Milford chronicle., 1920-12-03
SOME FACTS YOU SHOULD KNOW

DO you know" asks the RanubIi
can Publicity Association in ON arti
cie issued recently through the pres
iuent OF the organization, Honorable
Jonathan Bourne, Jr., that the entire
national debt of your government is
approximately $4,000, ,0OO, 900. and that
approximately $1O00O,OOO.OO6 of that
sum represents loans to foreign gov-
ernments; e0'-
mat these loans are evidenced in
the treasury by demand notes. bear
ing interest at per cent. signed bv
the representatives of the foreisn GOV.
ernments;
That those demand notes contain
a provision as follows: This certifi-
cate will be converted by the Govern
ment OF (name of foreign govern
ment), If requested by the Secretary
OF the Treasury of the United States
OF America at par with an adjustment
oil accrued interest into an equal par
amount OF (rate per cent? per cent
convertible gold bonds of the Govern
ment OF (name of foreign govern
ment)';
THAT in spite of that provision. and
IN spite of the fact that the first loan
was made on April 25, 1917, 43 months |
ago, no conversion or adjustment of |
accrued interest has been made. al |
though for many months the Wilson
Administration says it has been car
rying on discussions with debtor
to that end;
That, further, in spite of that pro-
vision, there is well grounded SEN
iment in England that our loans
abroad do not really constitute a debt
It all, but should be cancelled as part
If Americas contribution to the cost
If the war, sentiment that is gain
ng strength the longer the CONVEX
ion of notes into bonds is deferred;
That up to the end of the calendar
ear 1920 interest will have accrued
II foreign loans to the amount of
pproXimately S1,200,000,000;
THAT of that sum there had been
aid up to March Is, 1920, according
} an official report from the Secre-
try of the Treasury, the sum of $780,
10000. That probably little. if any,
Iterest has been paid since that date,
being the announced purpose of the
ecretary to defer the collection of .
terest during the reconstruction
sriod of two or three years from the
ring of 1919;
That pending the Treasury dis
Issions, and during the period of
ferment, the American people are
ing taxed the full amount of the
terest which foreign governments
We not paid in order to meet the
yment of interest on a similar
lount of Liberty Bonds;
That that unnecessary taxation
proximates $500,000,O00, annually,
of the total amount which
, Secretary of the Treasury esti-
ties as required to run the Govern
mt for the following year?
These are facts that should be inn
,ssed on the mind of every Ameri-
| citizen and kept constantly before
ry Senator, Member of Congress,
official of the incoming Republi-
administration. No more pressing
y cOnfronts those men, and they
render no greater service to the
pie who elected them to Office, than
see that the explicit provisions of
Sc foreign notes are carried out, 4,
at an early date. When that is :,
e a tremendous reduction in taxa -
will be made possible, the future u
ayment of the huge principal of 81
Sc notes will be assured, and an bl
ier liquidation of almost half of
own national debt will be achiev-
through the sale either in this
ntry or abroad, of the foreign
is received"