The Washington times., 1920-01-17
Why Should the United States
Pay Great Britain's War Debt?

We have just happened upon a remarkable letter
written by Henry A. Wise Wood, of New York, to Con
gressman Tinkham of Massachusetts and by him caused
be printed in the Congressional Record long before sl
George Pash visited this country in search Of his sag
gerng Loan for England Everyone ought to read this
letter. 1t is follows:
''The following incident may throw some light
upon the of the advocacy of the projected League
of Nations, which is pronounced in influential fnan
cial circles. 1 relate it precisely as it occurred.
"Early last May there called upon me at my Of
fee Mr.. j. j. ONeil whose engraved card described
him London manager of the Manchester Guardian,
of Manchester, England. Mr. O'Neill, who was a
stranger to me, Immediately introduced the subject Of
the League Of Nations and took to task because Of
my opposition to that project Upon inquiring of him
why Engishman should be in this country in
structng American in the latter's national duty
and receiving clear answer, l asked him buntly
what the actual purpose of his visit to the United
States. He replied that he here upon mission
connected with the nernaonalizaton of the debt
I asked him if he meant me to understand that he
here upon the business of inducing the United States
to guarantee the debts of the nations recently at
war; including that of Great Britain and that of Ger
many. He said that he told him that he would
find little sentiment in this country favorable to such
project This seemed to surprise him. He said that
I was the first American he had met who did not ia
it. 1 then asked him whom he had seen, and he
piled that upon the previous day he had seen Mr. j. p
Morgan, and that Mr.. Morgan had expressed himself
being in favor of the plan.
whether this not correct statement
of Mr. Morgan's position have means of knowing.
But it might be valuable at this time to inquire pub
lcly what plans, if any, afoot to induce Europes
proposed partner the United States, to
the obligations of the financially hardhit members of
the projected o-partnershp, who about to open
the business of pooling their troubles under the title of
the League of Nations.'
The British war debt is of the most stupendous
things in the world According to this letter there
campaign foot to get America to guarantee this
debt This debt almost beggars description. We
believe that the interest alone exceeds the entire
penses of the Government before the We also under
stand that the entire British income in spite of the
taxes is not able by very large margin to pay the
interest the British debt and the current
In other words Great Britain is going bank
rupy at her present rate of income and expenditure Sc
serious is the situation that all classes in England dis
cussng the advsability of what is called capita levy
capital levy, it is understood in Great Britain
believe is the seizure by the government of part of each
wealth for the purpose of paying the debt
any other time such suggestion would be hailed rob
berry, anarchy Boshevs and all other kinds of names but
great the British debt and inadequate is the
of ordinary taxation to meet that all classes in Eng
land discussing the proposed capital levy and indeed
practically agreed that it must be made, provided OF
course that cannot be paled off upon the United States
With the with phch we're made to guaa1
tee the boundaries of the British Empire with our blood
and treasure under the proposed League of Nations and tc
give the British six potes to one under that same
league.
The only dispute which is serious in England con
cernng the capital levy whether the levy shall be made
upon the fortunes accumulated during this whether
they shall be upon the fortunes accumulated in all
under all circumstances Those who made their money
before the naturally want those who made their money
during the to pay and those who made their money
during the naturally want everybody to pay and pay
alike The old fashioned Tories whose fortunes were found
ed upon other of course for taking the profits out
of this but the newly rich and the radicals are for tax
ing it from the profits of all and enterprises.
OF course If through the subtle agencies of Pierpon
Morgan Co., scattered throughout the country propa
qanda favor of assuming this British war debt