Evening star., 1922-01-21

Suggestions for refundinE the for
eign debt, which he believes would
result in q revival Of business and
at the same time relieve the Ameri-
can people of heavy tax burdens. have
been submitted to the Senate finance
committee and Secretary Mellon OF
the Treasury Department by B. r.
Yoakum, a prominent financier OF
New York city.
Briefly, his plan is to have the
debtor nations issue fifty-year 4a
per cent bonds and deposit them
with the United States. which in
turn would issue bonds against them
at fifty cents on the dollar, or
$4,000 100000.
ment the industrial leader OF nations
and one of the biggest problems re-
lating to other nations is the adjust
ment of the Indebtedness of foreign
nations to this country for money
loaned them to prosecute the war.
on the part of the United states will
enable it's debtor nations to formu-
late their future financial plans un-
der a definite program. whlcn they
cannot well do until this settlement
Is out of the way. After the sreat y
Work VI tHo WI ~
Is once started under dennite con-
structive policy, everything OF the re-
cent past Will be forgotten.
Terms Should BE Liberal.
1.-THE terms Of settlement we should
propose to nations owing us large
sums should be liberal on our part,
which 1 endeavored to point out IN
the following letter I wrote Secre-
tary of the Treasury Mellon:
c,,II tt,vNNt INC
your consideration the broad outlines
Of a plan under which I believe eco
nomic, financial and Industrial relief
could be brought to the United States
and Europe.
"Permit me to add that in my
opinion the United States should take
the lead in this matter. Our initia-
tive and leadership would thus relieve
the debtor nations of an embarrass-
ment which all debtors feel in pro-
posing a settlement Of obligations to
the creditor on any other than a cash
basis.
""Tha enthusiasm displayed by the
civilized world over the plan offered
by this country for the reduction of
naval armament shows how eager the
United States is for definite policies
affecting it's immediate future.
Enormous Tax Burden.
""The people and their business,
are suffering from an enormous tax
burden, and they will acclaim a fixed
and definite plan that may be agreed
upon by the international conference
for the limitation of armament as a
means of relieving them from the
stupendous load of taxes that is now
hampering them.
1.-THE delegates of foreign nations
now in Washington at the conference
are far more fearful of the destruc-
tive possibilities that threaten their
respective countries through financial
failure and bankruptcy than any
other problem confronting them.
apparently their cooperation in
she effort to definitely agree upon
armament limitation is sincere.
They must realize that this is the
first time: that a sound snd popular
basis has been offered.
Common Interest in War.
The War was fought by all the
allies for the good of each, and it be-
came necessary for such of the allied
and associated powers as were able
to do soto extened loans to each
other. to the end of enabling them
Jointly to conquer an enemy. to which
enemy, if successful, all the allied and
associated nations would have been
forced to pay an enormous tribute
for an indefirite duration of time,
In the face of these financial re-
quirements the United States loaned
the following amounts: