The West Virginian. [volume] (Fairmont, W. Va.) 1914-1974, 1919-09-20
WAR DEBTS.

IENRY A. WISE WOODS recently published
1 letter about the visitor from England who told him
he was on this side to promote scheme whereby the
gyar the allies would be mtemationaized would
Is more interesting if it were not for one or two little facts
which is that there does not seem to be any necessity
oreang war debts national debts or any kind =: that
Manner There is great need tor loan OF credit for the
egya Of industry, commerce and even agriculture on the
pef SIDE but that is matter for business men to take
rs and it only indirectly affects the governments And
sre viii soon convene at Atlantic City International
under the auspices of the Chamber of Commerce
Sc lie United States which will consider that particular
ohase Of the worlds business problem.
But even more pertinent in making the project OF MIR
Woods visitor seem visionary is the fact that the Allies
BEGINNING TO find that their finances better shape
tan thew believed them to be when the came to an
here never was serious consideration OF the project
Is consolidate and underwrte the debts outside OF
France and even that country finding that 1t is moi gog
Is Be crushed under the war debt if ordinary prudence
rachced and the radical element can be prevented from
gettng the upper hand in the government
Along that line we have some fresh testimony from no
las an authority than the Guaranty Trust company of New
(which in booklet upon the subject issued thursday
Sc this week declares that the present resources and pro-
cns power Of the four principal allies are ample to en-
ale Them not onyoto meet all obligations, but regain
her normal position in the worlds business we'll That
sfaisht enough 10 the point 1t is made by instu-
which is not only responsible in the ordinary sense but
4 unusually well informed about such matters Z.
OFfance whose statesmen and 6nanciers conceived The
Of inenationaizng the war debt and for time press
Tie scheme before Tie Peace conference, the Guaranty
booklet says:
France though heavily burdened by the In
ternal debt contracted during the war, will be
able to carry her external debt with no great
difficulty, it is predicted.
OF the total debt, about $3.50 ,O00, 900 is
external. AS offsets to the external debt, there
are French Investments abroad estimated at
IS, 100, 100000 The peace budget OF, France
viii require approximately 5000 100000 or
1T.000,000,000 francs, which is three times
the budget Of 1914. The service of the debt,
which is estimated will be 200000000,000
francs in 1920, is placed at 1O0OOOOO,OOO
francs.
France recovered rapidly after the over
SiwheImfng defeat and loss Of important terri
tory in 1870. Now, heartened by victory and
with productive equipment enlarged, 1t may
he expected that recovery in the present per-
Tod OF reconstruction will be no less phenom-,
inal than in the earlier period. The funda-
mental economic situation appears to be on
sound basis. With some outside assistance
IN the form Of capital and labor, there may be
built up great industrial nation-the new
France, sharing in the expanding world trade
on scale commensurate with the countrys re-
Sources and advantageous location
ought to set at rest any fears that the remarks made
yIIsnry a. Wise Woods visitor from England may have
yenise To- The only real danger to Europe now is not
financial and it beginning to be apparent that it never