Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1921-12-15
Thursday, December IS, 1921.
PROPOSED ECONOMIC CONFER.
ENCE

Lloyd George undoubtedly possesses
the dramatic instinct. Whether his
attitude with respect to an interna-
tional economic meeting and the sug |
gestion that he will propose the cam
collation. OF several billion Of debts
owed to England If France will like
wise annul debts of two billion dollars
owed to her was in any degree inf1u-
enced by this instinct is, of course,
conjectural.
He has witnessed the success at
tending the Washington Conference
wherein the United States adopted a
like method in the matter of arma-
ment. He has seen our offer to scrap
battleships if other countries will do
so making a wonderfully effective ap-
peal to the world. 1t is possible he
now sees a like success attending
similar sacrifice of credit on the part
of England. Having found his prop
sition, that the United States should
cancel the credit she has given to the :
Allies received here unfavorably, he
now proposes, it is said, to exclude
Uncle Sam from this meeting.
Although the United States is a
neighbor in the worlds affairs, she is
not next door neighbor to the trou-
BILE which centers around Germany
and which is at the bottom of the
financial chaos in Europe. A solution
Of Germany's difficulties must be had
for the remedy of that trouble. It is
peculiarly the job of those immediate
neighbors to clean up their back yard.
The United States would better keep
out Of it; and this not wholly because
of its desire to avoid entanglements
but because, to do anything effective
and protect itself in the doing Of it,
it would have to assume a control of
affairs which would not be pleasing
to those immediate neighbors. They
are the principal claimants to repara-
tons and it is fitting that they should
arrange among themselves the terms
of the settlement. Indeed they might
well resent intrusion on our part.
Furthermore, when considering this
question, it should be kept in mind
that out of every dollar raised by
subscription for our war funds fifty
cents went to some foreign country.
The cash advances less the principal
repayments amounted to nearly nine
and a half billion dollars and the total
foreign debt to the U. S. Treasury is
s1o,0S6, 196,369.62. Also, while Eng
land and France and Italy and Japan
secured mandates and concessions
which may not just now be yield
ing profit. they are certain
to do so in ttA near future, profit
probably largely in excess of the debts
now under consideration. The United
States has mono of these has asked
for none of these. She may look to
nothing conceded for future profit.
y 1t is true that she sold goods to the
Allies during the first years of the
war and waxed strong financially, yet
the Allies needed those goods and
without them would have soon been
helpless. She has not and does not
propose to press her claims, though
she would like to- get them in shane.
She should not be an exacting credi-
tor.
Some of our powerful financial con-
Germs have eggs in that foreign has,
ket; they have sowed loans and
would protect the harvest. They are
propa gandizing, which is 10 be ex-
pected. But their propaganda is
worthy of some attention, neverthe-
less. for the reason that what will
protect their harvest will also protect
the best market this country has. No
long study of our exports is required
to convince us that those which we
must make If we are to maintain the
volume of our production in this
country must go to Europe, but
can't go unless Europe is able to pay
fol. them. So, while equity demands
little from us in the way of conces-
sion. sighted policy may. 1t may,
however, be assumed that it should
not go the length of cancelling in full
ten billions in credits, especially when
1t Is in evidence that our debtors
have money to develop business en-
terprises and the resources of their
mandates and finance warfare. What
we are offering to do in the reduction
Of armament will go long way to
enable them to pay their debts.
There are none Of them in a much II
any worse plight than was France
when Germany demanded huge an
demnity-and got it.
Mr., Wilson hasn't said the pacific