Wauwatosa news. [volume] (Wauwatosa, Wis.) 1900-1948, 1922-11-09
THAT is THE OPINION OF sEcRE
TARY HUGHES AND FOREIGN
DEBT COMMISSION.
CONGRESS- CONSENT NEEDED
Financie-s Urge That the United
States Take Initiative in Bringing
About an international Conference
On Financial and Economic Matters.
ev LANES P. HoRNADAY


represented on the reparation commits
sion created by the Versailles treaty.
If the governments of Europe will
consent to participate in an economic
and financial conference without intro
ducing the subject of the indebtedness
Of the European countries to the
United States. this government will
call such a conference.
Here are two very important steps
which this government is ready to
take If the eff in each case can be
eliminated. Charles Evans Hughes.
secretary Of state, has advocated full
representation Of the United States
on tie reparatlon commission ever
since he entered the cabinet TN
fortunately. from his point of view,
the President yielded TO the senate
when that body expressed a desire to
incorporate in the separate treaty of
peace With Germany provision which
bars the United States from partici-
pating in the deliberations of the
PREPARATION commission or representa-
tion on any other committee or com
mission created under the Versailles
treaty If the senate had kept hands
off this government would long ago
have been fully represented on the
repatriation commission.
The question before the President
and his secretary Of state % this time.
is whether the executive department
will, on the reconvening of congress,
ask that body to authorize the + -esi-
dent to appoint member Of the
PREPARATION commission. The probable
ity, so 1t is said In an authoritative
way, is that such request win not be
made Of congress unless the Republi.
can leaders in the legislative body
should take the initiative and put
through the necessary legislation with
out waiting for a request from the
executive department.
Foreign Debt Body Favors II.
The foreign debt commission Is
strongly in favor of the United States
being represented on the PREPARATION
commission Since congress adjourned
there have been developments which
make ii more important than ever that
this government be fully represented
on the commission. For Instance. the
question Of how Germany shall settle
her debt TO the United States growing
out of the presence of American
troops in the Rhine country Is to come
before the commission. II is proposed
that this debt shall be settled in part
at least through the assignment of
German dyes TO the United States
Recently Secretary of State Hughes
has conferred with some of the fore
most bankers in the United States on
the subject Of an international finan-
cial end economic conference The
leading fllanciers on both sides of the
Atlantic are urging the United States
to take The initiative In bringing about
such IA conference The authorities
here have very pronounced views with
respect 70 the foreign debt situation
and they would not like to see this
government stand sponsor for an In
ternatlonal conference which would
undertake to say what Europe will do
about these debts. The position OF
the United States is that the debts
mast be paid, though Il Is willing to
refund them on generous terms. Per
sons who are acquainted with the
progress that Is being made toward
opening the way for an international
economic and financial conference to
be held on the invitation of the United
States seem 20 feel that the outlook
for such a meeting Is good.
Another Arms conference7
OF course these two steps, If they
should be accomplished. would only
be preliminary to other steps which
would, under the general foreign pol.
Icy that is being worked out. be taken
lfder. The third step and 10y far the
Ilost Important of all should plans un.
der consideration be followed, would
be the converting Of another interna-
tional conference on the limitation OF
ornaments in Europe and on so-called
Atlantic questions.
About the only thing that can be
said with certainty about the foreign
debt situation at his time Is that
Great Britain Is ready to pay the in.
te~est on the $4s000000,000 which she
owes the United States No other
country that received money from this
government during the war appears u
be planning 10 pay even the interest.
Public sentiment in the United States
obviously would not sanction the can
collation. of any part of the. Sll,0O0.-
100000 which foreign governments
owe the United Suites on account of
the war. and the foreign debt commits
sion, being well aware of the public
view, does not propose to consider the
debts on the basis Of cancellation.
II Is not unlikely that when the
congress reconvenes President Hard
ing, at the request Of the debt com
mission, win ask that the law under
which the commission Is working be
liberalized. International tinanciers
are suggesting. for distance. that some