The Glenwood post., 1922-01-05
Uncle Tets Bed Time Stories
Current Events For the Childxsu
and arown-ups, Too
UNCLE SANS NEW
YEAR RESOLUTION

about New Year resolutions.
81 sure am,' answered Jack. ~
am going to help mother more than l
did last year,
81 know what one Of my resolutions
will IN going to tease Uncle Ted
for more stories than ever before,o re-
piled Ruth.
ooh, you are, are your" called
Uncle Ted from the next room.
Didn't know 1 was here, did youf"
"No, / didn't, Uncle Ted," said
Ruth, running into the next room, with
Jack right at her heels. "Please tell
us story now. We've played with all
our Christmas toys and all the games
we know. Mother won't let us 60 out
side again this evening""
speaking of New Years resolu-
tions," began Uncle Ted, reminds
me of resolution congress and the
Republican administration have taken
in Washington. You have heard me
speak before of the big debt owed the
United States by dozen countries of
Europe. 1t amounts to something over
ten billions of dollars, and on prac-
tically all of it not dollar Of interest
has been paid for over two and a half
years. If we add the interest that is
now due us, the total would reach to
eleven and quarter billions.
president Harding promised while
he was running for election that he
would do everything in his power to
secure the repayment to our treasury
of that huge amount. In his address
to congress on December 9th he laid
stress on the matter, and asked con-
gress to grant his all necessary author
ity to make agreements with the debtor
countries for the payment of interest
and the principal. A bill has been in
troduced, and will become a law very
soon, that creates what is known as the
foreign debt refunding commission.
The secretary of the treasury will be
its chairman and will direct its ac-
Invites.
~ speak of all this as New Year g
resolution on the part Of the govern
ment, and really it is just that, for
the New Year will mark the first eff
fective efforts on the part of our off
Gals at Washington to bring that
money back home. For two years af-
ter the close of the war the Wilson
| administration did not think it worth
while to safeguard those loans, and
the pressing necessity of making i'm
mediate changes IN the internal tax
laws did not give opportunity to the
Harding administration to take up the
matter in the special session of con-
gress last summer. But now the col
, lection of those debts will be taken up
in earnest and not put aside until very
definite arrangements have been made
with the debtor nations for the pay
ment of what they owe.'
Freddie says his father told him.,
broke in Jack, "that, although con
gross told President Wilson to loan
money to those countries that were
with us in the war against Germany,
he turned over hundreds of millions of
dollars to nations that were not heard
OF during the war, an devon loaned a
billion and half dollars after the
war had come to an end. Is that SO?
Uncle Ted?''
Yes, that is all very true,'' re.
Piled Uncle Ted. "All of those facts
came to light during the hearings on
the foreign loan held before the ju-
dietary committee of the senate. Not
only that, but there were many other
things done by Secretary Of the Treas
ury McAdoo and his successor, Mr..
Glass, that were not authorized by law
and were contrary to most simple bust
ness practices. Just let me tell you of
some of the facts discovered by the
committee. Referring to what you
just asked me, let me read this from a
memorandum prepared for the COM
mittee:
Approximately $1,5O0,0OO 900 was
loaned to foreign governments after all
hostilities ceased. This money was
raised from the American people by
Liberty loan drives and taxation and
was authorized to be used for the pur-
pose of the prosecution of the war and
loaned to governments then engaged
in war with enemies of the United
States. Treasury officials were aware
of the fact that they had no authority
to make such loans after hostilities
had ceased
"Official letters are on file with
the judiciary committee TINT prove
that statement, and show that Mr.. Nc
Adoo and his s,rbordinates in the treas.
ury deliberately violated the law of