The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1921-07-12
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A Story Of q Big Sum Of Money.

A Story Of Big Sum Of Money.
Yes, you read something about
hat a long time ago and l remember
We talked about the lot of money owed
he United States by foreign countries.
WHY don't they pay up2' 1t was Jack
to a bunch of his schoolmates
who were gathered under a big tree
trying to keep cool away from the
beating rays of MONDAY sun.
1T is easy enough" spoke up Uncle
Ted who had been cutting the grass,
ut is easy enough, say, to talk about
al this money and what we Think
ought to be done but we really have
no right to unless we study the situa-
ton littl and learn the truth"
Tell us something about it, Uncle
Ted" said Ruth. Anyway you ought
to rest from that heat"
"All right, Ruth, III rest from the
heat, but Of course I mustn't rest too
much - at least must tell a story.
You ARE a tease, Ruth. think the
best way is to tell you what President
Harding did the other day about this
matter. He received a letter from the
Secretary Of the Treasury on the sub
ject and after going into it carefully
sent a copy to Senator Penrose, chair
man Of the Committee on Finance of
the United States Senate, together
with letter of his own. In his letter,
President Harding stated that Secre-
tary Mellon had asked for broader
powers to deal with the situation so
that he could arrange for the refund
ing or conversion or extension of the
time Of payment of principal and in
terest on these obligations, and the
adjustment of other claims of the
United States against foreign govern
ments.'
an Secretary Melons letter to the
President the first thing he stated was
the amoung of money due the United
States by foreign governments on ac-
count of the European war. Children,
that total amount is $10,141, 267 ,5S5.6S!
Just think of it. That money was
loaned in this way: s9,435, 225,329,24
was advanced to these countries UNI
der the various Liberty Loan acts.
That is, the money raised by you and
everybody buying Liberty Bonds. 1884,
O93 $685. totals the obligations re-
ceived from the American Relief Ad-
ministration. The amounts due from
the sale of surplus war materials to
Belgium, Czechoslovakia, Esthonia
France, Letvia, Lithuania, Poland
Roumania, Russia and the kindom OF
the Serbs, Croats and Slovenes total
! s565, O4S,413.SO and for grain sent by
the United States Grain Corporation
| to Armenia, Austria, Czechoslovakia
Hungary, and Poland, the debt is $685..
500, S79.O9.
"Now, kiddies, you see the money
owed on the various classes of debts
is due largely from the. same coun'
tries. When Secretary Mellon wen
into the matter he found, as he states
"'This Department is without au
Ithority to consent to any extension o.
the time for payment Of the principa
or o fthe interest Of these obligations
or to proceed with the refunding.'
Later on in his letter he said: IL
some cases the debtor nations ow'
large amounts to other countries a.
we'll as to, the United States, and I
may be advisable, and in some cases
| indeed necessary to consider compre
hensively the entire debt of sucf
| countries, financial condition and re
| sources so as to work ont refund
| ing plan reasonably within the abilit!
Of such country to carry out
"You see, Secretary Mellon is MOI
going into this matter as man who
| is sorry for these countries, who feels
we should say|'oh! it's all right, wei
forget it. Neither is he going to say
You MUST pay at once without look
ing into the future to see what the re-
suit will be. He is looking at 1t as Q
successful business man and banker
- a man who has always handled
moneymatters with success"
Doesn't he say just what HI
wants?" asked Jack.
Indeed he has said that. With hi
letter to the President he sent a draf
of an act Of Congress which he want
to have passed and which the Presi
dent sent along to the Senate Commit
tee with his letter. The act is shor
so / think will read II to you:
"Be 1t enacted (etc.) that the Sec
rotary of the Treasury, with the ap
proval of the President, is hereb.
authorized from time to time to refun,
or convert, and to extend the time o
payment Of the principal or the inter
est or both. of, any obligation of an,
foreign government now owing to tn
United States. or any obligation Of an.