The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1921-07-22
BARE BRITISH
NOTE ON DEBT
Lloyd George Wrote to Wilson on
Cancellation Last
August.
KILL DEBTS, BRITISH PLEA
British Premier Proposed 10 Aid an
AILAround Pian-CancelIation Fa-
vored as Removing a Potential
ly Disturbing Factor.

Washington. July, 16.-A letter from
Premier Lloyd George 10 President
Wilson. dated August S. 1920. and
dealing with a proposal for cancella-
ton of inter-allied war debts was
placed in the record of the senate
finance committee by treasury official
during hearings on the administra-
tion's allied loan-refunding bill.
A cablegram on the same subject
from the British chancellor of the ex-
chequer to Il. g. Linsay, representing
the British treasury in this country.
which was transmitted TO then As
sistant Secretary Leffingwell of the
Treasury department, also was pre-
sented
Both communications were read 10
the committee by Assistant Secretary
WadswOrth on request of Senator La
Toilette (Rep) of Wisconsin.
Premier Lloyd George. In his letter
to President Wilson, called attention
TO the insistence of France on strict
exaction from Germany of the fullest
amount of reparation the German PEG
pie could pay. and added:
'You will remember that Great Brit
ain borrowed from the United States
about half as much as its total loans
TO the allies. and after Americas entry
into the war il lent the allies almost
exactly the same amount as IL Dor
rowed from the United States of
America.
Accordingly, the British govern
ment has informed the French gov
eminent that it will agree to any
equitable arrangement for the reduc-
ton or cancellation of the inter-allied
Indebtedness. but that such arrange
ment must be one that applies all
around"
Mr. Lloyd George added that he
should like TO make it plain" that
there was no reluctance on the part OF
Great Britain TO agree to the funding
OF the debt to the United States, but
that Great Britain cannot bind itself
TO any arrangement which would
prejudice the working of any inter
allied arrangements which may be
reached in the future"
The British chancellor Of the ex-
chequer, in his cablegram, said 1--WE
should welcome a general cancellation
Of the nter-government war debts" as
1.-THE existence of these International
debts deters neutrals from giving as
sistance. checks private credits, and
will, fear, prove a disturbing factor
in future international relations"
Whether any response was made
either by President Wilson or the
treasury 10 these proposals was not
disclosed.
Senator Reed Dem) Missouri.
asked Secretary Mellon, who was be-
fore the committee. as to the attitude
of the treasury toward cancellation.
Mr.. Mellon said no such suggestion
had been made TO him since he as
sumed office and that IL would not be
considered if made In the future.
The finance committee voted TO ask
the judiciary committee for volumi-
nous Treasury department records
sent the latter during its inquiry into
the foreign loans.
The first public expression of dis
satisfaction among Republican men,
bers with the proposed tariff on oil
came from Representative Treadway
of Massachusetts, a member OF the
ways and means committee, who told
the house that the duty would aid only
the monopoly which markets the
product" He estimated that the rates
of 80 cents barrel on crude oil and
% cents a barrel on fuel oil would
mean at least l cent gallon extra I'm
the cost of oil 10 New England.
No tariff could relieve conditions in
the Oklahoma oil industry. due TO 'in-
ordinate speculation and general bust
ness depression" the speaker said.