Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1922-11-09
THAT is THE OPINION OF sEcRE-
TARY HUGHES AND FOREIGN
DEBT COMMISSION.
CONGRESS- CONSENT NEEDED
Financiers Urge That the sUnited
States Take Initiative in Bringing
About an international Conference
On Financial and Economic Matters.
BY JAMES p. HoRNADAY

represented. on the reparat1On coHIlnls-
sion created by the Versailles treaty.
If the governments of Europe Will
consent to participate in an economic
and financial conference without intro
ducing the subject of the Indebtedness
of the European countries to the
United States, this government Will
call such a conference.
Here are two very important steps
which this government is ready TO
take if the ''if'' in each case can be
eliminated. Charles Evans Hughes,
secretary of state, has advocated full
representation of the United States
on the PREPARATION commission ever
since he entered the cabinet. I'm
fortunately from his point of view
the President yielded to the senate
when that body expressed desire to
incorporate in the separate treaty OF
peace with Germany provision which
bars the United States from partlc1-
pating in the deliberations OF the
reparation commission or representa-
ton on any other committee or COM
mission created under the Versailles
treaty. If the senate had kept hands
off this government would long ago
have been fully represented on the
reparation commission.
The question before the President
and his secretary of state at this time
is whether the executive department
will, on the reconvening of congress,
ask that body to authorize the P"esi-
dent tor appoint member of the
reparation commission. The probaDll-
ity, so it is said in an authoritative
way, is that such request will not be
made of congress unless the Republi-
can leaders in the legislative body
should take the initiative and put
through the necessary legislation with
out waiting for request from the
executive department.
Foreign Debt Body Favors 1t.
The foreign debt commission is
strongly in favor of the United States
being represented on the reparation
commission. Since congress adjourned
there have been developments which
make it more important than ever that
this government be fully represented
on the commission For instance, the
question of how Germany shall settle
her debt to the United States growing
out of the presence of American
troops in the Rhine country is to come
before the commission. 1t is proposed
that this debt shall be settled in part
at least through the assignment OF
German dyes to the United States.
Recently Secretary of State Hughes
has conferred with some of the fore
most bankers in the United States on
the subject of an international finan-
cial and economic conference. The
leading financiers on both sides of the
Atlantic are urging the United States
to take the initiative in bringing about
such conference. The authorities
here have very pronounced views with
respect to the foreign debt situation
and they would not like to see this
government stand sponsor for an in
ternationaI conference which would
undertake to say what Europe will do
about these debts. The position of
the United States is that the debts
must be paid, though it is willing to
refund them on generous terms. Per
sons who are acquainted with the
progress that is being made toward
opening the way for an international
economic and financial conference to
be held on the invitation of the United
States seem to feel that the outlook
for such a meeting is good.
Another Arms Conference?
OF course these two steps, if they
should be accomplished, would only
be preliminary to other steps which
would, under the general foreign pol
icy that is being worked out be taken
later. The third step and by far the
most important of all, should plans I'm
der consideration be followed, would
be the converting of another interna-
tional conference ona the limitation of
ornaments in Europe and on so-called
Atlantic questions.
About the only thing that can be
said with certainty about the foreign
debt situation at this time is that
Great Britain is ready to pay the in
terest on the $4,O0O,O00,000 which she
owes the United States. No other
country that received money from this
government during the war appears to
be planning to pay even the interest.
Public sentiment in the United States
obviously would not sanction the can
collation. Of any part of the S11,000,-
100000 which foreign governments
owe the United States on account Of
the war, and the foreign debt commits
sion, being well aware of the public
view, does not propose to consider the
debts on the basis Of cancellation.
1t is not unlikely that when the
congress reconvenes President Hard
ing, at the request of the debt COM
mission, will ask that the law under
which the commission is working be
liberalized International financiers
are suggesting, for instance, that some