Iron County record. [volume] (Cedar City, Utah) 1893-1982, 1922-04-28
AMERICA READY TO
MAKE COLLECTIONS
IT 10 BELIEVED ENGLAND CAN
PAY iNsTALLMENT ON &C.
COUNT OF INTEREST
Cxsoho- slovakIa May Remit Some,
But France and Some Others
Are Not In Position TO do
Anything Now


whose function Il 10 TO collect the
ST., 600, 100000 owed to the United
States by various European nations
has organized. The next step, neoes.
sarily, will be for this commission To
give formal notification 10 the Eur
spean debtor governments of the com
missions duties In the collection OF
these debts or in the making of mr..
rangements for their collection, nnd
then to await such responses as the
nations may decide to make. II Ia
easy for any well-infermed person Ia
guess approximately what these re
sponses Will be.
Great Britain will probably pay q
considerable sum on account of the
accrued interest and express willing
ness to accept any terms that the
United States may suggest about IN.
ture instaliments. Aside from Grea,
Britain, II is difficult to think Of any
Of the other natoins that 10 likely
10 make any payments on account
It is. indispensable that the Ozecho
slovak government may be prei'aret
To do something In n small way. This
government In about the only one oI
the various new nations set up by ths
Paris c,nferencs tnot has conducted
its fiscal affairs In such way II
to qualify as solvent debtor. As q
resule Of Czecho-Slovak economy and
the sound management OF its finances
Il has recently been able 10 borrow
several million dollars from private
bankers IN America and Great Britain
After the debt refunding commits
sion has received It's various answers
the next step. logically, will be a re-
port by the commission to congress
That report may turn out TO he dis
appointing to congress and the country
so far as the country expects all o.
these debts to be refunded on nor
NAL basis at a normal rate Of interest
and with instaIlments beginning i'm
mediateIy. the country Ia likely to be
disappointed.
Beyond these three steps II Is diff
cult TO see farther into the future. Il,
the time all this has taken place Ger
tain other angles Of the European
situation win be clearer than they
are now. II those OF the European
nations which have debased their cur
rency should decide az result o
the Genoa conference to Stabilize thei
currency and otherwise bring thei
fiscal affairs to sound basis. Their,
is likely TO be n request by some %
them for an advance OF part %
the United States gold to serve as
basis for their new currency.
At this point II 10 going to be ne
cessary for America TO practice goo,
deal OF wisdom. II any of those Eut
opean countries show IN honest dis
position to stop spending more thai
their income and to stop printing pa
per money. then It would be wis
and statesmanlike thing for Americi
To lend Thorn some American gold I'm
der proper restrictions.
Just why 1t is advantageous 70
America to have such disproportion
utely large share of the worlds gol,
supply and why II would be advan
tAeous for America to devote some o
II to enabling other countries TO sta
Billie their currency Is more com
pick aspect of economies than is con
monty understood. Incidentally, on
Of the countries that owes money :
tho United States 10 Russia. Russi
owes some hundreds OF millions I
the United States government and q
80 owes some hundreds of millions
American bankers.
At the Genoa conference Russia hA
developed the theory that againl
these debts she has setoff in tn
shape of damage done by America
troops In Russia. That setoff ca
hardly be admitted. American troop
were in Russia chiefly for the leg
innate purpose OF protecting SUI
plies sent by America 10 Russia at III
request OF the preceding Russian go
eminent Moreover. there is all I'll
difference in the world between Ru
sia's obligation and promise to r.
pay loan made by America and an
possible libility America may be undo
for damages.