The public ledger. [volume] (Maysville, Ky.) 1913-1968, 1922-06-12
30 -
,UNCLE TED'S
BEDTIME STORIES.

:. or more is SOME money" said Jack al
he and Ruth were talking about the
r money owed the United States by for
= eign nations. Have you any idea how
Z much It is?"
81 can't think OF it," answered Ruth
= Its too much for me. Ten dollars is
more than can see at one time"
/ well, anyway that's the amount the
9 foreign nations owe US for money
loaned them," said Jack.
Hello, kiddies," said Uncle Ted,
what are you two up to now?"
II just read" answered Jack,
where the foreign countries owe the
United States more than eleven bill
lion dollars and We we're trying to
think how much that is. / remember
you telling us a long time ago, some
thing about this money"
Yes, Jack" said Uncle Ted, there
is probably no bigger or more impor-
tant problem facing our government
today than this huge debt, the money
for which was raised by the various
Liberty bond drives and through other
sources, which / will tell you of later.
About year ago Secretary of the
Treasury Mellon talked over with
President Harding how this money
could be best refunded. President
Harding went into the mater at once
with Congress and both these big men
pointed out that it would be fine way
to have these debts put into-the form
Of bonds, carrying certain amount !
Of interest and with set date when
they should be paid A bill was fin
ally passed by Congress creating what
is known as the World War Debt Com
mission. Secretary Mellon is chair
man fthe commission and the other
members are: Secretary Hugher of
the State Department, Secretary Of
Commerce Hoover; Senator Smoot of
Utah and Representative Burton of
Ohio. The headquarters Of the COM
mission are located in the Treasury
building and Assistant ,
Secretary of the Treasury Elliott ,
Wadsworth has been selected secre- !
tary.
Where to start on this big work is Z
no small matter The cimmission is, ;
first Of all, making q deep study of =
the conditions existing in all the coun- 8
tries whose debts to us must be paid ,
Some nations will be able to pay SOON 7
er than others and this will guide the
in its final plan In gath
,ring this information the State De-
partment, Treasury and Department I
IF Commerce will be able to give them ,
4 great deal of information which will ,
prove of help, particularly in view of
he fact that the heads of these three
are members of the com .
mission. :
"You kiddies, as we'll as many citi- =
.ens of the United States, have forgot h
en- from where all this money came Y
hat was loaned abroad. First Of all. p
here was loaned under the various n
liberty loan drives $9,434.774, 1929. h
When the war was over the Secretar- q
es of War and Navy sold on credit
Dt of left over war material for 1914 d
1910. From the American Relief is
came supplier worth $685. m
93,963. The United States Grain Cor n
Grafton provided $56,S5S,SO2 worth of at
sod stuffs. This made total Of s10,- w
SC, 401 ,3O5.49. In addition to this the W
lterest due and unpaid on those debts ia
mounts to $1,17S,S79,925.sS. or
There are eleven countries obligat- IN
l for none advanced under the liber- II,
, loan acts. These countries are Bel w
um, Cuba, Czechoslovakia, France, IN
reat Britain, Greece, Italy, Liberia,
Russia, and Serbit Most Of I'll
ese same countries are debtors for no
rplus war materials, as are also ar
ltvia, Esthonia, Poland and Lithu- an
ia. Credit sales from the United ne
ates Grain Corporation, and the in
nerican Relief Commission add Ar en-
snia, Austria, Finland and Hungary ur,
the list Of debtors. ag
This means that the commission the
s total of nineteen countries to ca,
al with in this matter. Everybody to
ows that practically every one of ma,
use countries is unable to pay either ant
principal or interest on its debts sta
this time or even in tn immediate to
ure For this reason the plan is of
refun dthe debts by having the vol
intries issue bonds to the United five
ties. These bonds ARE provided by cen
law creating the commission, shall A
'ry rate Interest not lower than sho
per cent and they must mature not tina
er than June Is, 1947 AS soon as JUS,
8 refunding plan has been worked 15O
an dis in operation, the law pro- roo
es that the commission shall have stea
further control nthe matter. into
After these bonds have been issued thrt
y may be sold or held by the United doir
ties government. This will lbe dete. p
led later 80 that whatever is best quo
the United States can be done. OF the
rise, after a while, when the COM you
sion has gone deeper into a study cha
these countries and their debts, law
re laws may be necessary, and thar
ny changes may have to be made in any