The daily star-mirror. (Moscow, Idaho) 1911-1939, 1921-11-29
EUROPE'S DEBT
TO UNITED STATES
AMERICAN FINANCIER WIULD AID
EUROPE BY EXTENDING TIME
ON $1,000, 100000.

New York-(By A. P.)-Recogni-
ton by the allies of their eleven bill
lion dollar debt to America as a just
debt agreement by this country to
easy payments and the money thus re-
paid to be used in rehabilitating
Europe, was plan proposed tonight
by Frank A. Vanderlip, New York
banker, for settling obligations of
the war. Mr.. Vanderlip returned re-
Gently from Europe where he studied
economic conditions. He said nearly
every nation of Europe admitted in
ability to pay the debt.
The United States would be hurt as
much by the rapid receipt of payment
in the form of goods, he said, as the
allied debtors would be harmed in
making the payment
I'VE need not look further than to
contemplate merely the receipts of
$500,000,000 a year of interest" he
said. ''If that came in the form of
goods, our industrial situation would
be upset
AS the first postulate in his plan.
he said he would lay down the prin-
ciple that the allied debt was a just
debt.
81 would want America to be both
an intelligent and lenient CREDITOR"
he added. Terms of payment ought
to be adopted to the means of our
debtors.
"The crux of my plan would lie in
the disposition of the payments.
81 would have America make a
beau-jeste; grand GESTURE in inter-
national relationships. While de-
manding that the payment be made it
Il ,.,a o1,o
pared for the present to forgo receipt
of it.
81 would like to see every dollar
that can ever be paid to us by our
debtors for years to come, devoted to
the rehabilitation of European civil
lization, II is only through such re-
Mobilization that these debts can ever
conceivably be paid.
Everything the war has cost" he
added, everything an unwise peace
is costing, can be recompensed and
beyond that great economic mar
gin created, if eastern Europe can
be put in order can be helped and
led wisely to handle it's own problem,
if the people of Eastern Europe can
be made to comprehend their econ
omic unity, il they can be brought to
understand that in the welfare of all
nations lies the highest prosperity
of each.
For a good many years, believe it
would be wise for us to devote all we
receive to such purposes as l have
suggested. 1t is possible however,
that there would come such economic
restoration that in the end, con-
siderable part, conceivably nearly all
of the principal might be paid to u.s.
Interest money that we loaned and
reloaned for economic DEVELOPMENT
would be converted from the original
obligation of the allies to obligations
representing material properties
which we created, and probably back
ed by the obligations of the govern
ments of those countries where this
economic : development took place.
The time might come when we would
cease to make these sums revolving
credits for European economic de-
velopment because there really would
not be further need for us to do so.
Then the money would come back to
us,
81 am firmly convinced that in the
great catastrophe the war brought
there has been created an opportu-
nifty which could never otherwise
have arisen. The obstacles which
have arisen in the path of European
civilization can be turned into STEP
ping stones leading to a position vast
ly better than anything Europe has
ever known. The war has made a
great awakening in millions of dor
mant minds The possibilities that
there are in society for realizing bet
ter conditions for all humanity are
of. The opportunity has
arisen to make these possibilities
realities"