Evening journal., 1921-07-09
Uncle Ted's Bedtime Stories
STORY OF A BIG SUM OF MONEY

"Yes, you read something about
that long time ago and remember
we talked about the lot Of money
owed the United States by foreign
countries. WHY don't they pay up2"
1t was Jack talking to a bunch Of
his schoolmates who were gathered
under a big tree trying to keep cool
away from the beating rays Of a
noon-day sun.
1T is easy enough" spoke up
Uncle Ted, who had been cutting the
grass. at is easy enough, say, Co
talk about all this money and what
we think ought 70 be done but we
really have no right to unless We
study the situation little and learn
the truth
Tell us something about It, Uncle
Ted" said Ruth. Anyway you
ought to rest from that heat"
"An right. Ruth, I'll rest from the
heat but Of course 1 mustn't rest
too much-at least I must tell a
story. You ARE a tease, Ruth. /
think the best way is to tell You
what President Harding did the
/ OLnEE uhI hUOuA AAAAr AAtAAANAH AAN ~
lceived a. letter from the Secretary of
the Treasury on the subject and af-
ter going into it carefully sent copy
TO Senator Penrose, chairman OF
the committee on finance of the
United States Senate, together with a
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 re-
funding or conversion or extension
of the time of payment Of principal
and interest on these obligations
and the adjustment OF other claims
OF the United States against foreign
governments
In Secretary Melons letter tc
the President the first thing ht
stated was the amount OF money due
the United States by foreign govern
ments on account of the European
war. Children, that total amount IL
S1O.141,267,5S5.6Si Just think OF
la? That mony was loaned in thii
way: s9.485,225,32s.2 was advanced
TO these countries under the various
Liberty loan acts. That is, th'
money raised by you and everybod,
buying Liberty bonds. SS4.O93,
e63.55 totals the obligations receives
from the American Relief Associa
ltion. The amounts due from the sal
of surplus war materials to Belgium
Czecho-Slovakia Esthonia, France
I.etvia. Lithuania, Poland, Rou
mania. Russia and the kingdom o
the Serbs. Croats and Slovenes tots
S565,O4S,413.S0 and for grain sont b
the United states Grain Corporatio
TO Armenia. Austria, Czecho-Slo
vakia, Hungary and Poland. the deb
is S56.S99,S79.O9.
Now, Riddles. you see the none
| owed on the various classes Of debt
is due largely from the same cour
t, tries. When Secretary Mellon wer
into the matter he found, as h
states:
".This department is without ar
thority to consent TO any eXtensio
: Of the time for payment Of the prir
- cipal or Of the interest Of these oh
5 lligations or to proceed with the r.
I funding
Later on in his letter he saiS
o In some cases the debtor natioI
owe large amounts to other coui
tries as well as TO the United State
o and II may be advisable, and in SON
+ cases indeed necessary, to consid'
y comprehensively the entire debt
e such countries, financial conditio
n and resources, so as TO work out
?, refunding plan reasonably within Il
j. ability OF such country TO carry on
e you see, Secretary Mellon is n
e going into this matter as a man wi
Il is sorry for these countries, WI
feels We should say. OH itls Z