Every evening, Wilmington daily commercial., 1922-03-02


perts ought to consider. but one that
every person ought to think about.
Particularly ought such men as were
represented In the Delaware Bank
ors' Associet ton 10 consider the matter
seriously and voice their Views ana
opinions lie referred 10 the fact
that tho President, Congress and Re-
serve Bank officials were considering
the problem, but that these officials
we're always called upon 90 learn the /
Views OF others. so that the problem
became one pertinent To each citizen.
1T IL a question that we ought 10
consider from a non-partison stand
point" said Or. Hullihen.
"We must say what we think"
lie called attention 10 the fact that
the Allies owed this country eleven
billions of dollars But for purpose Of
comparison he directed that the debt
OF Great Britain. Italy and France on
" should be considered. He rocounted
tho times Of stress when the Teutons
we're within fifty miles of Paris, and
that II was n time when the saliva
lion Of the world depended on sorne-
thing being done and at once.
I'VE saved the Allies by sending
them credits with which they were
enabled 10 buy food, ammunition and
guns. But they saved us from the In
vasion OF these shores by the Hun"
he said.
"Can we ever convince the Allies
that our debt to them has not been
paid2" he questioned. He went on TO
relate how many lives America gave
and what the Allies gave; how our
credit has not been impaired, but how
the credit Of foreign nations has been
seriously affected; how our manufac-
turing plants have not been disturbed,
but that many Of the Allied nations
have lost billions in plants destroyed
by the German invasion.
"The effect Of the war on our en-
envy" said DR.. Hulllhen. has been
easier than on our friends. We say to
the conquered nation, we shall not
exact any indemnity, while we hold
our friends I'm our debt. In the light
OF this comparison, how can we even
attempt to collect the interest on the
eleven billions?"
DR.. Hullihen pointed out that the
2 money furnished tho Allies was used
for a common purpose; that when
United states troops got abroad they
used guns bought by the Allies with
= money that we had loaned them, and
that this was never charged against
s tia. Even tho ammunition in some In
Q stances was shared with our men, be-
- cause the cause against the German
was a common one.
e. Can we afford % lose the good
= will OF the nations abroad?" nc asked
Il "Win II not ernbarsss our foreign
10 trade II is an Acknowledged fac
that nations will not trade with
= other nations that they dislike"
= DR.. Hullihen contended that the
e Allies debt could neer be success.
- fully paid He referred 10 the time
:, when In n few months Germany con
.. duered France and denna nded and wa,
,o paid a billion dollars Indemnity. A
that time financial conditions were II
= excellent shape and there were plentl
:, of nations to help. But even with thi
- small debt Of billion dollars. the a
=. nancial system OF Europe was given
=. severe shaking UP. lie believed tina
r. the debt could not he paid under tn.
- present refunding bill in n manner q
become O. successful financial trans
action.
Nations Of Europe are nsrlSini
time on this debt. They have not ye
abandoned hope that the United State
he will offer TO cancel the debt entirely
IN Europe Wants All Debts Cancelled
u European conferences have sug
10 Sested that all war debts be cancelled
~ The press Of Europe has intimate'
n Dl,st. I.-
no fused. Despite this fact there is
ne movement in Great Britain for tha
IN country to cancel obligations owed
OF amounting TO over nine billions. eve
e. though other countries do not folioN
IL suit"
ne DR.. Hullihen saved for the last hi
ge reference to industrial conditions an
Xix witch was one Of the most mportar
ed features of his comment. He contend
re ed that the Allies could not pay tn
re debt in cash. but would be compelle
re- TO nay II in manufactured product
lis This fact. DIR. Hullihen stated woul
We embarrass the production Of manufaC
tured articles in this country an
ty cause cur manufacturing plants {
nd lclose down 10 the extent OF the export
e. brought into this country. He mad
alf two suggestions:
Flrst-To cancel the debt.
NJ. Second-To arrange for moratc
mt rum of 20 years, during which time n
IN Interest should DO paid, but that neces
a sary steps be taken to rehabilitate I'll
he world.
Ii Other addresses at the morning ses
ad sion were by Commissioner Medill an
a VI. +. Reeve examiner Of the Fec
ot cral Reserve Bank Of Philadelphia.
Ii The visiting bankers were the gues
Of the Wilmington Clearing Hous
2R