Evening star., 1922-12-29
PAAEY letter BIG
NEWS1N LONDON
Presidents Words Taken as
Indicating Necessity for
European Action.
DEBT PLAN PROPOSED
Editor Appeals to U. S. in Fixing
Terms-Congress' Demands
Too Drastic.
BIZ the Associated Press.

BIZ the Associated Press.
LONDON. December 2e.-Although
the text of President Harding's letter
to Senator Lodge was received in Lon
don too late for any considered edi-
torial comment. it Is given great
prominence in the news columns of
the morning newspapers. which is an
indication of the interest and impor-
tance attached to il.
Nothing has developed here to in
dictate the extent or the character of
the negotiations the President may
have started regarding uropean
financial problems There Is NJ Off
cial knowledge of them III London.
and there seems up TO the present
time little inclination to speculate on
the matter.
The Daily News which alone of he
morning newspapers prints any COM
ment, saws In n very brief editorial:
The one solid fact standing out
clearly from all the rumors Of Amer
tca's intention to assist IN the re-
settlement of Europe is that America
will do nothing with ut very plain
assurances that EuroAs is prepared to
do something to help Aerself."
Depends UpSA Paris.
Emphasizing the very real i'm
portance" OF the statement that the
President is willing TO call AN eco
nomic conference. assuming it is as
authoritative as II appears TO be-" the
newspaper continues:
IF tile conference in Paris reaches
another deadlock over reparations. or
II France announces her resolve to
apply the long threatened sanctions.
America will be more inclined than
ever to wash her hands of European
affairs and her rumored intervention
viii die very speedy death
An important article. supposedly
rejecting in a broad way the views
held by the British government. is
contributed to the current weeks
issue of the Spectator by it's editor.
John ST. Loe Strachey. Under the cap
tion. An Appeal to America" the
editor propounds plan for world
settlement under three headings:
First. get Great Britain's debt to
America funded.
Second. ask America TO assist in
ascertaininG the amount of repara-
tions Germany is able to pay and
induce France TO accept that sum by
undertaking to Cooperate in the de-
fence OF France against German ag-
gression.
Third. American and England then
to inaugurate some system of inter-
rational legal tender. permitting re-
sumption of international exchange
on sound basis"
Must FIX Reparations.
On the promise that the new year
holds a dark outlook unless the
mechanism of commerce is stabilized.
and that the essential to this is fixing
-;tb
which he says there can be no re-
covery for Germany. or indeed for the
whole world. Straches submits that
the reparations problem is insoluble
without preliminary agreement in
regard TO the interallied Indebted
ness.
He suggests that Chancellor Of the
Exchequer Baldwin. who is on his
way to the United States, tell the
washington government plainly that
he has come to pay and. like a bank
Official. ask the Americans how they
will take IT, Thus it would be for
the Americans and not for the Brit
ish. to propose plan for funding the
debt In manner suiting them best
Venience to the worlds money mar
kets.
Having. by such funding, placed
herself in the position OF creditor
nation. the editor continues. England
should approach America with a re-
quest for joint action to settle the
interallted Indebtedness and for ad-
vice concerning the reparations prob
lem. England should frankly recog-
nize. however. he adds. that the
American system of government pre-
'ludes alliances and that America
breads diplomatic entanglements
France, under his plan. would be
induced TO accept the amount Ger
many is able to pay. ascertained by
America by a promise to cancel her
indebtedness to England, as well as
Italys Indebtedness.
Further. England would promise to
60 to the assistance Of France IL she
were attacked by Germany. In view
Of the difficulty of the United States
entering such an undertaking. it
would be sugg ested to the Americans
that they should virtually. II not
formally. recognize the British prom
Use to France, and make il clear how
they would view any attempt by Ger
world. and in particular foreshadow
the economic measures which they
would take should Germany attack
France
Sees America Agreeing.
These steps would pave the way to
the Anglo-American legal tender sug-
xestion. and the editor expresses con-
ndence that. once the American peo-
pie realized the situation in it's true
Night, they would agree.
He concludes by appealing to the
great organs Of public opinion in
America to place the plan before their
millions of readers and tell them "The
hour has come-the world waits
your duty is to hear and to decide
In all newspaper comment on tho
BALDWIN financial mission to tho United
states hope is expressed that the terms
Axed by tho American Congress for re-
payment Of the British debt may be
modified. They are universally regarded
here as excessively onerous and in some
quarters are described as such as Great
Britain would not dream of trying to
exact from a debtor"
Tho perfod Of redemption is parttcu-