Washington (Apr. 9)
(Jewish Daily Bulletin)
The Department of State was not approached by the American bankers who are now negotiating the proposed $60,000,000 loan to the Roumanian Government to stablilize the Roumanian currency, Secretary of State Kellogg declared.
Mr. Kellogg commented upon the resolution recently introduced by Congressman Emanuel Celler of New York demanding that a special committee be appointed by Congress to discuss the question of American loans to foreign countries, with a view to establishing the supervision of all foreign loans. The move was interpreted as being directed against the proposed loan to the Roumanian Government by New York bankers, including the Federal Reserve Bank.
The Secretary of State objected particularly to the wording of Congressman Celler’s resolution, terming the foreign loan policy of the United States the “Kellogg plan.” This policy had been in existence since the World War. The Washington Government would consider the supervision of every American loan to a foreign country” a considerable task.” The advice given to bankers who inquire of the State Department before such loans are granted is merely from the viewpoint of foreign policy, the secretary stated.
Mr. Kellogg then commented upon the recent representations made to the State Department by various groups urging that the United States Government intervene with other Governments concerning the protection of minorities. Particular reference was made to the situation in Roumania. The United States Government had never attempted to dictate to another Government its policy toward minorities. The advocates of such intervention are inconsistent, Mr. Kellogg declared, since they are often objecting to the United States protecting her own citizens and interests in foreign countries.