Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1920-02-17
MRsFELTONS TALKS
CONDUCTED BY
ffaS WI FELTON,
THE UNITED STATES AS A
CREDITOR

somewhere to show how many mil
lions of dollars were donated to the
Red Cross work, United War Work
ers, Salvation Army and other large
philanthropic organizations that
were begging and driving and in a
manner forcing large gifts of cash
to support the army needs during
the late war. I have never seen a
tabulated statement of these dona-
tions, given only to do good, with
no possible return asked or even
expected.
In addition to these benefactions,
the United States loaned vast sums
many billions-from the national
treasury. at a low rate of interest,
to Great Britain, France, Italy and
Russia. Nothing was expected and
doubtless there will never be pen
ny returned. Yet this republic sent
over to Belgium twelve and half
million dollars every month, begin
ming before this country entered the
war and lasting long after the armt-
stice of November, 1918. At this
time Great Britain owes on her
notes nearly one hundred and fifty
millions of interest and has not yet
begun to pay penny of it.
France owes nearly ninety-five
millions Of interest.
Italy owes more than fifty-four
millions of interest
Russia more than sixteen millions
of interest.
From smaller states, nearly fifteen
millions of interest.
If Belgium has ever paid any
thing, at any time. she now owes
nearly twelve millions as interest on
borrowed money.
During the current year Great
Britain is spending three hundred
millions improving her aircraft ma
chimes France is not doing so
much, and deserves help much more,
because France was a battlefield and
her land largely devastated. 1t is
graveIy stated also that these Unit
ed States were given no security
that is convertible for debt paying
at any time during the progress or
the war. The money that was loan
ed so hurriedly and so recklessly
and without collateral securities was
taken from the United States treas
ury and resulted from sale of Lib
erty bondsi The taxpayers of our
country must bring up the interest
promptly for those Liberty bonds
They are owned here-bought with
American money-but the interest
must be promptly paid by the labor
and real estate of the United States
and by taxation.
A bank that does not pay diVl
dend is a poor bank. A country ina
defaults in it's interest pledges is
very poor country indeed. while
| England, France and Italy are fail
| ing to return interest charges tt
the creditor nation-the United States
the Liberty bonds that were solo
and the proceeds sent overseas, draw
interest and the owners will be able
to compel this interest or sell GU
our home securities.
1t is a pretty pickle, and one tha'
is apt to remain in state Of pickle
for considerable time.
Since the armistice, according tt
accredited reports issued by the
United States treasurer, those foreign
countries have been getting at reg
ular intervals $2,280,S 900. If thai
much has been loaned by executive
warrant since the armistice, what's
to prevent the loan of twice as mucf
more before the facts are disclosed
to the public?
1t has been said that Self-preser
walton is the first law of human life
| or nature.
There is another old proverb
''They that dance must pay the
piper" Some people dance for joy
occasionally the sufferer dances fol
pain.
That the Liberty money was raised
by compulsion cut of the American
taxpayers may be disputed, but no
body disputes the fact that the
money those bonds sold for was al
most instantly shipped to Grea
| Britain, France, italy and Russia
If they are not able to pay the in
| terest, they are not able to pay theil
own liabilities. If, however, they
| have money to use common sense ant
common decency demands that they
make strenuous endeaVors to return
a small amount, as a sense of duty
to those who gave much and are
now being taxed to pay interest or
the same Liberty bonds. All gifts
and no equivalent proves irksome.