New-York tribune., 1922-02-23
House Plans
TO Postpone
Bonus Action
Continued from page one)

man colonies from the Allies in pay
nent of their debts. He declared the
former soldiers could find great oppor-
tunities there. He had large maps on
the walls Of the Senate chamber to aid
his remarks and later showed moving
PICTURES of scenes in the former Ger
man colonies in Africa to Senators
and others. In his speech he criticized
the terms Of the peace settlement at
Paris by the Backward looking elderly
statesmen of passing age Senator
France said:
II am asking hearing for the plan
which propose for accepting from the
Allied nations the former German colo
MES and cables in payment Of the debt
owed us by the Allied nations. These
colonies constitute vast empire Of
natural wealth, OF boundless oppor-
tunity, GU. Of which could be paid the
bonus which is being urged for the rec
ognlton Of the services Of our heroes
in war. Here in these territories are
gold. copper tin, coffee, rubber, dia-
monds petroleum and priceless other
resources. as well as extensive terri
tories for homestead settlement and
for the extension Of American COM
nerce. The cables would provide di-
rect and unmoYested communication
Tor the government and American mer-
chants, for commercial and news agen-
cles, to reach the most distant por-
tons Of the world in prompt and
prohtable manner.
Urges Trade Revival First
Before it would be safe to adopt
any ponus plan we must take steps to
relieve the agricultural, industrial and
Hhahclal depression from which We are
nov SO sorely suffering.
1t would be perilous for US now to
Undertake TO pay $4,000 100000 to
SoVVV'00O,000 as g cash bonus to our
S9ialers until this dangerous disease,
MNlch Is preventing the production and
0ne international circulation of COM
modltes, and world reconstruction, is
cured
Those who voted for the bill to fund
the debts Of the Allies to US and who
hope that bonus can be met out Of
Wnat France and England can pay on
their obligations, have not considered
the elementary facts of the worlds
economic situation. 1t Is impossible
for England, France. and Italy to paw
us $500 600 600, the interest due an
nually in gold. for we now have more
than $4,000, 100000 of gold. almost
twice the total of all the gold which
these countries hold in their treasures
II we accepted payment in gold we
would soon draw all the gold from
Europe. We cannot accept payment in
goods, for TO import here $500, 900, 900
more each year goods than we export
would be 20 disturb industry and dis
Organize our whole taxation system.
FOR them to pay in gold would destroy
tnelr industries, while for them to
pay in goods would disorganize ours.
FOR them to continue to owe US, and
not to pay either interest or principal,
VII result in agitation, controversy
and perhaps even war The interna-
toual debts are destroying commerce
and preventing reconstruction, while
tne total debts Of all the countries OF
the world, $4,000, 10000 before the
war and over $265, 900 900, 900 now, are
crushing down toward insolvency
every nation but our own. The inter
national debts must be lquidated. the
total income of the world must be in
creased and we must find source
rom which We can meet our obliga
NoAs- The plan I have long advo
e@'ed meets these requirements.
Asks Harding to Take Lead
i would have the President call an
i"aViohal conference and prApose
mis- plan to lquidate the debts, add to
our resources, increase the total in
come Of the world and extend under
me leadership Of America, the great
nation, the boundaries OF
civilization.
Inc German indemnity should be
.xed at about Sic, 900 COO 900, and on
"a stsiS Germany must De given credit for
shhee to five billion dollars for the
''fmer German cables and colonies