The Glenwood post., 1921-07-16
uack TETS BED Tine Stsfies
Current Events For the Children
and Growu-ups, Too
A STORY OF A BIG
SUM OF MONEY

""Yes, you read something about
that long time ago and l remember
we talked about the lot of money owed
United States by foreign countries.
WHY don't they pay up1" It was
Jack talking to bunch Of his school
mates who were gathered under q big
tree trying to keep cool away from the
beating rays of a MONDAY sun.
cit is easy enough" spoke up
Uncle Ted who had been cutting the
grass. ''It is easy enough, I say, to
talk about all this money and what we
think ought to be done, but we really
have no right to unless we study the
situation a little and learn the truth -
''Ten us something about it, Uncle
Ted,'' said Ruth. Anyway you ought
to rest from that heat.'
"All right, Ruth, IL rest from the
heat, but of course l mustn't rest too
much-at least l must tell story.
You ARE a tease, Ruth. l think the
best way is to tell you what President
Harding said the other day about this
matter. He received letter from the
secretary of the treasury on the SUBJ
ject and after going into it carefully
sent copy to Senator Penrose, chair
man of the committee on finance of
the United States senate, together with
letter of his own. In his letter,
President Harding stated that Secreta-
ry Mellon had asked for broader
powers to deal with the situation so
that he could arrange for the refund
ing or conversion or extension of the
time Of payment Of principal and in
terest on these obligations, and the ad-
justment of other claims of the United
States against foreign governments
SIN Secretary Melons letter to the
president the first thing he stated was
the amount of money due the United
States by foreign governments ON ac-
count of the European war. Children,
that total is $1O,141 ,267 ,5s5.6s! Just
think of it! That money was ad-
in this way: $9,435, 225, 3s9.24 was ad-
vnced to these countries under the va
rious Liberty Loan acts. That is, the
money raised by you and everybody
buying Liberty bonds. $s4 ,O93 1858 55
totals the obligations received from the
American Relief administration. The
due from the sale of surplus
war materials to Belgium, Ozecho
Slovakia, Esthonia, France, Letvia,
Lithuania, Poland, Roumania, Russia
and the kingdom of the Serbs ,Croats
and Slovenes total 1865, O4s ,413.sO and
for grain sent by the United Stares
Grain Corporation to Armenia, Austria,
Czecho Slovakia, Hungary and Poland,
the debt is $50, 1899, $1,000.
- Now, Riddles, you see the money
owed on the various classes of debts
is due largely from the same countries.
When Secretary Mellon went into the
matter he found, as he states:
'''T This department is without au-
thority to consent to any extension of
the time for payment of the principal
or of the interest of these obligations
or to proceed with the refunding.'
Later on in his letter he said: In
some cases the debtor nations owe
large amounts to other countries as
well as to the United States, and it
may be advisable, and in some cases
indeed necessary to consider compre-
henslvely the entire debt of such coun-
tries, financial condition and resources,
so as to work out a refunding plan
within the ability of such
country to carry out
You see, Secretary Mellon is not
going into this matter as a man who is
sorry for these countries, who feels we
should say oh! it, all right, we'll
forget it, Neither is he going to say
You MUST pay at once without
looking into the future to see what
the result will be. He is looking at it
as a successful business man and bank
era man who has always handled
money matters with Success
doesn't he say just what he
wants?' asked Jack.
Indeed he has said that. With his
letter to the president he sent draft
Of an act Of congress which he wants
to have passed and which the president
sent along to the senate committee
with his letter. The act is short SO ]
think I will read it to you.
:" Be it enacted (etc.) that the sec
rotary of the treasury, with the up
prevail of the president, is hereby au-
thorized from time to time to refund