The Seward gateway., 1921-03-26
REPUTATION UNSURVIVABLE

There was no more pungent sentence in President Hardngs inaugural address than his declaration that civilization can survive repudatiOn declared well known fancial writer in Washington recently. In making that statement the President not only served notice on the world that America cannot consent to the contribution ot $1 900 to the cost of the late war; but m way little comprehended he furhered the friendly rea
 ons between nations upon the maintenance of which fu ture peace depends.
 Repudiation of another sort one of the prime causes of the World War It the repudltlon by Ger many of her written agreement not to violate the neay of Belgium that brought Great Britain into the war and it her repudaton of her undertakings respect inter- national law upon the high that compelled the United States to resort to arms Those written contracts and the certificate indebtedness now reposng in our Treasury evidence of foreign obiagons written contracts Repudaton of the is no more to be con demned matter of principle than reputation of the other
 During the war and since the world heard much of scraps of paper and nations that looked upon their writ ten obligations much paper to be discarded at Will beyond the pale of civilization The war was Waged against mtars, but quite much also to- compel re- spect for international law which Germany had ruthless ly violated in her contempt for her solemn international obligations Had Germany and the principles that inspired her trumphed, tehre IS not man of the Allied nations but will admit that civilization would have died As Mr. Harding says, civilization comuld not have su1vlve the victory of requdiation.
 Cancellation of the allied indebtedness to each other and othe United States would simply mean that never again would international indebtedness be created n tune of war The practical effect would be tremendous stm aton to arnaments the direct tnthess of the object that all the allied nations profess to seek Without the prospect of resort to foreign credits in the event of future
 ons would redoube their present cash spenngs for de- fense
 Had the doctrine of repudiation of debts been sug gesed before the World War; credits would have been de- nied ont only by the United States but by European n
 ons each other There isn ot shadow of doubt that but for those credits Germany would have won the war; but for the faith of nation in the financial honor of another the would have been lost to the allies The d version created the Russian front for two was made possible by British loans to Russia Great Brit an France and Italy enabled to keep up their pres sure against the Germans through the supplies from Am erica paid for by money borrowed from the American treasury The vital need for the money has passed but the exetremities in which the allies found themselves when 1t was asked should not be forgotten.
 The prompt refundng of the loans into longtime ob gatons with fair rate of interest would far toward ending the talk of cancellation Once the schedule of pay nents is assured allied nations adjust themselves to he financial program and talk of repudiaon will quickly