Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-01-31

the instruments of tlercc belllgerenCN.
EUROPEAN GOVERNMENTS
MUST FINANCE THEMSELVES
And the United States Must Practice
Economy So That Private Funds May
Be Available to Relieve Old
World Industry
SECRETAi GLASS'S inference that
~ the Ame. Ican people are not willing to
tax themselves to pay the interest on the
debt of European nations is based on a
proper understanding of the state of
mind on this side of the ocean.
The European nations already owe the
United States Government $9,450,000,000
on which they are unable to pay the in
terest. This money either has been bor-
rowed by the government from the
American people or raised by taxation.
But it is debt owed by the American
Government and it must be carried until
such time as the European nations dis
charge it. The suggestion has been made
that we cancel it in the interest of world
solvency.
proposition of the Chamber of Commerce
of the United States that group of
American representatives of commerce
and finance confer with a similar group
of Europeans for the purpose of discov-
ering how much NOR money Europe
needs from this country to save it from
bankruptcy.
tbarp I.eYn-i+;a,, 1,a,.o 70, mat
up more public money for the use of the
European governments. As Secretary
Glass points out. those governments can
not be controlled from Washington and
we can have no control over the eXpendi-
ture of money lent to them. While the
gravity of the financial situation of Europe
is admitted. the secretary holds that the
governments over there must adjust their
financing to their resources and that the
funds for the industrial rehabilitation of
the fighting nations must be raised by the
ordinary processes Of private financing.
Arrangements for such financial aid
have already been made by the Edge law,
which authorizes the formation of for
Cign trade corporations to advance money
to European business men who wish to
/ purchase American products and to float
/ here in the form of debenture bonds the
( loans thus made This plan relieves the
government of financial responsibility
and it provides way for facilitating in
ternational trade.
There should 90 along with Secretary
GLASS; objections to the use of public
( money to relieve Europe a definite and
/ positive policy OF economy in the use of
/ public funds for domestic purposes. But
! Congress does not seem to be devotng
/ that attention to the conservation of the
/ financial resources of the nation that con-
dtions demand.
The interest on the national debt now
/ amounts to about a billion dollars a year.
| Advocates Of compulsory military train
! ing for the youth are attempting to Sc
/ cure the passage of bill which will call
/ for another billion dollars annually to
| carry out its provisions.
/ A group of western senators and rep
/ resentativcs is working for loan of
/ $25O,OO ,000 on which the interest at
! high rate would have to be paid for the
/ reclamation of arid and waste lands.
/ The congressman accustomed to spending
money by the billion during the war re-
/ gard this as a trivial sum. and are as
! tonished at their moderation in asking
! for so little. They have lost their sense
| of values and their sense of proportion
/ Just as many of the business men who
dHrir,r tLo wa,. have found +ban, sor,.os
.o.,,ncTrs,I,, o,,,'r,T disomaIifod to do ,rf,.oto
,tari,
,r%o .,+notior ,va. dosc,ibod b,. on o,
-. ,,,,n bod boon srnor,.is;,,o, ,on
.,,,+io 80 ,,,o,.i. ,,,,on bo ia tb"t ~
( Io,,r,or l-rav. tho ,sI,,o of = dollar uo
to''ST ti hoam o,.dorod ~ rnsb bi, ,,.o,.,.
.,rIo.;or as,u rcoard,es. If tho oost - ~
Jo'l' I1l ,o,,, ,o,,con+ro+ino he r,id ~ ~ a'
.,It- .,''. a,5 nor IN an,+binn eIso = ,,a,,
ot'1 oaaosa,. "" fo tbc gorc,.nn,o+ 80 oo",, m"9
~, di,,;dords m no canitoI ir,.otad
. ho'.eS Wv nus ''' '''~ ''P'1"' ''' C''eu