Evening journal., 1920-03-31

Uncle Ted" said Jack. II heard
Daddy say at dinner the other day
that the United States had loaned an
awful lot OF money to other countries
during the war and that we might mol
get some Of It back
"Well, Jack" replied Uncle Ted
"your father was certainly right when
ne said that the United States had
loaned other countries a lot Of mony
You see, kiddles, during the war II was
necessary for the allies who were
nghting Germany to have large sums
of money with which to buy war ma
terials, food and supplies. IL happen
ed 50 that the United states had more
money than anyone else at the time and
we l)aned the various countries diff
ferent amounts OF money at different
times until the total amount hiss reach
ed the enormous figure Of si00O0,OO0-
OOO"
''Phewr' said Ruth, "that's lot OF
money"
II should say it was a lot OF money.
And the worst OF II is that many OF the
people in Great Britain think we should
cancel the amount we loaned England
what do you mean, cancel the
amount'2" asked Jack.
by that, Jack, / mean let them keep
the money and never pay It back. You
see, these countries borrowed this
money with the understanding that
they were not only TO pay II back, but
that they must pay interest, that is,
pay a certain amount for the right to
use the money. Now there seems to be
a movement on foot in Europe, espec-
tally in England, to not only get out
OF paying the interest, but TO get out
OF paying back any Of the money at
ALL"
How much did we loan EnglsndY"
asked Jack.
I'VE loaned Great Britain s4,2i0-
100000. Great Britain has loaned other
countries S8,TOOOO0OO. OF course,
s42i0OO0OOO Of that amount was fur
nished Great Britain by, the United
States, so that Great Britain has really
only loaned to other countries sl,490-
100000. To give you an idea OF how
certain Englishmen think about this
matter, l will tell you about a man by
the name Of Maynard Keynes, who Is
connected with the British Treasury In
somewhat the same way that our
Assistant Secretaries are connected
with our Treasury. He says that be-
cause Germany will not be able to pay
back much Tor the terrible damage she
did during the war, that the United
States should do the payingl OF course
ne means by paying. that we should
tell all the allies that they can keep
the money we loaned them and forget
It'll Besides this, he says, in a round
about way. that II we don't do this,
these nations might call another war
In order TO keep from paying this
money. That sort Of thing is not only
silly but dangerous, and the sad p9rt
OF 1t is that many Britishers feel he
same way.
II wouldn't be quite so bad II NJ.
Keynes stopped at saying this much,
but he goes on and suggests that after
the United States has told the allies
that they can keep this si0O000o0.O00
that this country should make another
loan Of about sl,OOOOO0,OOO to help the
countries on the other side OF The At
lantio get in a position 10 do business
on as big a scale as we do. In other
words, he would have the United
States furnish the money for the couE-
tries to do business that would take
business away from this country"
where did the si0,OOO.0OOOO0 come
from that we loaned to the allies"
asked Ruth.
Il am glad you asked that question,
Ruth" answered her uncle. because
It just shows how impossible II v;oulG
be for US TO cancel these loans. The
$40 900 100000 has not yet been paid, !