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TRUMAN NARA
organizations and to encourage vigor and fortitude in European international
cooperation.
Encouragement of private financing - The bill should lead the way
towards the fullest possible use and encouragement of private financing and
the International Bank.
The most effective way to start the flow of private investment and
International Bank funds is to create an economic situation in which private
investors have confidence. Once the European countries are clearly advancing
toward recovery, commercial investors will appear.
Above all, these potential investors will be concerned with the
ability of these countries to service loans and credits with dollars. An
excessive burden of debt already owed the U.S. Government will deter them.
Aside from this fundamental principle, some start could be made by
way of a guarantee under proper conditions of agreed private investments.
Other ways and means for paving the way for non-governmental financing should
be explored. But obviously an excessive reliance on such devices, especially
at the start, would in itself create a debt load that would be self-defeating.
It would benefit a few investors, and would block off the general flow of
investment funds.
Promptness - There is, in our view, great need for the prompt enactment
of this legislation. Certainly prompt enactment should not be prevented by
protracted debate over the form of administration; nor should it wait on the
action of the Congress on other legislative matters. Full consideration by
the Congress is essential; but any unnecessary delay would work against our
national interest.
No man can say that disaster will begin at 4:00 p.m. on a certain day.
But any prudent observer must know that delays in starting a great program like
-12-
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"ocrText": "TRUMAN NARA\norganizations and to encourage vigor and fortitude in European international\ncooperation.\nEncouragement of private financing - The bill should lead the way\ntowards the fullest possible use and encouragement of private financing and\nthe International Bank.\nThe most effective way to start the flow of private investment and\nInternational Bank funds is to create an economic situation in which private\ninvestors have confidence. Once the European countries are clearly advancing\ntoward recovery, commercial investors will appear.\nAbove all, these potential investors will be concerned with the\nability of these countries to service loans and credits with dollars. An\nexcessive burden of debt already owed the U.S. Government will deter them.\nAside from this fundamental principle, some start could be made by\nway of a guarantee under proper conditions of agreed private investments.\nOther ways and means for paving the way for non-governmental financing should\nbe explored. But obviously an excessive reliance on such devices, especially\nat the start, would in itself create a debt load that would be self-defeating.\nIt would benefit a few investors, and would block off the general flow of\ninvestment funds.\nPromptness - There is, in our view, great need for the prompt enactment\nof this legislation. Certainly prompt enactment should not be prevented by\nprotracted debate over the form of administration; nor should it wait on the\naction of the Congress on other legislative matters. Full consideration by\nthe Congress is essential; but any unnecessary delay would work against our\nnational interest.\nNo man can say that disaster will begin at 4:00 p.m. on a certain day.\nBut any prudent observer must know that delays in starting a great program like\n-12-"
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