The Washington times., 1922-04-24
MONEY-TRADE
Wall Street Warnings.
Foreign Debt.
Cancellation Merciful?
No, Foolish!
BY GEORGE WHEELER HINMAN


CHICAGO, April 24.-Daiy warn.
ings come from Wall street against
the extravagance OF Government
and the size OF taxes. We hear a
soldiers bonus of three billion dol.
lars would chill the market and re.
pei prosperity. Even ar ordinary
rivers and harbor bill is a dis
turbing factor. Yet against the pro-
posal to make the American tax
payers assume $4,000, 100000 of
Europe's war debt-meet the $10,-
000, 100000 in American bonds
when she took the money
against this. hardly a voice in Wall
street is raised.
The discussion goes on at Genoa.
How can America be induced to go
into a financial conference on the
Cancellation" OF the debt? How
can America be persuaded not only
to pay this $4,000 900, 900 due on
the bonds, but also TO take more
bonds-Russian, German or any
other kind that will unload more
European debts on American bust
ness and place more American
money in Europe?
Nothing But Expenses.
These proportions mean more ex-
pense to the American people-more
burdens, more taxation, more oppres-
sion OF industry-than three or four
bonus appropriations, than ten years
OF Congressional waste. Yet the
business men who must carry the
load are giving no sign, making no
protest.
Not only the American bankers,
who make their largest profits from
foreign financing, have Joined in the
campaign to shift European war
debts TO American shoulders. Plenty
of others also have been persuaded
to help the cause.
The London correspondent OF
Chicago newspaper writes the Lon
don Times that the British should
not be impatient with their American
creditors for insisting on payment;
that in the end the British will not
be required to pay the $4,000, 900. 900
owed to the American people. And
somewhat similar letter appears
in the London Statist from Philadel.
phia.
The Philadelphia gentleman writes
that the great majority OF think
ing individuals in this country
neither expect nor desire that those
debts be paid.
The same sort OF sentiment is ex-
pressed in the dispatches from Wash
ington and New York to the Eu-
ropean newspapers. 1t Is Ameri-
cans who foster those crazy and
costly campaigns for international
repudiation with the United States
her people, her business, her pros
perity-ss the universal victim ana
paymaster OF mankind. Just con-
slider, in private and in committee
at Genoa, the propositions to can
eel" eventually the American debt
and then to get new loans in gold
are soberly discussed. At the same
time the nations that discuss them
make. great parade OF their gen.
erosity in scaling Russia's debt to
them some $500, 900, 900. An ef-
fort also is being made to scale
Germany's debt by $40, 900, 900, 900,
though France resfsts. But what
do these figures mean7
Setting Example.
That Russia, a bankrupt and starv-
ing country, would still be held to
pay at least 81, ,000, 900, 900 or SS,000,-
0O0, 900, and Germany, tottering on
the verge OF collapse, would still be
required to pay about fifteen times
the war indemnity she once exacted
from France.
Those figures ,mean that the Allies
claim merit for req/ring from Ger
many only a quarter OF her whole
wealth and from Russia only a fifth
OF hers. II one apply the same
measure to Allies that the Allies
thus apply to Russia and Germany,
what is the result? Why, this:
The British empire is supposed to
represent $4,000, 900, 900; Great
Britain, about $4,000, ,000o 900 in
wealth. SO to meet the American
debt of 5000, 900 900 Great Britain
would have to mortgage herself for
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