The daily times., 1922-01-18
PAYMENT =
NOT CANCELLATION
OF EUROPEAN DEBT
FRANCE CAUSED CHANGE
The Mccormick Resolution
Asking for Information as to
Financial Affairs in Europe
Was Unanimously Adopted
and is First Step Toward
Payment of Allied Debt.
(By David LawrenceO

(by DaVlQ LdWr6nco.)
Copyright, 1922, by The Daily
Times)
Washington, Jan. 17.-America's
first call to Europe to pay her war
debt has gone forth
The adoption by the United States
Senate Of the resolution introduced
by Senator Medill Mccormick of
Illinois asking the Department of
State to submit to Congress all the
information in it's possession with
reference to the financial affairs of
European governments is the begin
ming of movement which looks
toward payment and not cancellation
of European debts.
For nearly four years the Senate
has kept quiet about the allied war
debt fearing that the executive
branch of the government might be
Embarrassed. The fact that Mr.. Nc
Cormick introduced the resolution
immediately after his conferences. at
the White House is. taken generally
to mean that the President not only
interposes no objection but that the
Department of State will not hesi-
tate to ask the Treasury Department
to furnish all the data necessary.
Just what the effect will be of
/ the Official publication by the Amer
lean government of what it knows of
the financial affairs of Europe is not
seriously thought of at the moment
but the object is to let Europe know
that America expects her to pay the
! war debt. The policy of France at
the Arms Conference is the direct
cause Of the changs of sentiment in
the Senate from a policy of passive
silence to active interst in the pay
ment of the European debt. Great
Britain has told the United States
Informally that she does not expect
cancellation but merely wants fair
i terms on the fixing of the dates o1
payment for principal and interest
France on the other hand has let it be
known that she considereds the wal
tdebt as "a political debt and he1
statesmen here have referred to it a!
in the same category as the othel
"scars" received by France during
the war. >.e
The United States governmen
has not yet formally called upon thu
European governments for paymen
of the war debt or its interest. A
soon as the funding bill is passes
however such negotiations will begin
For the moment the significant de
lvelopment is that the Senate mean
to have all the information abou
European budgets made public 81
that if there are any errors in tn
data they may be corrected at once
A good deal of controversy ha
arisen as to the exact size of Euro
pean armies. The Senate resolution
. will bring out the American govern
ment's information as to what is be
ing spent in Europe for armies an
navies.
If it had not been for the mill
taristic policy pursued by France a
the Washington conference wher
the insistence on a large standin
army was coupled with the deman
later for the right to build larg
8 navy, The chances are little woul
have been said about the Europea
debt in the Senate. But many Ser
ators now feel that if France ha
It the money for armament, she has
t to pay the United States at least tn
It interest. France claims her bulge
l. cannot be balanced until the repars
Il tions question is settled and pay
a ments from Germany are regularizet
l, America is being drawn involuntaril
Il into the discussion alongside of Lloy
c George in an effort to obtain an az
= justment of the reparation questio
IS but the United States has alread
= made it clear that the collection b
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