The sun. [volume] (New York [N.Y.]) 1833-1916, 1915-05-06
WAR DEBT REFUSAL
WOULD AID AMERICA
Theodore II. Price Says Our
Finance and Trade Would
Profit.
SHOWS EFFECT ON EUROPE

In an article published In the outlook
under the title VIII Europe Rerudiate
Her War Debt Theodore II. Price.
without prophcsying whether the bel
ligerent nations will or will not adopt
such course. gives some historical
presidents and discusses the effect or
possible reputation on the United States
and the world.
Mr.. Price gives the total national debt
before the war Of the principal bel
ligerents-France, Russia, Germany,
Austria and England. excluding the lat
ter's colonies-at s22.30O. 100000 On
this a total annual interest OF sS3s.oO0,-
900 was paid, with total OF all gov
ernmental expenditures In these coun-
tries Of 1886 200, 900 annually. raised
BY taxation on n population OF 100000
600 people. Assuming that ono person
In four In q wage Garner or producer
whose energy yields on the average the
equivalent of $500 year. the writer
estimates the monetary equivalent OF
the earning power OF the bellgerent ma
lions In time OF peace at s26.25O. 100000
Deducting from this the taxes paid there
IL left sl9,ss5, 100000. or s57 per capita,
out OF which the populations had TO pay
living expenses before the war.
The writer mentions an estimate by
Edgar Crammond, secretary OF the
Liverpool Stock Exchange. OF the losses
OF the 1--WE great belligerents and Bel
GUM II the war lasts only one year at
$3.50. 900. 900. not including the losses
OF Servla, Montenegro. Japan and Tur-
key and of neutrals. and says that while
some OF the Items going to make up this
total are subject to question. nearly all
students OF the subject agree that the
public debt of the belligerents will be
about doubled by July 81
THE taxation necessary to support
and amortize this aggregated obligation
OF s44,s00,000,00 together with the
pensions and other financial burdens OF
the struggle" he continues, will be laid
upon n population that found subsist-
ence difficult on $50 per capita before
the war began and will be terribly i'm
pover1shed at its close.
Rhetorical Prec~dents shown.
at Is also logical TO assume that the
power Of democracy will he Immensely
strengthened and that the integrity OF
the national obligations created and the
payment OF the debts incurred will he
possible only with the consent and self
sacrificing cooperation OF the people
Tho important questions to consider
s,s 20 t,s ..,s.,,criscs no..,hIc with.
out self-destructlon7'
~ n,,.. al ,rocoden, por ,vch renudia
ton. Mr.. Price cites the Parliamentary
acts by which Henry VIII. and Charles
H. were enabled to evade their creditors,
the reputation OF the entire French ma
se,.not, ,s.. !, shn,,,a 30 nayah,o in
a., .,,r.e,n, ,,,,,ot ~. ~. ,oroi,,,,or,ry
ma,..; u, ~. nnono.ais 10,
a,oa.a, ~ ,,,S,.,a ,ha ra,iana, All,
r. -, $50 ,ai,on,nn ~. nv, >
y, - ..,s,,;.
p.,oa oon.,,,,os
..T. ..,,n, 49,. ,,, ,os. .,.,
,, -. ~. ,o''ai,. .tsa.
ny s,.,, az, -, or,,.
, - Wv" - h.,,,s .,has o.
W. anu olle-na't '',It""s, nu''.''I W "
vvv,vo", W. w, 80 ,,,,,i",,S,
w 49,. 80
,S "'' Va
t,..,
rurope .ne p.I .a','" -, :.
u VIZ "'I
neat'S "ou"'e ''a' W .ne ,,",,I,".es
w .'" ~ ,', -, 80,
" , 80" ". W.. ,. 49,
an, 80. ,.,,,n orao,.Io
"e'' '''" 'e"S ''e""'
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VI "''"'""'
1T il 10 he borne In mind that II
population or default should take place
there would No no destruction OF accu-
INFLATED wealth Non-pavment Of ma
'.onal debt simply means that \ certain
portion ~ the worlds population ia
freed from the compulsion Of being made