The state herald., 1920-02-01
no CANCELLATIONS OF DEBT


any part of Europe's debt to the
United States. the Republican Publ.
city Association. through its presi-
dent, Hon. Jonathan Bourne, Jr.. says:
THE sentiment is growing in Eng.
land that her debt to the United
States. amounting to about $4,000. .0o0.'
900 should be cancelled as part OF
Americas contribution TO the cost OF
the war 1t is reported in dispatches
from London that efforts OF our treas
rry officials to secure q funding OF
that obligation into longtime bonds
have come 10 naught because of Bri.
tish insistance that their final pay.
ment shall be conditional on the re
payment TO Great Britain OF sums
loaned by her to other nations. Tha,
is substantially reputation OF her
share OF the allied Indebtedness TO the
United States
Countries debtor to America are
morally bound to live up to their OBJ.
legations. regardless OF the contribu.
ton we made TO the winnirs of the
war. But, although our assistance
was huge enough before the Germans
vera forced TO admit defeat. our con.
tributions to European reconstruction
since that date have been in proper.
tons that should be clearly under.
stood both In this country and abroad.
The New York Times Annalist has
prepared a concise statement OF
American post-armistice advances to
Europe that Is very Illuminating. II
is presented herewith:
II. 5. advances to allies and accrued
interest. $4,000. 100000; foreign loans
floated in the L. S, including govern.
ment, state and municipal issues. and
loans TO private corporations. $780,
100000; advances for relief purposes
made by the [. S. supplies furnished
by the Red Cross, and sales OF army
supplies made on credit, 100000. 900;
uHaccounted for and principally rep
resenting unfunded commercial cred
its extended by American interests to
European interests. $3.50. ..OO0, 900,
making total of s7,75O,00O,OO0.
The first item includes about 81
o0o.o00.00o OF loans to allied govern
ments. and about S1.000.00O.0OJ OF ac-
rcued interest on their total. The sec
ond item includes Norwegian, Dutch.
and French bonds fioated in this coun.
Try since the srmistice. The third
item includes si0O.90O.0oO worth OF
army supplies turned over to the
French government. The fourth item
is an estimate OF the amounts owed
by private interests abroad to private
interests here for merchandise and
other purchases-an item that is con-
stsntly increasing.
This computation of allied indebt.
edness is In addition to the actual
loans made to the allies from the
United States treasury. Those loans
OF slo.c00.00O.000. less the So 900. .00O-
900 included in the first item of the
above table. plus the total as above,
make an aggregate allied pubic and
private Indebtedness TO the United
states and its people OF close TO
SIG. .00o, ,O00, 900.
1T IS not too much to say that.
had II not been for those credits ex-
tended by the United States. recon.
struction in Europe would have been
greatly retarded. and II may be that
social and economic chaos would have
resulted through inability to secure
external assistance. 1t is feature
of Americas relation TO the war sci.
dom mentioned outside OF strictly f.
nancial circles. but is is matter that
should be understood by every citi.
zen in this country. and appreciated
by those people in England who ap.
pear to take very narrow public In.
terest IN our financial relations with
Great Britain and other European
countries win be taken cognizance OF
abroad. ana 10 far to dispel the notion
prevailing there that America VIII
submit tamely to the loss o: $4,000.
100000 OF its national wealth"
.