Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-07-24
Jockryinp With the Debt

\ OTliiNG could be more apparent than
that the nations of Europe which arc
indebted TO the United States are consist
emily and systematically avoiding the issue
involved In the proposed settlement. Per-
haps they are merely playing for time hut
1t is certain they are maneuvering as
adroitly as they know how against facing
the situation rs IL exists.
More than six months ago the Congress
of the United States passed legislation Great
ing debt refunding commission This COM
mission was authorized TO negotiate with
debtor nations for the refunding OF all out
standing demand notes held by this govern
ment. The commission In the course OF time
was appointed, confirmed by the Senate and
organized for business. Immediately invi-
tations were transmitted through diplomatic
channels TO the governments OF Europe TO
which the United States had extended
credits
These governments were invited to send
commissioners To Washington with power To
refund Tho unpaid obligations agree upon
an interest rate which these obligations wera
10 bear. and fix maturity date for tho re-
funded"bOnds America does not EXPECT anv
nebtor nation To pay what it owes here and
row II is we'll underst God that this is I'M
possible. 'n il is expected that tho debt or
powers will enter upon negotiations for the
funding OF the temporary notes into long
term securities
10 date not one government has taken
any decisive step in the direction OF refund
Ing. The French have sent an envoy TO
Washington, but II was announced before he
left, and has been announced again since
MS arrival. that hs has no authority TO do
more than lay before this government, a
statement of Frances financial situation
statement which is designed 10 show how
Impossible il is for that nation 10 paw either
mo interest or any part OF the princpal of
tho French debt
mere WAS no occasion to send this
freh'hnan 10 Washington for so formal a
proceeding. France might have made such
statement from Paris and 1t Ia necessarily
disappointing to the American government
and the American people to find France
eVaning an issue In this childish wsy
Nor has the course Of the British govern
ment been much more. reassuring n was
stated in London months ago. and with
much ado, that provision had been made IN
the current British budget for the pavment
OF interest on the debt to America The
soldier bonus advocates took this program
so seriously that they were prepared to ap
Wopriate the amount Of the British interest
fund for soldier gratuity, without waiting
until IL had actually been received
me British also let II be known that tbev
"onld send commissioners to Washington
Just as soon as the American commission
could no organized. But March, April, MAY
and June passed without action. Not until
the middle OF July did the London govern
ment do anything about the matter. Then
II was that Ambassador Harvey was In
formed that the British negotlators would
arrive In Washington 'soma time In Sen.
tcmber."
Neither Italy. Belgium nor any of the
smaller nations indebted to tho United
States has paid any apparent attention to
tho debt question. Perhaps they ara wait
Ing to SEQ what terms the British and