The Brattleboro daily reformer. (Brattleboro, Vt.) 1913-1955, 1921-07-23
BY David Lawrence
Especial Dispatch to The RefOrmer)
s Copyright 1921


Especial Dispatch to The RefOrmer)
Copyright 1921
WASHINGTON, July 23.-America
has no thought of accepting worthless
securities of any kind in payment of the
allied debt of ten billions. Great Britain
has not asked that the United States ac-
cept German bonds in exchange for her
debt and America wouldn't agree to it
if the request were made. III
Unless congress grants the executive
branch of the government sufficient au
thority and broad powers to negotiate
with all the foreign governments who
owe the United States money, there is
a serious danger that negotiations over
refunding may be prolonged over many
years and the interest payments delayed
Indefinitely. .f
These three principles underlie the con-
troyersy which has arisen between an
element in the senate and the treasury
| over the effort of Secretary Mellon TO get
enough power to handle the foreign debts
of the United States. Mr.. Mellon has
spent practically the entire week an
Swering the questions of senator's. some
of whom give the impression that they
| fear Mr.. Mellon will either cancel the
| aren't worth much. They either don't
know Mr.. Melons ability as a banker
and business man or they do not have
| confidence in him. AS matter of fact.
| Secretary Mellon is the last man in the
| world to have a worthless security passed
across his desk and is the least likely
| to forgive or remit obligations of such
| character because all his life he has been
| trained to negotiate and bargain and his
| own private success is testimony to what
his natural inclination is in any trans
! action. -..
President Harding Must Approve
/ But the secretary of the treasury isn't
! to be empowered to decide the matter
| alone. The request for authority means
that President Harding himself will have
| to approve any settlement made by the
/ secretary of the treasury before it is
Il actually valid. In other words those sen
| atorS who don't know Mr.. Mellon need
1 only have faith in their erstwhile col
II league. the former senator from Ohio who
1 now sits in the White House. If they
1 hear-as they are bound to hear-some,
/ thing of the nature of the negotiations
| with foreign governments and they don't
! like it. they can always express their
views privately TO Mr.. Harding.
Legislative Action Impracticable
i But the real reason why the admins.
tration wants broad power to negotiate
\ the 1untlng OF interest ana principal on
the foreign debt is that it is impracticable
to have a legislative body conduct a dis,
cusSion on confidential matters. as are
Il involved. The treasury will ask. for in.
stance. that all cards be laid on the table
Il Foreign governments will ask that the
information be treated as confidential and
in the discussions which are to take place
the utmost secrecy will be required until
/ On agreement Is reached. : What the
/! United States may be able to get from one
government it may not be able to obtain
from another if all the negotiations are
II public and if all the loans have to b.
treated as separate prOpoSitions.s
Il The trouble is the treasury has some
authority under one law and another