The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1920-12-02
SOME FACTS

city association in an article issued
today through the president of the
organization. Hon. Jonathan Bourne
Jr., that the entire national debt
of your government is approximately
$4,000 10000 and that approx
mately slo.ooo.ooo of that sum rep
resents loans to foreign govern
ments.
'That those loans are evidenced in
the treasury by demand notes, boar
ing interest at s pr cent. signed by
the representatives OF the foreign
governments:
That those demand notes contain
provision as follows: This certifi-
cate will be converted by the gov
eminent OF (name OF foreign govern
menD, IL requested by the secretary
Of the treasury Of the United States
OF America at par with an adjust
ment OF accrued interest into an eq-
ual par amount of crate per cent?
per cent convertible gold bonds of
the government of name OF foreign
government);
That in spite OF that provision
and in spite OF the fact that the frs
loan was made on April 20 1917
43 months ago, no conversion or ad.
justment of accrued interest has
been made, although for man,
months the Wilson administration
says it has been carrying on discus
sions with debtor countries to that
end
''That further, in spite of that
pI DIVISION. there is a well grounded
sentiment in England that our loans
abroad do not really costitute debt
at all but should be cancelled as part
of Americas contribution to the cos,
OF the war, sentiment that is
gaining strength the longer the con-
version of notes into bonds Is de-
ferred; ~
THAT up to theend of the calendar
year 1920 interest will have accrued
on foreign loans 10 the amount OF
approximately 81 2OO,OOo,ooo
That of that sum there had been
paid up to March 10. 1920, accord
ing to an official report from the sec
/ rotary of the treasury the sum OF
s433,OO0,OO0. That probably little,
| IL any. interest has been paid since
that date 1t being the announced
purpose of the secretary to defer the
collection of interest during the re-
construction period OF two or three
years from the spring Of 1919;
THAT pending the treasury dis
cussions and during the period Of de-
terment, the American people are
being taxed the full amount of the
interest which foreign governments
have not paid in order to meet the
payment OF interest o u similar am
out of Liberty bonds;
rThat that unnecessary taxation
approximates $500, 000 1000 annually.
one eighth of the total amount which
the secretary OF the treasury estim-
ates as required to run the govrn-
ment for the following year?
These are facts that should be
impressed on the mind of every AM
erican citizen and kept Constantly be-
fore every senator, member OF con
gress and official of the incoming
Republican administration. No moro
pressing duty confronts those men
and they can render no greater ser
vice to the people who elected them
to office. than TO see that the exDli-
cit provisions of those foreign notes
are carried out and at an early
date. When this is done a tremen'
dous reduction in taxation viii be
made possible, the future. repayment
of the huge principal of those notes
Twill be assured and an earlier liqui
dalton OF almost half OF our owI
national debt will be achieved
through the sale either in this coun