The Washington times., 1922-10-14
Money and Trade
squandsring Abroad.
No More Loans TO Europe.
Rsccnstructicn Graft.
-, ,o0o, 900, 900; Involved.
By GEORGE w. HUMAN.

tS0sVUV,VVV,VVUs involved.
: 90. {. : .s--.--
BY GEORGE W.: HTNATAN.
CHICAGO. Oct. ,I4.rhe United
states Government viii scan care
fuuy all future loans TO European
governments. siy. !. ~. 80 : /.
The United States Government
does not believe the European gov.
lernments are either efficient or eco
nomicai in their use OF money.
The United States Government
feels that. before Investing more
money blindly on the continent of
Europe, Americans should wait for
some European evidences Of good
faith. - II ~
These announcements come from
Washingtonl They are timely, e.
pecially as q large foreign loan falls
due soon from the most wastefui of
Americas big debtors and an effort
probably will be made to refund it,
that IL, TO float II anew, h
It ID; proper that the United States
Government should wake up ana be-
gin To- protect American investors
against questionable inroads on
American capital. The waste in
Europe continues. Outside of Eng.
land there 10 no effort to stop It.
The countries on the continent con.
tinue to squander reclxiessiy and to
borrow money for further souander-
ing. ~ -
In its latest official appeal. for in
stance. the German government d.
rects attention 20 the fact that, al
though Germany a. Q military power
has ceased to exist, the armies of Eu.
rope have o million more troops than
before the war--3. 100000 men then
and $500 900 now tss" '..S. h
How do the European nations do
itH Most OF them By borrowing the
money.
:. The continental nations are pfc.
tured TO us, when q borrowing day
approaches, an LOADED with taxes.
The most important country OF an
makes piteous pleas for it's tax-tor.
tured people. That In France. The
pleas are only partly tr1e. Frances
taxes are heavy on paper. But they
are quite different In reality. In 1870
only two-thirds Of the taxes that were
levied, were collected. The amount
left unpaid was more than $500, ,O00..
900 in French money Last year
less than half the income tax was col.
lected. The amount uncollected was
more than $500. 100000 in French
money. III, 49,, -, :
According to a celebrated English
authority. "the total income tax col.
lected in France in 1871 worked out
the magnificent sum of,2s francs per
head of the population" ,s|
That, in real money, means less
than So. At the same time the Ameri'
can average for the income taxes
was at least $50 and at most $27 q
person. s
The Engiishman gives these fig.
ures to shed light on Frances con.
tention that She should repudiate her
war debt to England and secure
further loans In London. His facts
and figures apply with equal aptness
to SFYance's attitude toward her
American debts and her desire for
future American loans.
Il u worth, mentioning also that
the same, Englishman says France
has appropriated 80, ,oeo, 900 900 to re
store the devastated regions and that
only half that sorn has been &C.
tuaily used In the work Of restora-
ton. The rest. or $4,000. 100000 has
vanished - ,47.r.7. -.
WKlA-huOWh hIk2LICru tOfu I1c
recently writes Robert Dell In the
New Statesman, that In Ms opinion.
the graft in connection with the De.
vastated region OF France SURPASSED
anything Of the kind In any country
or any age. He may have exae.
gerated slightly. but ] fear that he
supplied the key to the mystery."
!. These statements, are quoted re
gardine France. not because she
- the only country chat Il .wasteful
and inefficient in levying taxes and
paying debts-far from II. There are
others. But France 10 the most Sdn.
spicuous.. r. .,..... : .
"Ths situation abroad !is declared
to be such." say dispatches from
Washington, ''as to warrant disap.
proval Of loan applications untn
there IL q readjustfnent Of budgets OF
debtor nations" 80 s..-.- Z, r.
Clumsily said. but absolutely, true.
Now, II tho United States Govcrn-
inent WIN just stand up TO that decia.
ration, II win earn the gratitude OF
both this generation and other Amer.