The Birmingham age-herald., 1923-01-14
PRESS ON BRITISH DEBT

tendency to be very hard on debtors. We cartooned over there in various atti- tudes suggestive of such a conception with moneybags usually in evidence and an ex- pression of unrelenting Shylockisn. But we have dcne nothing to deserve such reputa- 1 tion. We have not asked that debts be paid now. We have not even presented the pow CTS with statement reminding them of the amount of their obligations. Our congress has, without foreign solicitation, voluntarily passed law giving our treasury department almost unlimited powers of debt adjustment and has granted twenty-five years for the period of payment. There is pronounced, sentiment in favor of extending this period If 1t should later appear that the powers want it extended It is true that our gov ernment has not taken notice of vague ten tative suggestions that we forgive the debts, but none of the other powers has adopted such policy, and they have more to gain from it than we.
 There is considerable press discussion of the British debt commissions visit to this country to discuss the loan they have from us and to fix on some definite schedule of payment. The Chicago Tribune resents the implication that this nation did not do it's share in the war, or that the loans it made to the powers are in reality contributions to cover our failure to get in earlier Since the British commission does not intimate any such opinion, the Tribune becomes more cor dial and concludes: "It is to the interest of the world that such debts be paid, but as to terms and conditions of repayment there should be, especially between responsible and closely related parties like the United States and Great Britain, liberal and con- structive policy" However, there is no especial reason why there should be policy with respect to the British loans which should not apply with equal liberality to the French, Belgian and Italian loans.
 The New York Herald inclines to the view that there should be general cancellation of international debts, including war ndem- mites, and declares that it would support such policy if presented by the European powers acting in concert. However, says the l Herald: "If this larger idea does not come up for consideration America should play in big, generous way the part of the rich creditor that she is in respect of the time allowance to the Europan nations in which to pay their war debts. It is enormously more to our interest to make easy terms with our European debtors than that their recovery from the destructive influences of war be indefinitely retarded through short sighted payment demands by America--enor- mously more to our interest and enormously better>for our standing with ourselves and our standing with the word''
 The proposition from the economic view point is discussed also by the St. Louis Globe Democrat, which argues that already Flu rope's debts have caused great decline in its purchasing power and that we are the principal commercial sufferers. The Globe Democrat wants the debts paid eventually, but reminds is readers that ''t is clear that we have vast and direct interest in the maintenance of the purchasing power of great Britain. That power is dependent upon her her economic recovery, and, in our own interest, we should so adjust the terms of her debt to us to throw no undue strain upon her people, particularly during the difficult years that are immediately be- fore her. As plain business proposition we cannot afford to do otherwise.''
 
 up in the following words of the New Or leans Times-Picayune: "For variety of cogent reasons it is undesirable that our United States should cancel war debts owed this country by foreign governments At the same time we must not show karshness toward the willing debtor" The Picayunc would take into account the fact that 'the money we loaned England was expended in | the United States for purchase of commodi- | ties sold to her at war prices. Those pay ments served in large measure to pile up | profits here that as super-taxes flowed back. 1 into our treasury" This reasoning is some what spacious, however, for the bulk of it l did not come back into the treasury, and the American taxpayer is making ap the tremendous difference pending the time of payment.
 That the British commissioners have given no hint of desire for cancellation @ re- mission of interest is regarded by the Pitts burg Dispatch proof of the honesty and sincerity of British motives. Likewise the Memphis Commercial Appeal: "The frank honest and manly statements made by these commissioners forbid anything else than an honest and liberal consideration and agree ment upon the debt question There can be | no doubt about the sincere determination of Great Britain to pay, and there should be TO doubt about our willingness to agree to the. most feasible means for payment. If | the present tariff law stands in the way of our collecting our debts through it's restrc- tion of trade intercourse, then there should l be such qualifications as the necessities cf the situation demand. The obligations of