Great Falls tribune., 1922-04-12
WALSH BEATEN
IN OPPOSING 7
0F REFUNDERS
Commission on Allied
Debts Completed; 2
Members Confirmed.
Borah, LaF gillette and
Norris Join in Trying
to Bar Nominees.

WdSuluStOu, april LII ue dllct
debt refunding commission created by
congress and entrusted with conver'
sion into longtime securities of the
debts of the allied nations to the
United States was formally completed
Tuesday through confirmation by the
senate of the nominations of Senator
Smoot, of Utah. and Representative
Burton, of Ohio, republicans, as mem
bers of the commission.
Confirmation followed more than
five hours of discussion in executive
session. The principal argument
against confirmation was said to have
been made by Senator Walsh demo-
crat. Montana, who originally raised
the ineligibility point, while the prin-
cipal speech in support of Senator
Smoot and Representative Burton
was reported to have been made by
Senator Cummins. republican. Iowa,
chairman of the judiciary sub commit
tee. which considered the nominations.
Vote Was AZ to Is
The vote on confirmation was Al to
%. Two democrats. Senator Brous-
sard. Louisiana. and Senator kendrick,
Wyoming voted for confirmation,
while three republicans, Senator
Borah. Idaho, LaFollette. Wisconsin,
and Norris. Nebraska, voted against
The roll call was made public by order
of the senate.
Probably the greatest financial un-
dertaking ever begun by any govern
ment will be the task of the commits
sion in conducting negotiations with 20
different nations for the refunding or
conversion into long time securities of
the more than S11, 1888. 100000 due the
United States on its wartime loans.
Most of the debts are in the form
of demand obligations bearing interest
at 5 per cent given by foreign govern
ments as security for war loans
Others are in the form Of notes for
supplies and materials furnished by
the United States. The commission
is to effect the transfer of all these
evidences of debt into long time OBJ
legations of maturities, not exceeding
o5 years and bearing interest at not
less than AZ per cent.
All But Three in Arrears
1t has been indicated at the treas
ury. however. that circumstances IN
with negotiations with in
dividual governments may require spe-
cial authority from congress in work
ing out some of the funding details.
such as the interest rate to be paid.
All but three of the foreign debtor
countries-Cuba, Greece and Nicara
gua-are in arrears of interest. This
back interest totals 81. 100000 and
for its payment arrangements also are
TO be made under the funding plan.
By a mutual understanding. interest
in war loans was deferred for a per-
od of three years which expires in
April SO that interest on the debts will
become payable in October when the
first semi annual installments would
De due.
Owe ,333,094,04i
According to the treasury's latest
'igures, the 90 debtor nations owe the |
United States on all war time obliga- |
ions. including those held by the Unit |
ID States Grain corporation total |
# S11 333 ,O94.041. of which S10.15O.- |
"a. 1876 is principle and ST. 1S3. .059. .S44 |
interest accrued and unpaid
Interest amounting to S4S9. .S13, 179 |
las been paid by Ii of the debtor ma
ions on various obligations but no
interest payments have been made by
Armenia. Austria. Esthonia. Hungary,
lithuania or Nicaragua. Although in
he case Of the last named country no
interest is due on its notes until their
Great Britain. France and Italy,
ombined, owe more than $1O,OO0.OO0.-
100 or the total Indebtedness due this
ountry. The smallest bill is against
liberia, which owes total of SoS,-
1885.
Debts on Treasury Books