Milford chronicle., 1922-10-20

,r1,17 pEFr7sAI, OF THE HARDING ADMINISTRATION
e. iod to propaganda for cancellation, in whole or part
of foreign debts to this country is in keeping Will W
overwhelming sentiment in the United States
There are two outstanding unansweraDle arsu m g :
oinst the cancellation of European debts TO Che One
states government First, it is mlsnomer 10 SPe" ~
the cancellation of European debts as "lpine s
II would not mean that 1t would mean the uanSiein'
Of those debts to the backs of the American
Loans to European nations were made out OIL luius W
=. f, sala of Liberty bonds in this country THESE
s orc the outstanding public indebtedness OF the UnlV
cd states government. They must be PAID "heh 'neS m
+ure If the portion which Europe optalneu tonl P %
ceeds of these bonds-$11 OOOOOOOOO-ls NOT pau ~
rope then it must be raised by leuer"1 '"A0
Americans. - ,b+. MOONS add
i s1 600 900 to the bill of the United S'a'eS' -
- r follv to presume that the American taxpayers WI"
consent to any such procedure ,,4,ov Of
tbor outstanding argument against cancellation Oh
-, IL t+ dobts to the United States government Is
14 - do so would only make Europe's situation worse
nT+ of the propaganda being disseminated 10 Une e
that Europe is in desperate situation nnanoi"' W
ovor get on her feet unless her debts TO US are
is false and is put out for the purpose Oh niu"e
American public That Europe's finances are IN a pau
- I'D +bo+ conditions in Europe very bad is true
r3t that the situation due to the debts Whcn 4uIop
owes this country that it would be lmproVeu' ~
cancellation of these debts is not true
Tho critical conditions in Europe today are due 10 Ine
policies of European natlons' -. 41 o-o
Tbev plead poverty, but it is notorious tnat 'S @e
finding billions of dollars with WHICH U eHe"e0 40
and prepare for future wars ,. - 4,o
They plead inability to pay their honeSU ueD'' ~ II
United States but they able to find hundreds Oh I'LL
lions of dollars to invest in other countries Ioi ' W
pose of extending their foreign trace -, go
rb, insist they are facing bankruptcy, but tney are
not making any effort to reduce their government eA
nenses and discharge vertabe army OF pubic enploS
~ In some European countries there is one persOn Ou'
of every five the public payroll .4 -
They are pleading inability to raise money 10 "ee' -
forest due the United States loans made TO tne III '
hour o their extremity but they are finding hunuIeus
1ons of dollars to pay out in support OF sucn sOcla
80 ,ronosons as pensions for unemployed, the very
on of which encourages ideness and retards tne re-
+,Tn of industrial production to a normal level
If has become perfectly apparent that Europe is not gu
ing to curta her armaments forego her commercial El'
res and lust for more territory increase producon OA
her peaceful industries, cut out governmental eA""
s and make an honest endeavor to practice economy
so long as she believes she will never nave 10 pay up
otbn will bring Europe to her quicker and make
eo World neace and the return to normal conditions
throughout the world realization that the Uteu
+ government not only will refuse to listen to any
sa1 IN cancel European debts but the other hano
Ill iis+ that these debts and the interest on them De-
met M - -, ~ tho be
lief that he can easily obtain money when that winch
ba has is gone Nothing quickly brings MN 10 Hls
senses as the cutting off of his allowance NOInlne W."
force him to honest toll except the necessity OF WOrAe
in order to obtain enough money to sustain him. very O
~ reouires the pounding the sheriff on the door 10
; some folks to industry and economy. That is tne
situation today in practically European country