The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1920-11-26
THE NATION You SHOULD KNOW

Washington. d. c.-"Do you know"
asks the Republican Publicity Associ-
alton in an article issued through the
President OF the organization, Honor
able Jonathan Bourne. Jr.. that the
entire national debt of your govern
ment is approximately $4,000. 900 900.
and that approximately $4,000. O0O.-
900 Of that sum represents loans to
foreign governments;
THAT those loans are evidenced in
the Treasury by demand notes, bear
ing interest at per cent, signed by
the representatives of the foreign gov
ernments:
That those demand notes contain
provision as follows: This certifi-
cate will be converted b ythe Gov
eminent of name of foreign govern
menD, / requested by the Secretary
of the Treasury of the United States OF
America at par with an adjustment OF
accrued interest into an equal par
amount of (rate per cent? per cent.
conference.-the gold bonds of the Gov
eminent of name of foreign govern
menU':
THAT in spite of that provision, and
! nspite of the fact thatthe first loan
was made on April %, 1917. 4S months
ago, no conversion or adjustment of
accrued interest has been made, al
though for many months the Wilson
Administration says 1t has ben carry
ing on discussions with debtor coun-
tries to that end;
THAI, further. in spite of that pro-
vision, there is we'll grounded senti-
ment in England that our loans
abroad do not really constitute debt
at all, but should be Cancelled as part
of Americas contribution to the cost
of the war, sentiment that is gain
ing strength the longer the conversion
o fnotes into bonds isdeferred;
THAT I'D to the end of the calendar
year 1920 interest win have accrued
on foreign loans to the amount of APP
proximately s1.20O.O0O, 900:
THAT of tina sum there had been
paid up to March Is, 1920, according
to an official report from the Secre-
tary of the Treasury. the sum oof
s4SS. 100000. That probably little. II
any, interest has been paid since that
date. it being the announced purpose
of the secretary to defer the collec-
ton Of interest during the reconstruc-
ton period of two or three years from
the spring of 1919;
That pending the Treasury discus
sions'. and during the period of de-
ferement. the American peopel are
being taxed the full amount of the in
terest on a similar amount of Liberty
Bonds;
THAT that unnecessary taxation ap-
proximates s500.0O0.000. annually,
one-eighth of the total amount which
the Secretary of the Treasury esti-
mates as required to run the Govern
ment for the following year?
These are facts that should be i'm
pressed on the mind of every Ameri-
can citizen and kept constantly be-
fore every Senator, member of Con-
gress. and official of the incoming Re
publican administration. No more
pressing duty confronts those men,
and they can render no greater service
to the people who elected them to Of
fee. than to see that the explicit pro-
VISIONS of those foreign notes are
carried out, an dat an early date.
When that is done a tremendous re-
duction in taxation will be made pos
sible, the future repayment of the
huge principal of those notes will be
assured and an earlier liquidation OF
almost half of our own national debt
will be achieved. through the sale
either in this country or abroad, of the
foreign bonds received"