The Brunswick news., 1921-12-16
OUR FOREIGN DEBT.

'SdUcel the dGDLSf WHICH the AlIl6G
nations owe England will have its eli
feet in America, Of course
1t is given out that the British Pre-
mier is coming to America with a
large retinue and that his entry upon
the heels Of the Arms conference will
have dramatic effect.
Although the question Of the foreign
debts owed to America has not yet
been taken UP, it is evident that many
people have been thinking about it
and that this will be one of the MT st
important questions to be discussed
before the conference closes, says the
Savannah Press
Now, as The Press has already
shown, the United States are credi-
tors for ten billion dollars, on which
heavy interest is due. Austria owes
rs twenty-four million dollars and Bel
GUM about three hundred and seven
ty-fiVe million; Great Britain owes ov-
.er four billion and France over three
billion; Seryia about fifty-one million
dollars and Greece and Russia togeth-
er over two hundred million.
This is d very delicate matter and
as financiers have pointed out, it
would be dangerous thing to try to
collect it too soon. Foreign govern
ments could only pay it in goods, If
they could pay it at all, and such d
process might bring about demoraliza-
tion to labor and the manufacturing
interests of this country Then, there
Is another thing, we must look after
foreign exchanges Foreign nations
owe. us q tremendous amount of mon
ey and we have most all the gold IN
the universe piled mp in Washington.
People cannot afford to buy from us
when the dollar is 50 high and foreign
exchange is 80 low TO push our for
c;gn debtors would be to drive them
into bankruptcy. 1t looks like a ire
mendoas thing TO cancel ten billions
Of debt, but those who have discussed
this matter have this to say:
France and England were really
fighting our war Some If the money
we leaned them they loaned to The
other Allied nations. just where this
country would be If France and Eng
land had not held " the Germans un-
ti we decided TO Gene into the war
no one can imagine We would prob
ably be helping to pay Germany tre
mendous indemnity ourselves. Again,
the Allies say that large amount Of
the money which this country loaned
I'd England and Fl lnce was really
spent in this country for food and sup
plies, for ammunition and arms
One OF the foreign papers is Ger
tain that the question Of the Allied
debts has taken the following aspect.
The United States are creditors for
ton billion dollars on which heavy In.
terests are due; the acceptance Of
the american plan to limit armamenis
by the foreign nations would permit
the United States TO save about two
hundred million dollars year; this
amount is exactly half of th amount
the European nations must pay the
United States as interest on their
debts. If through this arrangement
The United states could economics in
her yearly expenses the equivalent cg
the interest due from the Allies. then
without doubt the United States
might AFFORD to be lenicnt and gener
ous creditor toFurope.
There Is another angle from which
this case should be considered. II EnE.
land and the United states We're 60
relieve France@of part of her debt,
France in turn could relieve Germany
Of part Cf her reparations In this
way we would help both the Allies and
the Central Powers This is a question
which works both ways aS.d which
the pro.Germans In America cannot
afford TO blindly oppose.