New-York tribune., 1921-04-03
Senator Urges
Liquidation of
All World Debt
France Contends Some Ac-
commodation Is Neces-
sary, as Obligation Ii $
Block Trade Progress
Advocates u. S. Parley
Fixes the German Intlem-
nifty at SIS, 900, 100000
and Suggests Credits

PHILADELPHIA. April "A plan
for the liquidation of the external obli-
cations of every nation was presented
here tonight by United States Senator
France, of Maryland, before the Amer
lean Academy of Political aud Social
Science. Senator France declared uu-
conditional cancellation "inconceiv-
able but, maintaining some plant must
be adopted, as international debts block
warld trade circulation, upon which
civilization is dependent, said:
THE United States should call con-
ference of the interested powers for
the purpose of proposing to them this
method OF settlement, or one embody-
ing these principles. The German in
demnity would be fixed at the sum
(which was tentatively agreed upon at
the Anglo-French eighth conference,
$4,000, 100000, Germany to receive
credit for at least s5,ooo,ooo,O0o on
this sum for the marine cables and
for the territories in Africa and
Aceania, transferred by her under the
treaty to the allied and associated pow
ers. This method of liquidation would
enable Germany to at once begin to
purchase from England, France, Rus
sia and the United States what she so
desperately needs for the rehabilitation
Of her industries.
To Purchase Cables
"The United States would then pur-
chase from the Allied and associated
powers for at least $7,000000,000 or
possibly, and l would 60 so far if nee
ecsary, for the full amount Of the
debts owed by the Allied and associa-
ted powers to US, these marine cables
and these territories in Africa and in
Oceaoica transferred by Germany to
the -xlied and associated powers. This
by cancellation, but by substitution of
valuable assets for securities of doubt
ful value"
United States Senator Medill McCor
micksa of Illinois, said:
81 shall not abandon one iota of our
debt~until disarmament among the ma
tions in Europe has been accomplished
and until we have assurance that the
states of Europe will not fall back
again to that condition which led them
to the World War. Also, before there
should be any talk of cancellation, they
should destroy the restrictions and ri
valries and jealousies which at present
exist between the states and which pre-
vent international commerce and
travel"
He said the treaties of peace which
followed the recent war are not lasting,
adding "this was the most painful dis
covery that l made on my trip to
Europe. The way has been left open
for wars of the future"
Wishes Rivalries Abandoned
"It is essential that there be a set
tlement and that Europe return to eco
nomic reconstruction" continues Mr.
Mccormick "They must abandon
their rivalries abroad and desist from
their adventures in Asia. There is bit
terness between the nations recently
associated in the prosecution of he
been drawn into the imbroglio Of ha-
tired and jealousy.
"Since the armistice Europe has
spent money lavishly. Armies of func-
tionaries have been maintained by the
governments. In every way they have
expended money far too freely for ma
tions that are bankrupt.
"Part of the debt they owe US could
be paid by territories and cables, not
only those now held by Germany, but
by the other countries also. There is
no doubt that at present there is
strong discrimination against this
country by those who control means of
international communication. Four
ffths of the cable lines of the world
are owned outside of the United
States"
Captain John Foster Dulles, former
financial adviser to the peace confer
ence, in his address advocated increas-
ing the cooperation among the nations
and letting them develop the terri
tories of the world which have not been
fully exploited.