The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1921-07-29

I y
wears, eats, needs fogshis shelter, his
comfort and his pesssshsy recrea-
tons, the taxpayer ist5usks6ed in max
ing an imperious dshiand to know
what use these fopgign governments
are making of theGmge interest sums
of which they enjoy the benefit by
reason of our generosity.
| A treasury statementSsm made up as
of May 81, 1921. but issued in the last
few days, shows exactly what our gov
eminent holds in the obligations of
countries abroad. Eleven different
countries owe US $9,435, 1926, 1929 on war
loans made to them under the acts of
1917. Ten countries owe us total of
1882, 781, 704, representing obligations
to US incurred by them in the purchase
of our surplus war supplies at bargain
rates. In addition, eight countries owe
us total of $4,093,9 because of re-
lief funds lent them under the act of
February Is, 1919. Great Britain
owes US S4,166,31S,35s. France owes
US $2,950,762,938 in war loans plus
$4O0,0 100000 for war materials she pur-
chased, making a total of 1880, 1922
| 938.
Poland's case is one in point. We
lent that country $51 ,671, TAO to re-
lieve distress among it's war-harried
population. As she was surrounded by
ancient enemies, we also permitted her
to buy $59,636,319 worth of CUR army
and navy munitions. Withs popular
distress somewhat modified with the
S51,671,749 and as if her people had
not been war-harried enough, she
took the $59.636,319 worth of war
tools, really valued at a great deal
more, and engaged for time in a ca
reer of imperialistic military adven-
ture in which she narrowly escaped
coming to grief. Senator Borah charg-
.es that France is the most militaristic
nation in the world today, maintain
ing the largest defensive establish
ment, at vast cost, to which we, in
part, contribute by the interest re-
mission. He charges that England
will spend this year $765, 1886, $50 on its
navy, $1,96S, 100000 on its army and
$4O,OOO,O0O on little excursion for
the control of Mesopotamia. 1t has
even been charged from some quar-
tiers that by the interest remission we
are virtually financing the campaign
in Ireland. We cannot claim that, by |
reason of deferring some hundreds of
millions in interest, we are contribut-
ing to every part of the huge British |
budget, but perhaps in sense the
charge is true.N
The total due US on all accounts
from foreign governments is $1O,-
084, 1867, 709. The current interest |
which we are not receiving at a time |
when current needs are greater than
they will ever be again is, according
ly, nearer $500,OOO,O00 a year than
the $365,OO0,000 of the Borah esti-
mate. What a great relief would be
afforded the American taxpayer if
this amount were made available. The
income tax on moderate incomes less
than $4,000 could be materially reduc-
ed. The nuisance taxes could be abol-
ished. The highest estimate of reve-
nue. from the Fordney bill is $500, 0O0,-
900. Some say the greatest possible
maximum is only $45O,0OO,O00.l The
interest that is our due and which is
accommodating so rapidly as to raise
the question as to whether our debtors
ever will be able to pay it, equalsI
yearly as much as can be collected I'M
der this bill, whose enactment will
represent so much laborious toll and
whose enforcement a still more la
borious toll.
How the federal Treasury has been
a vast reservoir Of credit. into which
almost every needy interest of mag
nitude at home and abroad has dipped
is shown by further figures in the
statement. Securities representing
credit advances to the Emergency,l
Fleet, the Housing Corporation, the
Sugar Equalization Board, the Gram
Corporation, and the War Finanset
Corporation, are held by the governl1
ment to the amount of $279,2 ,f4e. +
For advances I'd railroads since March |
Il, 1918, it holds securities amounting
to $464,979,000. These two totals
make further sum owed the ,goyeru-1
ment of $744,284,71O, increasing the
sum due it from all foreign and do
nestle sources to nearly $11, 600, 000,-
BOO.
Senator Boral would use our posi-
ton as world creditor to make disar-
mament a necessity. He would force
nations to pay their interest which re-
fuse to disarm. We wish &c deal lib
srally with peoples whose war misfor.