New-York tribune., 1922-03-05
Maxim on Temperance
Seventy Years Ago
To tAs Editor of The Tribune.

10 tno 60Itof OF ne tribune.
Sir: have heard expressed the be-
lief that some of the Congressmeri
friends Of the proposed soldiers bonus
are counting upon funds received on
account Of our credits with the Allies
80 take care Of the bonus ~
Advocates Of the bonus not only fail
to REALISE .he great length Of time over
which bonus payments would extend
and what the enormous ultimate drain
upon our resources would be, but fail
also to take into account the possibil-
ity Of some of our associates of the
late war being unable to meet even the
interest on their debts to us, let alone
the principal.
OF the nations that owe Ms money
Great Britain IN probably the most IA
vorably situated, both financially and
commercially. The national debt of
Great Britain is estimated to be from
thirty-hve to forty billions Of dollars,
which il about ten times greater than
it was previous to the war. The pres-
ent wealth Of the United Kingdom is
about only twice as much as her ma
tionai debt now amounts to.
Although it il true that Great Brit
ain before the war was the most power
full naticn, which position she no doubt
still occupies, If indeed, she Ia not
relatively stronger than she was in
many ways before the war, and. al
though some of her statesmen contend
that she will pay her debts, there are
many British authorities who insist
that payment is impossible.
As to Italy, which is the third in i'm
porsance of the foreign nations to
whom we loaned money, it is probably
true that her national debt exceeds her
national wealth. We loaned to Italy
over one and one-half billion dollars.
which is practically one-tenth of what
her supposed national wealth is to-day.
1t does not seem possible for Italy to
pay the expenses of running her gov
ernment and at the same time to nav
interest on her national debt.
Although France is not as badly of
~ Italy As far as Industrial and eco
nomic conditions are concerned. it il
almost an impossibility for her to meet
the interest on her present national
debt, which is over thirty billions of
collars. 1t must be remembered that
there was large and very important
part Of France completely devastated
by the war. and until this area is again
restored to normal productivity it will
be exceedingly dificult for France to
fnance her governmental expenses,
much less to pay either interest or the
principal of the loans we made to her.
which aggregate about three billions
OF dollars.
In marked contrast to the un-
fortunate position occupied by the
European nations is the present posi-
tior OF this country. which in spite Of
the World War and the resultant social
and industrial, Reorganization, occu-
pies . unique position as the solvent
great nation.
Our national wealth is estimated ~
be over 5000 ,O00, ,0O0, 900 and our war
debt about one-tenth Of this amount.
With the above figures in mind and
without considering the sentimental
viewpoint we should cancel all the war
debts, which would immediately nut
this nation into position where it
could make conditions without preju-
dice to any nation that would inure
to the lasting benefit of mankind. as
the war has unquestionably placed the
United States in position where it
can exert very great influence in
world affairs.
The recently adjourned Conference
for the Limitation of Armament was
4 great step forward. and this country
can easily inspire greater progress to-
ward a lasting world peace by assum
ing the position which would come
about naturally through cancellation
Of the debts.
Aside from these practical phases OF
this great question should be consid-
cred the sentiment involved. The na-
tions which were defending and pro-
tecting the liberty Of mankind against
the Germans were willing to sacrifice
the last Of their resources and the
last drop of blood. Up to the time