The Cordova daily times., 1922-06-10
SATURDAY, JUNE 10, 1922
CANcELLATIoN1sTs ON THE RUN

Despite the fact a commission has been anpointed by act of Congress for the sole ,,nrnose of arranging terms of repayment of the foreign debt owed the United States, those who urge the cancellation of the obligations are striving as hard as ever to carry thelr ,,oint. The lines of their arguments vary widely. Some claim that 1t IS impossible to pay the debt unless we permit the mporta- lion of goods to like amount, others nslst that we owe a moral obligation to Europe to wipe off the debts as part of our contribution to the cost of the war, while still others 1latly declare tthat foreign treasuries simply cannot make the payments. A study of the three principal debtor nations shows the fallacy ot the cancellation propaganda.
 Great Britain not only can pay but has m- dicated her willingness to pay, and has al ready made provision in her annual budget to meet the interest charges for the current year. The refunding commission should have no difficulty in adjusting interest payments for the future, and in arranging for regular reductions of the principal, amounting now to about four and quarter billion dollars, The natural resources of Great Britain dld not suffer att all from the war, and she added to her wealth a great amount of new territory rich in raw materials.
 France owes the United States about three and a half billions. Her national debt IS ap- proximatelv $23,000 100000 figured on gold standard. with a national wealth of around $6O0O0,000000 and an income of about $|,oOO, 100000. Like Great Britain, France received immensely valuable additions to her territory in Alsace Lorraine, the Saar Valley, and form CT German colonies in Africa. The annual interest on her obligation to the United States would be approximately $1500OOOO0, which she should be able to pay easily, and the prln- cpa can be so spread over period of years as to make it's payments no great addition to her financial burden.
 Italy has a total national debt of about $5,O00 100000 in gold. Before the war her wealth was $22,000 000000O and annual in come about $4,O00000,000. She, too, annexed valuable territory in Austria, which will bring in added revenue. Her debt to this country is about $1,80O,00O,0OO Interest charges would be less than $9O,0O0,000 year, surely not a great burden, even with substantial annual principal payments added.
 It is understood the debt refunding com mission will turn its attention first to the British obligations The successful outcome
 
 precedent for those that are to follow. Nation al pride in the other debtor nations will not permit British credit to stand upon a higher plane than their own. No country will allow another to outdistance it in the race for inter- national credit Ambassador Jusserand gives voice to that feeling when he indignantly de- nies that France will repudiate her debt. q want to say,' he declares, that there are 39,O00,000 loyal Frenchmen who stand square ly behind Frances obligations, and am one of the 39,000,000'
 Did they but know it the cancellationists are dealing a blow to international peace and goodwill rather than aiding that cause The destruction of international credit means the destruction of the repudiating nation if war comes to it in the future. Unable to negoti- ate foreign loans, discredited country would fall an easy prey to the enemy.