Arizona republican., 1921-07-16
SATURDAY MORNING. JULY IS. 1921.
A friend thdt you haue to bug tuiu not be 10orth aOhat you pdy for hinp, no matter aUhdt that mag De.
 -GeOrge D. Prentice.
Tho Cancellation Of sh. War Debt


 The international cancellation of war debts will never be very popular thing in the United States It would necessarily be one-sded arrangement for the reason that the only debt the United it owes to it's own citizens And 1t owes to them the many billions which the allied owe to it.
 The one argument we hear on this side of the water in favor of | cancellation of the debt owed to the United States is would help put bank rupt Europe it's feet again and credit and enable .t to trade with again to profit
 No doubt if the debt cancelled trade would be vastly stimulated, great profits would accrueto of A considerable part of these billions owed to us would come back in the form of profits but they would lodge in the pockets the compara- lively few. Great international bankers. importers and others who are interested the more intimately and extensively in foreign trade favor the cancea- ton of the debt.
 Then there is the argument. that the remission of the debt would tend to the re-establishment or friendly relations between the United States it's debtors For it Is admitted that this debt has been the of friction though have pressed for the of the interest the debt. On the contrary have indicated to debtors that there need be hurry about that. We have pro- posed nothing refunding of the debt that has not been favorably received abroad, since it would appear close the against cancellation.
 In circumstances, do we believe. the Amer jean people could be brought disposition of the debt and certainly they may not be when they perceive merrily allied nations spending for war and for preparation for war when we have such dire need for money; when within the last week there has been manifestation of tendency to repudate the debt soldiers because we have not the money to pay it.
 This talk about bankrupt Europe is loose No nation was ever bankrupt and none will ever be bankrupt within the meaning of the word bankrupt Nations have a situation in which they could not pay their debts when due without imposing burdensome taxes upon their people
 National debts paid. Long ago somers pointed out to the people of England that national sdebts tended to Insure the stability of nations By that he meant . debt which was taken up by the people of the nation. It not expected that they would ever be paid. From time to time they would be refunded as the English debts in various periods collected into by tSe Consolidated Annuities Act That was nearly four centuries ago and at the beginning of the world war consols con- stituted about half the British national debt
 The time may come when if the debt is not cancelled 1t will be refunded and be absorbed by British citizens or become object of investment by citizens of other countries. as British have been for centuries.
 The American people not in . temper to acquiesce in any such an international arrangement has suggested by the British and French Any American government--that is any administra- and congress which would assent to it would be displaced at the first succeeding election