIROUS OF
SHIFTING RESPONSIBILITY
Believed in Berlin that Results
of Election Will Be The Rejec
tion of Paris Peace Terms.
Berlin, April 22.?"The equipment
for an election is in readiness for an
immediate plebiscite on the peace
I terms, which can be completed
' throughout Germany in forty-eight
. hours, according to information here.
: It is declared that the cabinet wishes
! to avoid the responsibility of either re
| fusing or accepting the terms, and a
I plebiscit? is almost certain, it is be
? lieved. to result in a refusal to ac- ?
? cept *he peace terms, because the peo
! pie will overlook the consequences of
j such an act which will mean mainten
I ance of the blockade, the stoppage of
? food importations and the accom
i panying evils which may be expected .
j in view of the reluctance to sanction
S the Paris terms. ?? ?
I Suffrage Bill Ki''ed
I Florida House Rejects Senate
j Resolution Submitting Issue
to Vote
j Tallahassee, April 22.?The house
1 today killed the senate resolution
submitting the woman stiff rage amend
ment constitution to a vote of the
people. The bill will be called up for
I reconsideration within twenty-four
i hours, under the house rules.
?for us to go into this war with" our
i whole soul.
! "Now one word as to France. Mr.
i Clark suggested that I enter upon
1 some description of the seer :. You
have been told of them over ~ id over
j again and I shall not detain you. Bht
I France is riven and torn, not by war
I but by the most malign and o?t
! rageous savagery the world has ever
I known. From their factories the
Germans took the bobbins and, de
stroyed the machinery, not because
the bobbins or the machinery had
any war value but because it was a
settled purpose to destroy the indus
trial life of France.
"1 have in my possession the report
of the German commission which in.
lyiii was sent to the occupied terri
tory of Fiance. The commission took
industry by Industry and outlines
after a careful survey, what the de
struction had been and wound up by
saying: Tf they ever want to restore
these it will take them two or three
years to do it and then thej' have to
come, whether they like it or not, to
Germany to buy the machinery.
"Xow that I have been through
thai country i have not the eloquence
to give you the impression it made on
my soul as l rode along the road be*
tween the IJelleau woods and Rheims
where the fields were dotted with'lit
tle pine crosses and on them a phrase
'soldier of France' with no indentifi
cation mark but 'A Soldier of France'
who had given his life.
It was heart rending to see a cart
with a horse and a family, a mother
and two or three children and the
father, driving along the road and a
few little articles of furniture of the
meapest kind, going back to their war
torn town; to go through a village
that had done do harm to any one
md to look out and see the facade of
i little ?wo story building torn away
md up on a shelf representing all that
?emained of the second floor, a baby's
radle or chair or a table all that was
eft by the savage.
"1 am not going into this any fur
her but I am going to make ones sug
gestion to you in closing. I have read
i good deal of criticism in the United
states over the action of France In
leclining to import American ma
hinery and certain other products*
["hey can not do it now. it would
uin their exchanges. The cost of liv
ng would go up so high that they
oulu not stand it. The only hope, the'
?nly solution for the condition' of
'ranee, lies in long time credit by
American manufacturers.
"Hut you say. 'How can that be
one? That involves millions of mon-.
y. which our manufacturers can not
tand." The answer is this:
" 'They can give short time bills of
xchange for it. renewable and they
an be renewed for two or three
ears and if the pressure upon the
ahks .crows to be too great then the
rdcral reserve bank can rediscount
tose bills of exchange and vou can
arry it And that, I believe to be
ie hope ox Frince.'