The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1920-12-31
OUR FOREIGN LOANS.


publicity. A few months ago he wal
getting reams OF 1t by attacking thu
packers and cold storage houses. Blu
interest in packer regulations appar
emily died out and now he is seeking
the first page by criticism of the ad
ministration because it has not fore
ed the payment of the war loans made
to France, Britain and Italy and the
other allies in the recent war. Ever
during heated and partisan presi
Dental campaign the republicans
made no attack on the administration
on this score. 1t remained for pro
fessed friend of the Wilson admins
tration to intimate that there has been
some gross direliction of duty in the
matter of forcing repayment OF the
advances that were made to Ameri-
cas- heroic allies in the recent world
struggle.
a. Everyone knows why payment of
the amounts advanced to our allies
has not been forced. England and
France that bore the brunt of that
awful conflict, whose sons by the hun
dreds of thousands sleep on the bat.
tlefelds OF Flanders and France,
emerged from the war completely ex-
hausted. Their debts had been enor.
mously increased and their produc-
tive power was greatly reduced as a
result of their millions of dead and
wounded America was not and Is not
In immediate need Of the interest or
principal Of these advances. There
has been some unofficial talk of the
cancellation Of these debts, but there
has never been any intimation that
they had the sanction of the admins
tration. II Is doubtful If the people Of
either England or France would &C.
cept cancellation of the debts due by
their nations to this country. But they
do need time to heal the wounds of
war and to recuperate from the aw-
full losses of that titanic conflict. They
have not paid the interest on these
debts because they did not have the
money. The balance of trade is run.
ming healthy against both countries
and In such circumstances any fur.
Their drain on their financial resources
would invite disaster. Secretary
Houston, who is an exceedingly able |
and level headed financier and not
man of much sentiment, recognizes
this fact. 1t would not profit Ameri- |
ca, to still further impede the pro-
gress of our recent allies in their work
of rehabilitation.
Senator Mcclellan does not tell how
he would force" the repayment Of
either interest or principal of these
advances at this time. These are
debts of honor and neither France or
England has ever repHdiated interna-
tional obligations. There is no roa,
son to believe that they now contem.
plate anything of the kind. They are
torn and bleeding from the war but
they are not paupers. Only by a
threat Of force could we enforce de-
mand for payment now and that would
be simply unthinkable.
i8This country should pursue the
most generous policy possible toward
the war devastated nations of Europe. l.
z is tottering under the
greatest load 1t has known in centu-
ries. The burden of taxation and the
cost of living, due to exchange rates
and the waste of warfare, is almost ,
too great load for the peoples of
Western Europe Assuredly this coun-
Try must not be party to any policy ,
that would add to their burdens and ,
cause further discomfort among the ,
masses with organized government. 1t ,
IS to our interest to extinguish the ,
imoldering fires of revolution in the d,
nations across the waters. Radical +,
SIN in France and England is a threat /,
o the perpetutity of our institutions.
America needs more of that spirit
II idealism, of self sacrifice and of
which characterized 1t dur 8
ns the war. 1t should not pursue a
hortsighted policy. 1t will not prof. :
this or any other country to dis. ;.
'ass who won the war" The ties !,
hat bound nations together in defense
4 eiyilliberty should be just as strong n
low when the foundations of civili- y
alton are threatened by a foe just as h
nueh to he feared as German impe. q
ialism. :,
THE TARIFF. O,