The Prince George's enquirer and southern Maryland advertiser. (Upper Marlborough, Md.) 1882-1925, 1919-02-28
Friday, February 18th, 1919
TO PAY THE WAR DEBT.

House by the ways ana means
committee, providing for the is
sue of notes up to the limit of
81, OOO,O 900, also makes provi-
sion for the eventual liquidation
of war loans. This is a very I'M
portant subject, one affecting
every person in the land, for it
is a matter of paying the piper"
after the war. For year and a
half all the money required by
the government for prosecuting
the war was provided promptly
and ungrudgingly through the
comparatively simple process of
borrowing it from individuals.
Now comes the inevitable duty
of repaying those loans, and the
country must face it.
The bill provides for the direct
appropriation from the Treasury
of a sinking fund each year q
per cent of the amount liberty
bonds and notes out standing on
July 1, 1920. 1t is estimated
that upon that date the bonded
indebtedness of the nation will
$4,000, 900, 900, so that the sink
ing fund appropriation for the
first year will be $3.50, 900, 600
What it will be in succeeding
years depends entirely upon how
fast the outstanding bonds are re-
tired, but it is evident that for a
generation to come it will be ne
cessary annually to set aside a
very large sum to pay off the
national debt.
There will be no disposition on
the part of the American people
to avoid this responsibility or to
postpone it unreasonably. We
are practical nation, and we
knew full well when Congress
was making war appropriations
by the billions that the day of
settlement would come, when
every person would have to make
his contribution, in one form or
another. toward the repayment
of these stupendous amounts. It
is the duty of Congress to make
the burden as light and as easily
carried as possible, but the Amer
leans public will shoulder it
From the printed record of the
hearings upon the bill when it was
under consideration by the ways
and means committee it is learned
that the administration is not en-.
tertaining the foolish suggestion
so freely offered by impractical
persons that the United State
Should cancel these loans made tc
foreign governments and consid-
er these sums Americas contri-
buttons to the cost of the war.
The loans to allied government
now amount to So, 500, 900, 900 ano
it is expectedithat they will even.
tually total $40, 900, 900, 900, the
full amount authorized by law.
This money, came directly out OF
the pockets of the people of the
UnitedStates, who made personal
sacrifices in order to buy liberty
bonds. The aggreg ate sum
would be equivalent to an aver.
age assessment of. 500 per capita
upon the entire population. To
suggest that this enormous
amount of money be given away
is ridiculous.2
However, the committee has
the assurance of Assistant Secre.
OF the Treasury Rathbone, in the
charge of foreign loans, that
the government has no idea
OF canceling these obligations
and that the borrowers have
made no suggestion that it be
done. He stated unequivocally
that officials of foreign govern.
ments have always expressed
the intention of their govern.
ment to repay the loans and that
the Treasury has not advocated
and does not now advocated any
other policy than the collection
of them. Furthermore, he tolC
the committee that and Official
denial had been made of the re-
port that the Frence government
had approached President Wilson
with the suggestion that the
United States share the expenses
of the war from the beginning.
Accepting these assurances at
face value, the United States
government will soon be able to
strike its balance and ascertain
the sum which the people must
pay as there contribution to the
cause. Washington Post.
BUY WAR SAVINGS