The Lehi sun. [volume] (Lehi, Utah) 1913-1949, 1922-04-27
READY TO
MAKE COLLECTIONS
" 10 BELIEVED ENGLAND CAN
PAY lNsTALLMENT ON Ac-
COUNT or INTEREST
czeeho-sIovakIa May Remit Some,
But France and Some Others
Are Not In Position to do
Anything Now


whose function It is TO collect the
si1.O00.000.O00 owed to the United
States by various European nations
has organized. The next step. neces-
sarily, will he for this commission to
give formal notification to the Eur
opean debtor governments of the COM
Missions duties In the collection OF
these debts or In tho making OF ar
rangements for their collection. and
then TO await such responses as the
nations may decide TO make. Il In
easy for any well.informed person 60
guess approximately what these re-
sponses will be.
Great Britain win probably pay a
considerable sum on account OF the
accrued interest and express willing
ness to accept any terms that the
United States may suggest about flu
ture installments. Aside from Great
Britain. II Is difficult to think Of any
of the other natolns that is likely
to make any payments on account.
II is just possible that the Czecho-
Slovak government may be prepared
to do something In small way. This
government In about the only one OF
the various new nations set up by the
Paris Conference that has conducted
its fiscal affnlis In such a way as
TO qualify as solvent debtor. As a
resule OF Czecho. Slovak economy and
the sound management OF its finances
II has recently been able 70 borrow
several million dollars from private
bankers In America and Great Britain.
After the debt rufunding commia-
sion has received its various answers.
the next step, logically. will be a re-
port by the commission to congress.
That report may turn out to be dis
appointing to congress and the country.
So Ear as the country expects all of
these debts to be refunded on n nor
NAL basis at a normal rate OF interest
and with installments beginning Inn
mediately. the country is likely TO be
disappointed.
Beyond these three steps Il 10 diffi.
cult to see farther into the future. BY
the time all this has taken place GER
tain other angles of the European
situation win be clearer than they
arO now. II those of the European
nations which have debased their cur
rency should decide ms result OF
the Genoa conference to stabilize their
currency and otherwise bring their
fiscal affairs to a sound basis, there
IL likely to be request by some of
them for an advance of part OF
the United States gold 10 serve as n
basis for their new currency.
At this point II is going to be ne
cessary for America to practice a good
deal OF wisdom. II any OF those Eur.
opean countries show an honest dis.
position to stop spending more than
their income and to stop printing pa.
per money. then II would be a wise
and statesmanlike thing for America
to lend them some American gold un-
der proper restrictions.
Just why 1t is disadvantageous for
America To have such a disproportion-
ately large share OF the worlds gold
supply and why IL would be advan-
taeous for America 10 devote some or
II to enabling other countries TO sta
bllize their currency IL a more COM
pick aspect OF economies than is COM
monty Understood. Incidentally, one
OF the countries that owes money to
tho United States is Russia. Russia
owes some hundreds OF millions 10
the United States government and al
30 owes some hundreds OF millions to
American bankers.
At the Genoa conference Russia has
developed the thaorg that against
these debts she has a setoff In the
shape OF damage done by American
troops In Russia. That setofr can
hardly be admitted American troops
we're In Russia chiefly for the legi.
innate purpose OF protecting sup
plies sent by America TO Russia at the
request OF the preceding Russian gov
eminent. Moreover. there is all the
difference in the world between Rus
sia's obligation and promise 10 re-
pay loan made by America and any
possible llbility America may be under
for damages.