The New York herald., 1921-11-29
USING ALLIED DEBT
DUE Us FOR EUROPE
Continued from FIRST Page.


TO divert toward Europe's economic de-
yelopmeHt for an Indefinite time all the
money raised By debtor nations to liqui-
date their loans to the United States
The indirect result, nc said, would be
such that within . comparatively short
eime we would be assured Of uitimc iely
getting payment m fact Some part of
what we should receive would. under his
plan, probably be spent without any hope
of direct return. But the indirect return
would be enormous A financial pros
pectus or what might be accomplished,
Mr. Nanderlip declared, through the wise
spending Of the annual interest OF $780,
100000 a year would constitute tha most
Z scinatins financial document eyer pre-
pared
America would not arbitrarily declare
how Europe should spend the funds re-
mitted TO her, but America would have
control and the final determination OF
whatever policy was followed in certain
Of the European countries at least. That
America has the wisdom, temperament
ard freedom from unwise political inter-
ference in such course Mr.. Nanderlip
believes IS proved by the nations rec
ord OF relief work during the war and
since, end in a less picturesque way by
the history of Robert College and the
American Women's College In Constants
nople, He said OF the actual operation
of his plan
~ considerable part Of what we re-
ceved might well ne used as a revolving
fund OF credit. II could be loaned to
nations 10 help them accomplish specific
purposes, purposes which we had care
fully analysed and believed to be eco
romically sound and for the general
GOOD. purposes which would accomplish
substantial and permanent economic and
social results. The funds SO loaned could
in time be ronaid: If the PURPOSES for
which they had been used We're economi-
cally sound they could be repaid without
difficulty and could then be similarly
reloaned over and over again, and uti-
mately paid back 20 us.
Europe needs better transportation.
We could help provide it, Europe needs
n great DEVELOPMENT Of its ample hydro
electric power that it may have cheaper
motive power. and may economize its
far too small fuel suply. We could aid
in initiating such projects There are
cities in eastern Europe that need bet
ter systems OF sanitation. Such pro-
vision would be OF great economic inn
portance. We could give impetus to it.
IF time permitted I would lay be-
fore YOU much fuller exposition Of the
possibilities of economic development.
I would enrhasize what might be done
for Italy and Austria in developing great
hydro-electric development, taking in
exchange a mortgage On that develop
ment. we should have provided in those
two countries for a saving in coal inn
ports which would materially help them
balance their foreign trade.
'Tf we would devote the income 90
a few months toward equipping eastern
Europe with q modern grain elevate.
cysjcm we would have conferred a mn
ter ial blessing ON eastern peasants anf
western consumers alike stimulatin
production and helping 20 turn the ctag-
nant trade into swift stream OF com
lnercC.
mark that there is no relation unde'
this plan between the source of the re
ceipt and the place Of expenditure. The
debts are just debts and should be paid
At thar point our relations With TIVE