Evening star., 1921-07-08
Editorial Digest
A Lordship Over Billions.

a AVAUuu1p Ov01 OAAAAvAs'
Secretary of the Treasury Melons
request of Congress for carte
blanche in refunding the foreign
loans meets with the approval OF the
majority of the American press. HIS
plan for temporarily waving the un-
ties at q rate high enough to make up
for the amount waived" also meets
with general support IL not as q per-
feet solution at least as the only way
out. The argument in favor of dele
eating this "lordship over billions" to
one man is the fact that rapid adjust
ments must be made from time to time
to meet changing financial conditions
abroad requiring a, mobility that cum
bersome congressional action would
preclude. However. a number OF pa
pers oppose the whole plan.
There will be opposition to this
"forgiving" of the interest because,
the Wichita (Tex.) Times (democratic)
declares, many members OF Congress
"have planned to use the back interest
in paying the bonus rui,s fer 1s nx ex-seryice
Leader republican) feels that mo
man should be given authority" which
would permit him to substitute Ger
man reparation bonds for the allies.
which the blanket authority asked for
dndependent) believes that this
country will assuredly not be willing
to accept any settlement Secretary
Mellon may make without demanding
the reason why"
The New Orleans Times-Picayune un-
dependent democrat1c) goes even farther.
asserting that Congress and Congress
alone should do our refunding" and ''the
Mellon request should be PROMPTLY re-
jected." Without urging refusal the. Bal
timore Sun independent democratic)
suggests drastic amendments to the
plan because "the act in its present form
gives the Secretary a blanket authority
to convert or refund the allied bonds in
any way he sees At or in any manner an
opportunistic policy toward the economic
condition of Europe may suggest"
Granting Mr.. Mellon the best inten-
tions," the Knoxville Sentinel (indepen-
dent democratic) does not believe that
Welding to the administrations request
would be sane and safe business
measure
But the majority sentiment is behind
the plan and newspapers Of democratic
as we'll as republican leanings support it
The Mobile Register tdemocratic); for
instance, sees danger to national busi-
ness in Legislative leisure and delay"
and considers it Ito be the public ad-
vantage to grant the powers asked for"
While the Syracuse Post-Standard (re-
publcan) looks upon the demand "as un-
usual even 'in times Of peace" it adds
that for the administration OF this In
debtedness, as time and occasion demand.
it is probably a necessary grant"
The Buffalo Express (independent re
publcan) feels that much must hS -
to the discretion Of the Treasury. bt-
cause If the. United States is to collect
what is owed Europe must remain SOL
vent. and international stability means
meeting by governments of those obliga-
tions" on loans from private quarters
first.
voicing. its approval Of the fact that
the request as framed in the Penrose
bill signifies the abandonment once for
all'' Of cancellation Of the debts. the
that there cannot be any doubt that.
with man like Secretary Mellon as
treasurer the country can go further and
get more done and done satisfactorily
than II welter Of decisions were LEFT
to the wrangling of Congress"
thinks that ''the only thing for Congress
to do is authorize the Secretary to effect
ia refunding according to his own best
Judgment. This would remove the
loans from the realm Of international
Ejealousies." says the Manchester Union
NiANSPSIiNehS ASPeSh.@HAls oIio etiS ~
York Mail independently adds, "it is a
one-man job" for whatever is done
must be done in accordance with a def
mite plan, yet done. in important de-
cisions, at the touch of button or it
cannot be done at all" The Brooklyn
Eagle Qndependent democratic} says:
IAN unquestionable truth Is that, pre-
suming that the power asked for be
granted and that judicious use be made
Of it, brakes now applied will be re-
leased. with full speed ahead among the
proba bilities.'
AS to this "judicious use" Of power
the New York Post independently makes
the reassuring comment that the au-
thority asked for is not SO unlimited"
as might be supposed, for the same
realities of the situation" limit the
Secretary that would limit Congress.
Without considering specifically the
phase relating to the Secretarys powers
the plan Seems practical in every way
to the Seattle Times independently. and
to the Sioux City Tribune Independently
'it offers a reasonable solution Of the
problem while the Boston Transcript
Qndependent republican, declares that
there is no other sensible or business
like way Of treating the financial obIiga-
tions Of the various European coun-
tries"
One Summer School.