The Washington times., 1921-01-17
BRITISH DEBT
ISSUE TO WAIT
Congress Will Not Sanction
Hasty Adjustment Of Refund.
ing Vast Obligation.
BY W. II. ATKINS,
international News Service.


Sir Auckland Geddes' hasty de-
parture for England, with other
swift events, today left the Treas
ury Department in quandary con-
corning the mode Of procedure in
plans for the refunding of the British
governments debt to the United
States, amounting the 5000 ,O0O, 900.
EXPECTS FURTHER ADV1CEs.
Secretary Houston was advised
there would be delay in the arrival
here Of Lord Robert Chalmers, repre-
senting the British excbeQuer, but he
looked for further advices from
abroad with respect to the British
governments next move In the
negotiations.
Deep uncertainty seems to pervade
the Treasury over the maneuvers of
the British, and officials were nom
committal today on their view OF the
apparent cancellation, or postpone
ment OF arrangements, to bring the
debt terms to a definite stage OF
agreement. Cablegrams from London.
it was said, probably would clarity the
situation within a few days.
There was no effort among re-
sponsible officials at the Treasury to
disguise the fact that the Wilson Ad'
ministration has been literally bonn
parded with demands that action be
deferred upon the debt problem until
the Harding Cabinet has been in
stalled. Pleas OF the most urgent
nature have come from Congress, and
from business interests whose re-
quests cannot be ignored.
At the bottom of all these pleas
there is much that suggests eagerness
upon the part of the British govern
ment to gain concessions that would
be denied. II the matter were maturely
considered by the incoming admins
tration. And there is the plain threat
in many of the these pleas for less
speed upon n problem so vital to all
taxpayers. that Congress Will not
countenanCe haste" upon a question
that binds the Government definitely
to delay in collecting debts upon a
more or less indeterminate basis.
crush" IS FUTILE.
The British ambassadors visit home
means that the English debt prob
lem is definitely set for consideration
by the incoming administration, in
the opinion OF higher officials today.
1t means that England regards as
futile any attempt at this time to
rush through an agreement that
might be binding upon President
elect Harding, prior to its submits
sion to the Harding Cabinet.
The English debt problem IS now
so closely linked with other leg'sla-
tive questions under way having to
do with greater measure of pro-
lection for the American producer
and for American business men that
Scarcely any doubt exists today that
the whole question must be deferred
until later period.
vitality affecting the debt problem
is the question of Englands acknowl-
edged failure to effect reforms in tax
and budget systems. These issues
are paramount, in the opinion OF
Treasury officials. They were frank
enough today to say that probably
the chief mission of the British am.
bassador in his voyage to London
Is to bring more intimately to the
attention OF those in control the
dangers that lie in continued infla-
ton OF British credit and currency.
LACK OF CONFIDENCE.
Lack of confidence in the British
money situation among those mainly
responsible for Americas fiscal az
fairs grows out Of well-dehncd be-
lief that England's trouble financial
" can be more easily rectihcd by an
effective curb upon the so-"alled
speculative" element amonS hei
traders, now waxing tat because OF
Government backing.
IL is the settled view OF TrcaaurY
and other officials today that Ameri-
can taxpayers would have their bur-
den measurely reduced, II II were
found convenient to direct and en-
force certain credit reforms" These
reforms, IL was said, would quickly
place a different view upon expected
American concessions.