Milford chronicle., 1921-12-30
UNCLE TED'S
BEDTIME STORIES
UNCLE SANS NEW YEAR
RESOLUTION

ed RuJn. Sne was talking 10 JdCt
about New Years Resolutions.
Il sure am" answered Jack. 81 am
going to help mother more than 1 die
last year."
Il know what one of my resolu-
tions will be-I'm going to tease I'm
Gle Ted for more stories than ever
before" replied Ruth.
"Oh, you are, are you?" called in
Uncle Ted from the next room. Didn't
know 1 was here, did you?"
mo, didn't, Uncle Ted" said Ruth'
running into the next room, with
Jack right at her heels. please tell
us a story now. We've played with all
our Christmas toys and all the games
we know. Mother don't let us go out
side again this evening"
Speaking of New Years resolu-
tions," began Uncle Ted, reminds me
OF a resolution Congress and the Re-
publican Administration have taken
in Washington. You have heard me
speak before of the big debt owed the
United States by dozen countries OF
Europe. 1t amounts to something over
ten billions of dollars, and on practl-
cally all of it not dollar of inter-
est has been paid for over two and
half years. If we add the interest
that is now due us, the total would
reach to eleven and quarter bill
lions.
President Harding promised while
he was RUNNING for election that he
would do everything in his power to
secure the repayment to our Treasury
of that huge amount. In his address
to Congress on December 9th he laid
stress on the matter, and asked Con-
gress to grant him all necessary au-
thority to make agreements with the
debtor countries for the payment OF
interest and the principal. A bill has
been introduced, and will become a
law very soon, that creates what is
known as the foreign debt refunding
commission. The Secretary Of the
Treasury will be it's chairman and will
direct it's activities. /
81 speak of all this as New Years .
resolution on the part of the Govern
ment, and really it is just that, for
the New Year will mark the first ef-
fective efforts on the part of our Of
ficials at Washington to bring that
money back home. For two years az
ter the close of the war the Wilson
Administration did not think it worth
while to safeguard those loans, and
the pressing necessity of making i'm
mediate changes in the internal tax
laws did not give opportunity to the
Harding Administration to take up
the matter in the special session OF
Congress last summer. But now the
collection of those debts will be taken
up in earnest and not put aside until
very definite arrangements have been
made with the debtor nations for the
payment of what they owe."
Freddie says his father told him.
broke in Jack, "that, although Con-
gress told President Wilson to loan I
money out to those countries that !
were with us in the war against Ger
many, he turned over hundreds of !
millions of dollars to nations that =
were not heard of during the war, and >
even loaned about billion and half +
dollars after the war had come to an +
end. Is that so, Uncle Ted?' +
eyes, that is all very true" re- 7
piled Uncue Ted "All Of those facts 7
came to light during the hearings on 4
the foreign loan held before the Ju-
dietary Committee of the Senate. Not +,
only that, but there were many other H
things done by Secretary of the Treas A
urv McAdoo and his successor, MIR. N
Glass, that were not authorized by Ii
law and were contrary to the most h
simple business practices. Just let o.
me tell you of some of the facts dis r
covered by the Committee. Referring c,
to what you just asked me, let me
read this from a memorandum pre- b,
pared for the Committee: Nj
Approximately $1,5OO,0OO,OOO was &C
oaned to foreign Governments after br
Ill hostilities ceased. This money th
was raised from the American people is
w Liberty Loan drives and taxation tr
md was authorized to be used for the ",
1urpose of the prosecution of the
var and loaned to Governments then tn
Engaged in war with enemies OF tne tir
United States. Treasury omclaIS
we're aware of the fact that they had bo
10 authority to make such loans al ris
er hostilities had ceased
"Oficial letters are on file with the bo
judiciary Committee that prove that pb
tatement, and show that Mr. McAdoo
nd his subordinates in the treasury tol
violated the law OF Con-
ress and used the peoples money in tb,
way for which they had no author Va
y whatever.
"Here are some other facts the Mr.
ommittee found out: Millions of dol hol
RS worth of food purchased with Phi
III money loaned to foreign countries
as sent into Germany while we were wit
chnically at war with her, and Mr. Md
rilson and his advisers gave their I
,nsent to it. Supplies worth S48,- spe
1000 were sent into Austria while F
lat country was our enemy. Mil stu
ons of dollars of the loans were N.
rned over by foreign governments his
r various relief and reconstruction Val
ork, in direct violation of the act c
Congress-. Much of the money Sir
as loaned to enable debtor countries Mil
use it in the payment Of interest N
sums previously loaned. The ex- Girl
nses of the Russian and Liberian and
legations to the peace conference sDe
ere paid with money raised by Lib awa
ty loan drives. Czecho-slovakia was cou
t nation until June, 1919, eight in t
,nths after the close Of the war, but o
ge loans were made to her never bus
eless. Three separate governments thei
Russia were given money from our and
easury, but they have all d1sap- R
ared now and there is very little ing
ance of getting the money back for
ain. The Treasury officials under ed