The Washington times., 1922-10-27
EUROPEIsAB[E
ANDW|LLIN6 To
PAI', sAYSGARY
Steel Corporation Head Backs
: Hearst Fight for Collection
Of War Loans.


behalf Of collecting tho yII, ,0o0.-
.0O0, 900 debts EuropeGn nations
ove the United States, Ebert H..
Gary, noted financisr and or
gambler of the s0orids largest steel
corporation, today sad the "Tor-
si0n aations oan and are sDilliag
70 pay tAsir debts." I N
He also s.rged that there soon be
held at Wdskington another peace
conference for fill and frank dis
cussion of all unsettled financial,
commercial and isdnst,'ial ques-
tions" Of the variOns nations.
BY ELBERT II. GARY.
Chairman Board Of Directors Uhited
States steel Corperatiop. In Address
Before American Iron and
steel Institate.
ny Ce@mepolitan News Service.
new YORK, Oct. 1.-THE doc
trine Of supply and demand, which
is one Of mutuality, is germane TO
the present public and private dis
cussions relating to the enormous
debts owing by certain foreign ma
tions to the United States. They
were voluntarily, openly, and
fairly contracted. They cannot
properly be cancelled or disposed
Of on any other basis, without do
ing violence to well recognized
principles Of. justice and rules Of
propiety.
+ Cancellation Plain Charity.
To cancel these debts. or any part
of them. without fun payment. would
be forced charity. and that Is never
agreeable to the donor, and, as n
rule, equally disagreeable to self.
respecting person or a nation. II Is
the individual citizens OF the differ
ent contries who are to be consulted
and whose decisions must control.
Americans generally would not be
contented with Governmental action
which relieved from debt the citizens
Of a foreign nation by increasing the
, burdens Of the former. 4s...
Likewise. foreigners generally
would oppose any such enforced act
OF charity. Certainly II would be alb
horrent to the business men and
women Of both countries.
This attitude has no bearing upon
the question OF furnishing charitable
and Christian relief to foreigners
who are-in distress and need imrnc-
date, aid, which cannot be provided
mt home. This has always becH and
will continue to be done by the peo-
pie OF every land.
! The attitude and conduct Of a
nation should not be different from
that OF an Individual. II your
/ friend Is In real need and is honest
and trustworthy you will assist him
! by donation or. by loan. or both
| bat in the latter case you do not
expect him 10 turn the loan into a
| gift IL and when he. In in anyway
able to pay. II he attempts this,
your respect for him varishes. To
retain your! confidence, he must
use every effort, up to the limit OF
his ability and he shall work, and
work hard in any capacity offered
for this is what you would do II
similarly situated. You would, OF
course, extend the time Of payment
IL absolutely necessary. but you
would not do SO II he were keeping
an automobile or eating terrapin or
literally extending his business In
l Otutf Sohtpctc WIN soos
Can and Are willing 70 Pay.
In the judgment of many Of VI
the foreign nations can and are
willing to pay their debts, some
sooner than others, and most OF
them sooner than Is now generally
admitted. This we have publicly
asserted several times. We know
something Of their capacity to work
and earn and save and thrive; of
their success In business and their
mode Of living. No doubt, in many
instances, productive capacity has
been reduced and we share In their
suffering on account Of deprecla.
ton. We should be cheerfully will.
ing to extend payment at reason
ably low rates of interest. We
should be glad to make new loans
whenever we are confident they
| will be paid and thus assist In
restoration and rehabilitation.
There Is no way Of paying debts,
Of receiving benefits, Of acquiring
property, Of securing and retaining
positions of employment or office,
| public or private. or obtaining as.
sistants or workmen, skilled or un.
skilled. except on the basis Of
reciprocity. Of returning fair
equivalent to be mutually agreed
upon. Every man or nation in
order to measure UP to obligations.
must work. and save: must be
prudent and fair and economical
Rule Of Supply And Demand.
All this applies to the payment
of debts to the re-estallish sh m an \