The Cordova daily times., 1922-08-05
SATURDAY, AUGUST 5, 1922
WISE BRITISH COUNSEL

The London Times has taken the lead in urging Great Britain to proceed at once to pav her debt to the United States. In lead ing editorial that paper advocates the ls- suance of bonds to the amount of the debt, and the setting of an example to the rest ot the world by discarding all attempts at con- promise with the United States. The American viewpoint is presented by the Times ln con- vincing way. It is shown that the money loaned to Europe during the war did not come out of great surpluses in the United States Treasury, but was raised through the sale ot bonds to the American people themselves, n- cluding the farmers of the West who have recently been the victims of distressing H. nancial reverses. The British people are urged to pet away from the idea that Wall Street is the whole United States. While the sentl- ment of some of the international bankers ot New York is undoubtedly in favor of the re- mission of part or all of the loans, the Times points out that there is a vast country and many millions of people west of New York who do not take kindly to the suggestion that thev shoulder the debts rightfully owed by Throne. It is recommended that the debts be treated in business-lille way, thereby not only enhancing itish-Amerlcan relations, but enabling Great Britain to turn her attention to Europe restoration with the knowledge that her treatment of the American debt can be taken as firm foundation for other settle ments.
 The note struck by the Times editorial is a refreshing contrast to the atmosphere or evasion, compromise, and cancellation that has surrounded almost every mentlon hereto fore of a debt settlement. A few months ago British propagandists were following one an other closely in touring the United States and featuring on European conditions. Most ot them contrived to mention the British debt Ill such a way as to constitute a practical plea for it's remission. Never, of course, would the British nation ask to be relieved of sngle dollar of the obligation, but the situation was most distressing Billions of dollars were owed to Great Britain that she could not hope to collect substantial receipts from German re- parations were practically hopeless the Brit ish people were taxed to the limit, and the economic conditions in the Empire were strained beyond measure. Those British plead CTS were careful to make no mention ot the tremendous potential richness of the mandate territory acquired by their country, and ot the financial relief afforded by the destruction of the German fleet, although it has been estl' mated by some that those and other results of the war have added or will add $1OO,OOO,- 100000 to the British national wealth.
 It is to be hoped that the sentiments eX- pressed by the London Times will find re- sponse in the sound sense of the leaders ot British thought. Great Britain has an Oppor- tunity that has never been presented before and that probably will never come again. By merely acknowledging her debt to America and setting about arranging for its payment without further ado, she can set an example of international morality that will add immeas- urably to her prestige in Europe and her po- sition in the rest of the world. The cultiva- tion of close relations with the United States, which she declares is of so much concern to her, would be stimulated as by no other means She would have at had an effective argument with which to induce nations that owe her money to liquidate their indebtedness. Brit
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