Milford chronicle., 1921-07-08
UNCLE TED'S
BEDTIME STORIES
A STORY OF A BIG SUN OF MONEY

A STORY OF A BIG SUM OF NONEl
Yes, you read something abou
that a long time ago and remembe
we talked about the lot of money Owet
the United States by foreign cOun
tries. WHY don't they pay up?" l
was Jack talking to a bunch of hi
schoolmates who were gathered unde
q big tree trying to keep cool ava!
from the beating rays of noon-dal
san.
1T is easy enough" spoke up Uncle
Ted who had been cutting the grass
1T is easy enough, l say, to taik
about all this money ana what we
think ought to be done but we rally
have no right to unless we study The
situation a little and learn the truth.
Tell us something about it, Uncle
Ted;" said Ruth. Anyway you ought
to lest from that heat"
''All right, Ruth, I'll rest from the
heat, but of course | mustn't rest too
much-at least l 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 a letter of his own. In his let
ter, President Harding stated that
Secretary Mellon had asked for broad
er powers to deal with the situation
so that he could arrange for the re-
funding OF conversion OF 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 gov
ernments.'
"In Secretary MELONS letter to the
President the first thing he stated was
the amount of money due the United
States by foreign governments on ac-
count of the European war. Children,
that total amount is S10,141 ,267 $685.
68l! Just think of it? That money
was loaned in this way: S9,435, ,225,-
1924 was advanced to these coun-
tries under the various Liberty Loan
acts. That is, the money raised by
you and everybody buying Liberty
Bonds. $84,093, $685. totals tIe obli-
cations received from the American
Relief Administration. The amounts |
due from the sale of surplus war ma
terials to Belgium, CzechOslOvakia,
Esthonia, France, Letvia, Lithuania, |
Poland, Rumania, Russia and the
kingdom of the Serbs, Croats AMI
Slovenes total $565, ,O48, ,419.8O and for
grain sent by the United States Grain
to Armenia, Austria,
Czechoslovalkia, Hungary, and Poland,
the debt is $56,899, $1,000.
"Now, kiddies, you see the money
owed on the various classes of debts
is due largely from the same coun-
,ries. When Secretary Mellon went
nto the matter he found, as he states:
"'This Department is without au-
.hority to consent to any extension of
.ime for payment of the principal or
% have passed and which the Presi-
lent sent along to the Senate commit
zee with his letter. The act is short
% 1 think I will read it to you:
"'Be it enacted (etc.) that the Sec
roval of the President, is hereby au-
horized from time to time to refund !
r convert, and to extend the time Of 6
ayment of the principal or the inter-
st or both, of, any obligation of any 7
oreign government now owing to the =
Jnited States, or any obligation of :
ny foreign government hereafter re- +
eived by the United States of Amer i
ca arisNg out of the European war,
1to bonds or other obligations of q
uch, OF any other foreign government +
nd from time to time to receive bonds r
nd obligations of any foreign gov a
in substitution for those now a
= hereafter held by the United States,
l such form and of such terms, con- n
itions, date or date OF maturity, and
ate or rates of interest, and with such n
ecurity, if any, as shall be deemed n
f the interest of these obligations or
, proceed with the refunding.' a
Later on in his letter he said: in is
)me cases the debtor nations owe
rge amounts to other countries as ii
ell as to the United States, and it v
ay be advisable, and in some cases il
deed necessary to consider compre- al
the entire debt of such coun-
les, financial condition, and resour- al
IS, so as to work out refunding plan tt
.asonably within the ability of such
iuntry to carry OUT p
''You see, Secretary Mellon is not 81
)ing into this matter as a man who
sorry for these countries, who feels bl
e should say 'Oh! it's all right, we'll al
rget it. Neither is he going to say, a
ou MUST pay at once without e1
Oking into the future to see what al
e result will be. He is looking at it er
a successful business man and it
nker-a man who has always hand
l money matters with success" sp
Doesn't he say just what he
nts?" asked Jack. Pl
Indeed he has said that. With his MI
ter to the President he sent a draft
an act of Congress which he wants @
: the best interests of the United %
ates and to adjust and settle any q