The Republican journal., 1920-03-04
A SENSIBLE MAN.

Mr.. Carter Glass made a speech not
long before he resigned as Secretary of
the Treasury. and unlike his predecessor,
he had something to say when he talked
1t was a speech which we think will be
approved by nearly all the people of the
United States. He said: 1.-THE time has
arrived when the United States should
cease to lend money to the nations of
Europe" He might have added with
truth. that the time had been more than
six months overdue. He pointed out
that "since the armistice was signed, less
than fifteen months ago, the Treasury
had made direct advances to the Allied
governments aggregating So, $780, 891, 900
in cash; in addition had sold to them
through the Army and Navy Depart
ments, on credit, $685., 00o, 900 worth of
supplies; had extended 500, 900, 900 for
relief and that unpaid interest on loans
had accrued to the amount of 1924, 211,-
000." In addition to his aggregate of
previously allotted to the debtor nations
nearly 100000, 000, and there is no Sc
curity whatever behind these vast loans
and credits. Mr.. Glass also said: "The
Treasury Department plans to defer the
collection Of most of this interest for a
few Years At first reading this seemed
TO US to be a false note, but we soon de-
cded that it was merely syncopaton,
musical, rhythmic and soothing way of
telling US that the Allies had decided tc
pay when they got ready, if that time
mental truth about the debts Mir. Glass
should he forgiven for this neat specimen
of camou1age. We do not positively
know whether our debtors have informed
Uncle sam that they will pay the inter
est when they get ready, but the infer
ence IS plain that suggestion of that
sort would not be likely to originate with
Mr.. Glass. We do know that several
very prominent Englishmen have blandly
suggested that the United States ought
TO cancel all her European war loans and
credits, and that suggestion has been
echoed by at least one prominent French
man. Our loans to the Allies are but
trifle when compared with the sum total
of our sacrifices in their behalf The
casualties in the American Army were
"a, 844 killed in action, 10, eco died of
wounds. %, 1913 died of disease, 5, 1902 died
from accident or other causes and 215 ABB
survive from wounds, and of these
about IS per cent returned to duty We
saddled upon ourselves national debt of
$l6, 600, 600, Gee The human and tnan-
cial price which we paid to save these
debtor nations from extinction or from
German rule was enormous beyond con-
ception. We have had the satisfaction
of paying Germany for sinking the Lusi-
tania, for her fragrant piracy on our
merchant shipping and for repeated in
suits to our flag. This, and one little
island, zap, is all we have to show for
the blood and treasure we have expend-
ed. The nationality Of England, France,
Belgium and Italy has been saved. Eng
land has gained about $4,000 square
miles of territory and France has gained
about 200, 600 square miles, England is
in arrears on interest payments to the
amount of S145, 100000. She is using
this money which belongs to US for the
purpose of getting raw materials, es-
-pecially petroleum. Today we are i'm
porting fuel oil. We are consuming
more than we produce and wherever
American buyers 60 they find English
buyers there with the cash. The day is
past when coal burning merchant ships
can compete with oil-burners. England
is determined to remain mistress of the
sea That is none of our business, but
we can see no reason why we should as
Sist her with dollars which by every rule
of the business world should be in the
Treasury of the United States Several
of our foreign debtors are bankrupt and
will never pay but those which are SOL
vent should be called upon to at least
pay the interest when it becomes due.