The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1921-11-29
WOULD Use DEBT
TO PUT EASTERN
EUROPE ON FEET
Vanderlip Suggests Method of
Averting Economic Crash
ALLIED LOANS MUST STAND
Payment to Be Made in Manner
to Benefit Entire
World

New York. Nov 29. Recognition by
the Allies OF their eleven billion dollar
debt to America as hjust debt, agree
ment by this country to easy pay
ments ana the money thus repaid TO
be used in rehabilitating Europe, was
ulan proposed last night by Frank
A. vanderlip, New York banker, for
settling the obi cations Of the war.
Mr.. Vanderlip who returned recent
" from Europe where he made an
exhaustive study of econcmlc condi'
tions spoke before the Economic Club.
He said he had discussed the dent
with the leading responsible govern
ment ministers Of Europe and nearly
every natiCu admitted inability ~
pay,
The United States would be hurt
as much by the rapid receipt OF pay
ment in the form Of goods. the only
possible form Of payment in view OF
the decentralization OF foreign eS'
change, he said, as the Allied debtors
would be harmed in making the pay
ment.
lne full consequences would De
profound" he said, II the payments
could be made and were made with
any degree OF plomptness. We need
not to look further than to contem
plate mere y the receipt OF s9oo'VVo'-
oo0 wear interest, II that came N
tha form OF goods our industrial SIT.
nation would be upset III way anu
TO an extent we have not heretofore
experienced. The effect upon our Ia
Dor situation and the consequent 80
cial problems which would be rOsea'
would be meaacing
As tho irel postJate in his plan
MIR Vanderiip sa d he would lay down
tie principle that the allied debt was
a lust debt, legally and morally anu
whether il could be paid or not, II
should be cheerfuly and gratefully
acknowledged as 4 jast debt
II would IKE to seel every dollar
that can ever be paid to us BY our
debtors for years TO come, devoted
to the rehabilitation OF European CIV
ilizaticn, 1t is only through such re-
habit tation that these debts can ever
conceiyably be paid. II Is only
through tho rehabilitation OF Europe.
an civilization that America can con
cievab'y realize in full measure her
destiny or can expect full measure
OF prosperity for her people,.
eEveryth ng the war has cost he
said, everything an unwise peace Is
costing. can be recompensated, and
heyond that a great economic margin
created. If Eastern Europe can be put
in order. can be helped and led to
handle its own problems, IL the peo-
pie Of Eastern Europe can be made TO
comprehend their economic unity. Il
they can be brought to understand
that in the welfare of all nations, lies
the highest prosperity OF each"
TO a program OF this kind. he de-
clared he would devote for
many years every dollar this country
could get Of the allied debt
aThe time might come when we
would cease to make these sums re.
Voting oreoits for European econo-
mic development because there real
ly would not be further need for us
to do so Then the money would
come back to us.
IF we must insist to. the letter up
ON our claim. our claim will IN all prob
ability never be met If we insist up
on it selfishly we will realize in hat
reds but not in cash II we are gen
erous. and wisely generous, those
Gains can all be paid. aud | believe
VII all be paid. and the good we do
with them viii mean more to Us mat
orially than anything we would con-
ceivab'y be parting With