Lincoln County leader. [volume] (Toledo, Lincoln County, Or.) 1893-1987, 1922-07-06

'merce Hoover, Senator Smoot of Utah
and Representative Burton Of Ohio.
The headquarters of the commission
ale located in the Treasury Depart
ment buildings and Assistant Secre-
tary of the Treasury Elliott Wads-
worth has been selected secretary.
Where to start on this big work is
no small matter The commission is,
first of oli, making a deep study OF the
conditions existing in all the coun-
tries whC5e debts TO us must be paid.
Some nations will be able to pay
Sooner than otEers and this will guide
the commission in it's final plan. In
gathering this information the State
4,ogartmen,, Treasury, and Depart
ment OF Commerce will be abe to give
them 6. great deal Of information wlich
viii prove Of help, particularly in view
CT the fact that The heads o. these
three departments are members of the
commission.
you kiG1ies, as we'll as many ciu
29ns of the United Stateg have for
sctten lToM where a.. tbs money came
llft.L hGo ltt4 ~ NGc. II II ol Va 49,,
there was loaned under the various
Liberty loan drives $9,434, ,774,S23.
When the war was over the Sccretar-
les of War aui Navy sJid On cr.dit
lot OF LEFT Over war material fer $5,4,
673,710. F'rcm the American RELIEF
Commission came supplies worth $S4,.
093,963 The United States Grain
Corporation provided $5G G,SJS,S02 worth
of foodstuffs. This made a total OF
5-0,150, 0,401, ,o05I3. IN addition 10 this
the interest due and unpaid on those
IIebts amounts to $1,17S,S79, ,925.S8.
"There are eleven countries obligat-
ed for money advanced under the lib.
erty lean acts. These countries are
Belgium, Cuba Czechos.owakia, Italy
France, Great Britain, Greece, Liber
! ia, Rumania, Russia, and Serbia.
/ Most of these same countries are debt
ors for surplus war materials as are
also Latvia, Ecthonia, Poland, and
! Lithuania. Credit sales from the
United States Grain Corporation and
the American Relief Commission add
Armenia, Austria, Finland and Hun
gary TO the list OF debtors.
IL 10 DltdHS tlldl tnC
| has total Of nineteen countries to
deal with in this matter Everybody
knows that practically every one Of
these countries is unatie to Pay either
/ the principal or interest On it's debts
at this time or even in the imm9diGt:
| future FOR tiis TeI3cn the plan is
to refund the debts by having the
countries issue bonds to the United
! States. These bonds, as provided by
| ne law creating the Commission
shall carry rate Of interest not lower
than Az per cent and they must ma
ture not later than June 10, 1947. AS
soon as this refunding plan has been
worked out and is in operation, the law
provides that the commission shall
have no further control in the matter
"After these bonds have been is
sued they may be sold or held b. the
United States government This will!
be determined later, so that what
ever is best for the United States can
be done. OF course, after = while
when the commission has gone deeper
into study of these countries ant
their debts more laws may be necesr
sary. and many changes may have to
be made in the present plans But
the main point is that President Hard
ing and his able advisors are going
carefully into this important matter SO
that the very best can be done for the
| United States.
"The commission has already invited
negotiations with all the debtor ma
tons and before long we hope to sec
the entire debt adjusted so that it can
be paid with as little trouble as pos.
sible considering the huge amounts
due and the condition of many of the
debtors.''
- L. LhMIKIklC