The Glenwood post., 1922-06-22
vnck Ted's Bed Time Stories
Current Events For the ChilAren
and arown-uDs, Too
FOREIGN DEBT COMMISSION
HARD AT WORK

dAhO AL WORh
''Believe me eleven million dollars
OF more is SOME money" said Jack,
as he and Ruth were talking about the
money owed the United States by for
eign nations. "Have you any idea
how much it Isl"
81 can't think Of it,'' answered
dollars is more than 1 can see at one
time
"Well, anyway, that's the amount
the foreign nations owe us for money
loaned them,'' said Jack.
"Hello, kiddies,'' said Uncle Ted,
"what are you two up to nowi"
"I just read" answered Jack.
"where the foreign countries owe the
United States more than eleven bill
lion dollars and we are trying to
think just how much that is. I re-
member you telling us long time ago,
something about this money!
eyes, jack" said Uncle Ted,
"there is probably no bigger or more
important problem facing our govern
ment today than this huge debt, the
money for which was raised by the
various Liberty bond drives and
through other sources, which 1 will
tell you of later. About year ago
Secretary Of the Treasury Mellon
talked over with President Harding
how this money could be best refund
cd. President Harding went into the
matter at once with congress and both
these big men pointed out that 1t
would be a fine way to have these
debts put into the form of bonds, CO.
rying a certain amount Of interest and
with set date when they should be
paad. A bill was finally passed by
congress creating what is known as
the World War Foreign Debt Commits
sion. Secretary Mellon is chairman Of
the commission and the other members
are: Secretary Hughes of the state
department, Secretary of Commerce
Hoover, Senator smoot of Utah aud
Representative Burton of Ohio The
headquarters of the commission are
located in the treasury department
building and Assistant Secretary of
the Treasury Elliott Wadsworth has
been selected secretary.
"Where to start on this big work
is no small matter. The commission
is, first of ALL, making a deep study
of the conditions existing in all the
countries whose debts to us must be
paid. Some nations will be able to
pay sooner than others and this will
guide the commission in its final plan.
In gathering this information, the
state department, treasury, and depart.
ment of commerce will be able to give
them great deal of information which
will prove of help, particularly in
view of the fact that the heads Of
these three departments are members
of the commission.
"You kiddies, as well as many citi-
zens of the United States, have forgot
ten from where all this money came
that was loaned abroad. First of all.
there was loaned under the various
Liberty loan drives $9,434, ,774, ,s29.
When the war was over the secretaries
of war and navy sold on credit a lot
of left over war material for $574,-
673,710. From the American Relief
commission came supplies worth 1884,
O93,963. The United States Grain
corporation provided $56,s58, ,s02 worth
of foodstuffs. This made a total Of
$40, ,150, ,4o1 ,3O5.49. In addition to this
the interest due and unpaid On those
debts nmornts to $1,17s,s79,925.ss.
There arc eleven countries obligat-
I'd for money advanced under the lib
erty loan acts. These countries are
Belgium, Cuba, Czechoslovakia, France,
Great Britain, Greece, Italy, Liberia,
Rumania, Russia, and Serbia. Most of
these same countries are debtors for
surplus materials, as are also Latvia,
Esthonia, Polnad, and Lithuania. Cred
it sales from the United States Grain
corporation and the American Relief
commission add Armenia, Austria,
Finland and Hungary to the list of
debtors.