The Washington herald., 1919-04-20
Auoid Pact With Debt
Ridden Allies, Says Fish
Financier Sees Objections
To League Plan-De-
clares War Debts, Now
Enormous, Are Certain
To Be Increased-Amer-
ica's Credit Good.
BY sTUYyEsANT FISH.

Being asked to give my views as .
business man. of the league of ma
tions as a business proposition. shall
do so frankly-at the risk of being
criticised for counseling no higher
motive than enlightened self interest.
II Mr.. Cleveland was right in saying.
Public office Is a public trust those
who administer our government, alike
in the executive and In the legislative
branches thereof. will no more be JUS
titled in sacrificing the material inter-
ests Of the. United States without OBJ
tanning adequate consideration there
for. than would the president and d.
rectors Of a corporation be justified
in thus sacrificing their stockholders
money.
Representative ]. W. Good, Of
Iowa, who will be chairman OF the
appropriations committee in the next
Congress. gives A7. lilo, 925, ,160 as the net
appropriations available during the
war and for the fiscal year ending
June So 1870. That amount Is nearly
double the total of all the ordinary
governmental disbursements of the
United States, throughout the fifty
seven years from 1860 to 1916. inclusive.
which themselves amounted to S2i.-
4s2.77S.76S.
War Bill Immense.
That is to say. nineteen months
of war forced the United States to
spend twice as much as they had
spent in the preceding fifty-seven
years. in which were included the
four years of the civil war. the
Spanish Philippine war. and the
personal war which President Will
son waged against President Huerta
of Mexico.
"A large part of the expenses of
this our first European war have
been paid through taxes. as we all
know to our cost. But meanwhile
our national debt has grown from
less than one billion (S989.21s.O2D
in 1916 until 1t is now estimated
for the year 1920 at s26.000. 900. 900.
The increase of $4,000. 900. 900
thus made in our national debt
largely exceeds what was in 1914
the sum of the combined debts of
status quo and a balance of power
on bases satisfactory to them.
"As Representative Good says:
From the close of the civil war I'm
til 1916 our annual expenditures
never exceeded S1.150. 100000. For
the fiscal year ending June 80. 1921.
the interest on our debt alone will
amount to more than s1.05O. .000. 900.
a sum almost equal to the total an
nual expenses of the government
prior to 1916
Good estimates the total OF the
expenses of government for the
fiscal year ending June 30. 1921. as
more than $500. 000. .000.'
Surely IL behoves us to reduce
expenses and to avoid incurring
fresh liabilities of any kind.
by the tenth article OF the league
of nations covenant the United
States will be committed as follows:
The high contracting parties shall
undertake to respect and preserve as
against external aggression the terri
torial integrity and existing political
independence of all states members
of the league. In case Of any such
aggression or in case OF any threat
or danger of such aggression the ex-
ecutive council shall advise upon the
means by which the obligation shall
be fulfilled
while 1t is true that this draft is
still under advisement and liable TO
be changed in any particular. to make
it amount to anything the parties
thereto must in some manner be
committed as stated in Article Y
above quoted-to preserve not only
the territorial integrity, but also the
political Independence OF all present
and future members of the league.
Before entering into any such COW
enant the United States should real
ize that Of all the powers which have
been at war on either side, they are
the only power which is today alike
on gold basis and perfectly solvent
beyond any doubt. Without question
ing the credit OF some of the other
powers, let US look a little before
going into partnership with all of
them. to see what the assets and liza
bilities of the stronger ones are
Taking up first, national debts. and
later paper money.
National Debts.
THE Mechanics and Metals Nation
al Bank of New York put out early in
February an interesting pamphlet
The Worlds War Debt from which
1 extract the following figures:
Gross debt. Aug. /. 1914. Jan. /. 1919.
L. S........... 81 600 OO0. 900 S21. 600 0oO 900