Evening journal., 1920-12-14
TUESDAY, DECEMBER "A, 1920
No CANCELLATION OF DEBT.

UDROTESTlNG against cancellation OF any part OF
Il Europes debt to the United States, the Republican
Publicity Association, through It's president Hon Jona-
than Bourne Jr. says that the sentiment is growing in
England that her debt 10 the United States amounting to
about si2O0OOOOOO should be cancelled as part or
Americas contribution to the cost OF the war;
is reported in dispatches from London that efforts
OF our Treasury officials funding OF that ob-
CATION into longtime bonds have TO nausht because
OF British insistence that their 0nal payment shall be
conditional on the repayment to Great Britain Of sums
loaned by her to other nations.
That is substantially repudiaon Of her share OF the
allied indebtedness to the United States
Countries debtor to America morally bound to live
up TO their obligations regardless OF the contribution we
made to the winning OF the But alh ough our as
sisfance huge enough before the Germans were
forced 10 admit defeat contributions to European re-
construction that date have been in proportions
that should be clearly understood both this country
and abroad.
The New York Times Annallst has prepared concise
statement OF American post~armisce advances to Europe
that is very Illuminating. II is presented herewith
u S advances to Allies and accrued interest $3O0OO0O0O
'Foreign loans noated In the United States, in
cludng government, state and municipal is
sues and loans To private corporations .. 7O0OO0O0C
advances for relief purposes made by the
United States. supplies furnished by Red
Cross, and sales OF army supplies made on
credit 7OOOOOOO
"unaccounted for and principally representing
unfunded commercial credits extended by
American interests 10 European interests 3350OOOOO
Total s775OOO0O0C
The nrst item Mr. Bourne says includes about $1,000
100000 OF loans TO allied governments and about 1900
100000 interest their total The second item
includes Norwegian Dutch and French bonds noated in
this country since the armlsce The third item includes
s400O00O00 worth OF army supplies turned To the
French Government The fourth item is an estimate Of
the amounts owed by private interests abroad to private
interests here for merc andse and other purchases-ar
item that is constantly increasing
This computation OF allied indebtedness is in addition
TO the actual loans made to the Allies from the United
States Treasury. Those loans Of si0OOOO0OOO0 less tn
S2oo0O000O0 included in the nrst item Of the above table
plus the total above. make an aggregate allied publ
and private indebtedness the United States and its peo
pie OF close to si6OOo0O0O0O.
i is not too much, say that had IL not been for thos
credps extended by the United States, reconstruction
Eurdpe would have been retarded greatly and II ma
be that social and economic chaos would have resulte
through inability to secure external assistance
II is feature OF Americas relation to the war sedol
mentioned outside Of strictly financial circles but It is
matter that should be understood by every citizen in tn
country and appreciated by those people England VIII
appear TO take very view OF their obligation
to the United States An awakened public interest in o,
financial relations with Great Britain and othe, Europes
countries viii be taken cognizance OF abroad and go Il
to dispel the notion prevailing there that America wi
submit tamey to the loss OF SOOO0OO0O00 OF its nation
wealth