Evening star., 1921-12-12
Vanderlip's Beautiful Gesture"

The plan to correlate the allied debt
and rehabilitation in Europe recently
advocated by Frank A. Vanderlip, ~
which. as he says. the United States
would make beautiful gesture" mas
at least Infinite possibilities" cas- one
writer puts it. But, because tn vary
ing editorial opinion these possibilities
are great for good and for i'll. the pro-
posal is searchingly analyzed in the
press. Nanderlip's scheme was stated
briefly by The Star. thus:
''Under it the debts owed to the
United States by its late war associates
would be recognized as Just, and the
policy of cancellation uncompromisingly
rejected. But all interest moneys for
an undetermined period would be ex-
pended by the United States. through
a carefully devised loan scheme, in bet
tering the lot Of the people who owe
and social structure of the old world
may be rendered sound and secure
1.-The hypothesis on which this pro-
posal rests" the Minneapolis Tribune
republican, explains. "is that the
should so long as its sister nations
abroad are crushed and handicapped as
they are today: that our material good
is so interviewer with that OF other
peoples that while they are sick we can
that "can in any way aid America" the
Oregon Journal portland. independently
says. ''is a policy that looks to aiding
the world, for the worlds and our own
sake" and Vanderlip's plan, which the
pendent) thinks is the most "reasona-
BILE proposition" yet advanced for han
ding the debt problem, advocates. as
the Wilmington tN. c. Star (deno-
cratic) sees It. the adoption OF the
telligently adopt toward European in
debtedness."
Certainly the "only form in which
Europe can pay us at this time would
be in goods" and the Indianapolis
Star independent republican, agrees
with Mr.. Vanderlip that such pay
ment would result ''in an industrial
upset such as we have not seen be-
fore" So far as a demand for money
payment is concerned. I'VE cannot
afford the Cincinnati Times Star
(republican) holds, Ito play the hard.
CITY Oklahoman (democratic) to
adopt what the st. Louis Post-Dis-
patch Independently calls "the easy
payment plan" giving the a.iies aties
to repay their indebtedness that pay
ments can be made in cash and not
in products" and in order to en-
courage them to meet their obliga-
tions the Oklahoman thinks 1t might
snerestion" and spend the money in
rehabilitation and thereby ENABLE
them to earn more and make more
certain the eventual payment OF tneir
Indebtedness"
The advantage to the United states
Co0nffn.TinnQ
acreation of new markets" by build
ing nm all manner of industries where
they do not now exist"
But while the plan "is inspired oy
a fine idealism, the New YORK fos.
number Of practical objections" the
chief one of which is that the money
Is not available. Mr.. Vanderlip, the
post says, speaks almost as II these
billions, or even the interest on them,
were rafting around loose in Uncle
SANS nocket and he was not quite
snre how to make best use OF the
money" an idea which the Manches-
ter Union independent repubhcan1
exnresses by comparing the proposal
to "an excellent recipe for ra6blt PIE
with the rabbit left out of the cal
culation."
Howeyer, there are more deep-seat-
ID ohiections to the scheme than this.
The wall Street Journal dndepend-
anti. which holds that the allied debt
must be converted to private, owner
shin" opposes "the Vanderlip debt
man" because "it perpetuates the
most highly objectionable of all forms
of international obligation-an obli-
cation in form and substance pecu-
mary debt owing by one equal SOW
ereign power to another.
Further, at is obviously plan for
the aid Of eastern and central Europe
at the joint expense Of western Europe
and America" the Pittsburgh Press
Iindependent) holds, and "as the ma
tions of western Europe regard them
selves, whether warrantably or not,
as being in desperate extremities.
their willingness to ship billions
which they do not have and claim
they cannot get to this country to be
handed over for the relief and re-,
habilitation Of areas largely aban-
doned to bolshevism may well be
doubted" The New York Globe (in-'
dependent) shares the doubt. OF all
the debtor nations, it says. Britain is
best able to repay its loans" and since
"the utility of the plan is mani
festly greater for central and south
European countries than it is, for
France or Great Britain, Amer.
teas beautiful gesture might thus. in.
nNnnt hA An % nCed hv. fha H.nul1ahO - II,