The Republican journal., 1920-11-11
THE NATIONS CAN PAY

The government of the United States
has loaned about $4,000. 900, 600 to Euro
pean inter- allied nations. OF this loan
about 81, 800, 600, 900 was made to Great
Britain, about $1,000, 600, 900 to France,
about 81, 620, 600, 900 to Italy, about $751;
900, 600 to Russia, and a total of about
s170, 100000 was loaned in varying
amounts to several small nations. These
aoans were the money of the people of
the United States, and every dollar loan
ed was raised either by taxation or by
She sale of bonds, which, principal and
interest, must be paid by continuous and
burdensome tax levies. Voices in me
air, some of them in Europe and some OF
chem in this country, have been telling
us that our government should cancel
these loans. These voices have said that
Europe is bankrupt or will De ii we IN
sist on payment of these loans. they
cell Is. also. that unless we do this there
will be danger of serious complications,
and even go so far as to hint that there
NAV be war Some of these Volclngs
come from certain proilteers IN this
country; some of them are from pTopa-
aanda bureau in Europe and some are
from a few persons who are well lnten-
&ioDed but mistaken idealists. An Inter-
national Economic Conference has been
in session for some time in London. AT
this meeting prominent English noble
man took occasion to advocate the can
collation. of these loans. He even went
so far as to state that when President
Wilson went to Europe he intended to
forgive the loans which the United States
had made. We do not believe this state
ment concerning Mr.. Wilson, but we
have no doubt that the Englishman spoke
xbe European hope that this country
would cancel the war loans. During the
week when this cancellation was openly
advocated in London Mr.. Bryan put him.
self on record in favor of the proposition.
The statement that the European nations
cannot pay these loans has no foundation.
4 HIS IL Gel IdluIy II uC VI LhsioA4As cAiSNJ
Eta.y and Belgium, and is probably true of
all The debtor nations except Russia. OF
course it is admitted that they cannot
fully pay at the present time, but that
they shall do so is not writ on the bond.
Statistics show that the matarial wealth
of Great Britain is not less than $780,
900, 900, 0OO Her debt to us is only three
and one-half per cent of her material
wealth The material wealth of France
Is $50 DOC, 900, 900. Her debt to US is less
than four per cent of her material wealth.
The material wealth of Italy is about
$40 900, 600, 900 and her debt to us is
little more than 4 per cent of that sum.
We have no reliable figures at hand to
show the paving capacity of the smaller
more material wealth today than when
they entered the war, having acquired
very large areas of territory handed them
by the treaty. Neither of these two ma
lions should receive charity from US.
Then after-war burden is not much
heavier than ours. In common with all
the allied nations, Belgium and Italy in
CURED great Indebtedness. Neither of
them acquired large land possessions, nor
have they yet received the reparations
specified in the treaty. Germany should
be compelled to make reparations to both
these countries When this is done Bel
GUM and Italy will be able in few years
to pay their debts. The Germans say
they cannot pay. Mr.. Bryan says they
cannot pay. Foreign propaganda says
they cannot pay. This is the basis on
which rests the plea for the cancellation
of our loans. AS far as honor is an asset
Germany has been bankrupt since Henry
z founded the first German empire, a
thousand years ago. But financially Ger
many is solvent. In 1918 the Imperial
High Chancellor laid before Kaiser Will
liam statement showing that the wealth
of the German Empire was 500, 600, OOO,-
600 and that the annual income of it's
people was $40, 900, 900, OOO She has lost