The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1922-08-10
ENGLISH DEBTS
DON'T MOVE u. S.
Several Senators Repudiate Bal
four Plan and Call II an
Evasion OF Obligation.

Washington Under the act Of Con-
gress President Harding il obligated
10 insist that the loans made by the
United States 20 the allied Powers,
now rising. with interest above tho
Sll,0o00O0.eO0 mark, be treated as In
dependent transactions and that thu
debtor nations continue negotiations
looking 70 the funding Of the Ameri-
can claims into long term obligations
This in effect was the position
by high Government officials in regard
to the British note. In which the sug-
gestlon was made that the debts be
treated on an international basis and
that a settlement be made on the basis
OF general cancellation and the
scaling down OF German reparations-
American policy, for the present at
least, Is defined In the act creating tho
allied debt funding commission, whose
duty II is TO put the debts on a pay
able basis through funding operations
which are now being studied. II was
stated authoritatively that 1t Is not
the Intention Of the Executive branch
OF the Government TO make recon-
mendatlons to Congress that would
reverse the policy outlined In the act
creating the funding commission.
Great Britain's suggestion that pay
ment of her debts to this country
should be made contingent on pay
ments OF the debts due her from other
European Powers was repudiated as
an evasion Of the issue as far as the
United States Is concerned by sew
eral leading Senators.
Senator McCumber IN. d.. chair
man of the Senate Finance Committee.
said "we will never cancel our debts.
Each nation must meet its own obll-
cations. Great Britain is morally
bound to pay her war debts to us
regardless Of the settlement OF debts
owed her by other nations. The col
lection OF her debts Is her own prob
lem and not ours. There Is pro-
nounced sentiment throughout the
country that our war loans should be
collected as soon as possible"
I'VE have been banking on the
money from the British debt 10 pay
the bonus bill," Senator Watson (lnd)
declared
The indiana Senator's reference To
the bonus indicated that the British
note was somewhat Of n jolt to the
Senators who had supported the bill
on the assumption that the era OF
payments on the $1l,0O0,OOOOOO debt
was at hand.
'It will be a long time before Con-
gress authorizes cancellation OF the
war debts" said Senator Hitchcock
(Neb.). ut Will never authorize II un-
less the American people are con-
vinced there Is no other way to save
the situation. II they see American
trade destroyed and American busi-
ness upset and all other efforts to
restore stable conditions fall, thea
they might consider It, but not until
then"
Senator Hitchcock pointed out that
the American Funding Commission has
no authority to consider the sugges-
ton of Great Britain for cancellation.
On several occasions Senator Boran
has charged on the floor OF the senate
that tremendous influences are at work
TO have this nation cancel It's loans
seveal senators recalled that soon
after the armistlce Premier Lloyd
George made proposal to former
President Wilson that all war debts be
cancelled. President Wilson replied
that the American people would never
stand for such a policy He pointed
out that the money for the loans was
obtained from the masses Of the people
out OF the proceeds OF Liberty loans,
with the distinct understanding that
every dollar loaned would be paid with
interest.
The palpable purpose TO shift 70 this
country the onus Of the international
debt situation was strongly resented
at the capitol. where all authority 70
zeal with the debt ultimately rests. A
oud mo" greeted the suggestion Of