, 1922-10-24
No Further Burdens.

THE REFUSAL Of the Harding administration
Il TO yield TO opportunities for cancellation, in
whole or in part, of foreign debts TO this country
is in keeping with the overwhelming sentiment
of the people of the United States.
There are two outstanding unanswerable argu-
monts against the cancellation of European debts.
First, it is a misnomer to speak of cancellation as
rwiping OUT the debts. 1t would not mean that.
1t would mean the transference of those debts to
the backs of the American taxpayers.
Loans to European nations were made out of
funds derived from the sale of Liberty bonds in
this country. These bonds are the outstanding
public Indebtedness of the United States govern
ment. They must be paid when they mature. If
the portion which Europe obtained from proceeds
of these bonds, eleven billion dollars, is not paid
by Europe, then it must be raised by federal taxes
imposed upon Americans.
In brief, the cancellation of European debts
means adding eleven billion dollars to the tax
bin of the United States. 1t is sheer folly to pre-.
sumo that the American taxpayers will consent to
any such procedure.
The other outstanding argument against can
collation. of Europe's just debts to the United States
government is that TO do so would only make Eu-
ropes situation worse. Most of the propaganda
being disseminated to the effect that Europe is
in a desperate situation financially and can never
get on her feet unless her debts to us are cancelled.
is false and is put out for the purpose of mislead-
ing the American public. That Europe's finances
are in a bad way and that conditions in Europe
are very bad, is true. But that the situation is
due to the debts which Europe owes this country
and that it would be improved by the cancellation
of these debts is not true.
The critical conditions in Europe today are
due to the policies of European nations.
They plead poverty, but it is notorious that they
are finding billions of dollars with which 10 en-
gage in war and prepare for future wars.
1t has become perfectly apparent that Europe
is not going to curtafl her forego her
commercial riyalries and lust for more territory.
increase production of her peaceful industries, cut
out government extravagances, and make an hon
est endeavor TO practice economy so long as she
believes she will never have to pay up" Nothing
Will bring Europe to her senses quicker and make
for world peace and the return to normal condi.
tons throughout the world than a realization that
to listen to any proposal to cancel European debts,
but ON the other hand will insist that these debts
and the interest on them be met.
Nothing encourages the spendthrift so much as
the belief that he can easily obtain more money
when that which he has is gone. Nothing so
quickly brings him to his senses as the cutting off
of his allowance. Nothing will force him to honest
toll except the necessity of working in order to
obtain enough money to sustain him. Very often
IL requires the pounding of the sheriff on the
door TO incite som folks TO industry and econ
omy. That is the situation today in practically
every European country.
They plead inability to pay their honest debts
10 the United States, but they are able TO find
hundreds of millions of dollars to invest In Other
countries for the purpose of extending their foreign
trade.
They insist they are facing bankruptcy. but
they are not making any effort to reduce their
of public employees. In some European coun.
tries there is one person out of every five on the
public payroll.
They are pleading inability to raise money to
meet interest due the United States on loans
mnde to them in the hour OF their extremitv
but they are finding hundreds Of millions of dol,
lars TO pay out in support of such socialistic pron.
osltions as pensions for unemployed, the very paw
ment OF which encourages idleness and refards
level. " " Urn