New-York tribune., 1922-01-24
Opposition to
Funding Bill No
Longer Serious
Senate Is Expected to PAS.
Measure Without Delay:
NcCumber Answers Oh.
Jcctions Of Its Critics
Advises Reasonable View.
LET Us Not Play the Role
OF Shylock." He Pleads:
Describes Act in Detail

20" '' fr1>nnr's WGa' 90 r,r,..,
" ASHlNGT0N. Jan. passa,. =,
INC foreign debt rcsunding bin BY thc
senate without prolonged DELAY and
without the development OF forn;da,,o
opposition VAS indicated as Tho ros,l,
OF to-day's consideration of that meas.
urc
Senator McCumber. chairman Of th.
FINANCE Committee. spoke in sunno,t
at the bill, AND explained tho roasors
for Its different features. While Sen
ator NcCumher's explanation did uo+
aljay all the criticism. there WAS cv;
dencc that it Won the support OF SOM.
OF tae Democratic Senator'S who had
been expected to antagonixe tho b;,]
Senators McKellar. of Tennessee and
KING. Of Utah, on the Democratic side
especially indicated they agreed in
large part with tho views expressed Inv
Senator McCumbcr.
One Of The objections which is urred
by Senator Simmons and some o;ber
Senator's against the bill. and Will lead
10 sharp discussion. is that it does
not require semi annual, or at lea
annual, payment OF interest. Secrc+s srv
Of the Treasury Mellon strongly OH
Jccted to such a requirement. and tho
Flnarce Committee finally came to his
view. When the question was raised
IN the Senate to-day as to why the
time for interest payment should not
be fixed, Senator McCumbcr said:
Explains Interest Situation
81 don't think there's a government
that's owing us that can paw its inter
est to-day
He SAID that il = time were fixed
such as three years. bcvond which ,hs
coia:nission named in the bill could nos
gran. delay in payment Of iuterost.
then cvery nation that owed this coun-
try would insist on taking the full
three years. Ii. on the other hand.
tneIe VAS requirement to pav in
three mouths. and nation was unable
to Day. its credit would BE ruined.
Senator McCumber tool, the view tho
debts would be paid, and said the ra-
HoAs able to pay ought to begin pay
ing as soo7 as practicable, but he
exact the pound Of flesh.
Ne either fought war for human
ity 5 sake or we didn't sold Senator
McCumbcr. "it We did, then lc, us
not forget these other nations had
three years Of hell before VIC got into
IT. II that is true, then tor Goa's
sake lot US not play the role Of Shv-
lock; am sure we viii get back what
we have loaned Let Us at least ex
tend tue generosity that a man would
to q 7'1end who was owing him"
Fointing out thst The bill AS L
stands provides for commission Of
I'VE persons. the Secretary of the
treasury and sour TO be appointed by
ne s President and confirmed BY tie
Senate. 70 take charge Of 1.cfundinc,
Senator McCumber said:
One-Man Power Avoided
!ho purpose was to avoid the
criticism arising from putting a mat
Ter o such vital Importance in Jhc
haads Of single Individual"
Describing features Of the bill. SEN
ator McCuinber said no portion of the
debt OF any country could be released
except on payment; that the bonds Of
one country could not be accented for
those ot another; thai the commission
could not accept bonds bearing a lower
interest rate than the highest rate pro
v'dcd bj' law on Liberty bonds, and tia,
the bonds were to mature in not over
'*ehtE-f've years. Describing tire
authority which the comniss;or vas
given. he said it could fund pas. due
interest: could fund obligations held
by the United States GRAIN Corpora
t!tl; could fund obligations held bv
The War and Navy Departments aris
;ng :ror' sale Of materials: could fund
iNto bonds advances made BIZ the
American Relief Association, and that
IL h2d the right to arrange with dif-
terest should be paid
Pleading that the commission be
trusted to deal wisely with the sub
lcct. Senator McCumber said.
I'VE will appoint a commission. and
that commission will be American 1t
vii! be patriotic and intelligent ard
will settle matters for the very beat
interests of the United States
Too Much Power. Says Hitchcock
Senator Hitchcock. who was critical
Of putting SO much power in the HANDS
OF "a little commission, asked w!iett-
er II was the purpose to get certain
bonds and market them.
Whatever the situate requires at
that time, assume, will be done. The
Secretary cannot sell the bonds unless
Congress gives him that right. Let's
get the bonds FIRST"
inquired whether plans had been made
t. meet the bonus fund out Of the
proceeds Of the foreign debt.
TO this Senate. McCumher replied
taat inasmuch az it would he some
time before the funding could be ar
ranged, the bonds could not be corr
sidered as q means Of meeting the
benus for the first year
.sa !. ~