Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-10-21
Drbt Cancellation

D EGARDLESS of the fact that Secretary
IN Hoovcr's Toledo speech upon the inter
rational debit was delivered for campo On
purposes, tn" views which he onunciated
must II" assumed 20 he those of the Harding
administration and as such they are both
Significant and important. He would scarce
~ proceed 10 the Preside home State at
'ie Presidents direct instance to assist in
siecting he Republican candidate for the
senate. merely to express personal opinions
regarding so vital matter as the can
collation. Of foreign obligations tn the United
states
II may be- taken for granted therefore.
hat .vhen MIR Hoover deliberately declared
mat no public official either OF the United
states or any other country. could or should
approve the cancellation OF The debts" he
uttered sentiment which controls tho
policy OF The President and his official adj
Nisers And If the debtor nations under
stand The meaning oil this prunounccmcnt.
'hey will abandon their agitation for a
remission OF all or any part of the obliga-
lions which, were incurred i,r America while
the war was in progress.
one point which Secretary Hoover makes
IN this connection is entitled To more than
passing consideration He reminds the
world that the debts contracted are not
debts 10 our government They are debts
owing to American taXpaycrs-to millions
of men, women and children from whom
their governments borrowed the money 10
finance the allied powers There was no
mighty war chest in the Federal Treasury
when war was declared It was necessary
for the government 10 ask for vast loans
from the people, loans extended ont Of the
daily earnings or out OF the savings OF the
nation ~ large.
be repaid by the government OF The United
states even If the foreign debtors default
iiut primarily the obligations belong to the
pcopl" who subscribed to the war bonds OF
The United States and the Sll.5OO. OO". 900
due the people by our war associates might
properly b" direct instead OF Indirect debts
l'"ioro cancellation can h" approved by any
administration. therefore. the creditors
themselves must b. consulted and must
assent TO such a program.
Another point emphasized by Mr. Hoover
is h" fact that neither the American peo-
pic nor the nation a u whole protited ma
ierially as a result of war settlements There
was no division OF conquered territory in
our favor No indcmnitios were dcma nded
hv us No rcparations were asked for
Nothing OF value accrued 20 the United
States in the distribution Of Gcrmany's as
sets except a few ships which had been
seized in American ports Even ;he gov
eminent is considering the return Of enemy
property seized and held out OF which il
was assumed the individual claims of Amer
cans against Germany would he paid
This Is tru" Of no other nation which en-
gagged in the war against the cent raj powers
France is clamoring for billions Of dollars in
separations aside from her share Of former
German colonies. Great Britain has vast
~ extended her colonial system al the rx-
pens" OF hor late enemy Belgium is being
repaid for the damage sustained through
N" invasion ot her territory IIays bouu-
diaries ar" greatly extended. and a group of
smaller nations have received about all
They had claimed.
Europe would do woll 10 consider
thoughuully the very clear and convincing
statement OF American debt policy skcrchrt
ny Secretary Hoover. and 10 realize that the
logic OF Americas position is unassailablc