Evening journal., 1923-02-14
A PLAIN BUSINESS PROPOSITION

FINHE British debt funding plan as decided upon og
Il the United states World War Foreign Debt Com
mission is before the Congress for its approval or re-
lection.
wilmngtonians realize that Il Is plain business
proposition OF a negotiation between debtor and a
creditor The two elements which enter into It are
chose which enter into every loanthe length Of time
in which to repay loan and the interest to be
charged
Under the plan proposed. Great Britain is permitted
axty-two years pay of debt of between four ana
i've billion dollars Measured by s business expert
snea and by the experience OF our government,
this is not an unreasonable length OF time The debt
contracted by the Federal government in wAgng the
Civil war was infinitely small compared with Great
Iritans Indebtedness It took forty years for
our own government to wipe out its Civil War obiga-
tions.
The interest rate charged Great Britain will average
very nearly per cent for the entire s1tyto years
This IS higher rate OF interest the United States
Government pays upon its bonds issued in times OF
peace It is higher OF interest than It is paying
,pon war bonds # is refunding
on the other hand, view OF the original terms'
the proposed plan is very great concession to Great
Britain In brief. the reasonable insofar as
the creditor is concerned and they fair insofar as
the debtor concerned.
The criticism of the plan comes from two sources
which are Numerically opposed. One set of critics
nds fault the United States is even attempting
10 collect the They the United States Of
beine Shyock trying to make the other nations pay
for the war TO the enrichment OF this country This
set OF critics are those who literally smothered
the country with propaganda in favor OF the pooling OF
ali war debts and their cancellation, plan which
would relieve every nation but the United States OF any
obgation but would compel this government TO levy
upon its people another eleven billion dollars in taxes
The other set critics in favor of imposing as
hard conditions upon Great Britain possible and
making her pay" The main weakness OF this latter
us is the inability to make pay. Certain current
events certainly demonstrate that making" nation
pay even honest debts is rather difficult PROPOSE
ton II the nation desires resist payment
The only hope the debt ejaculation group has OF
success is in the failure Congress to accept the debt
funding plan it. They believe Il this plan is
rejected It will be many years before another plan will
be worked out that will acceptable TO both debtor
and creditor the entire European debt will keep
on beng defaulted which the end amounts to can
collation..
without doubt there has been great provocation by
British propagandists Unjust and insulting comments
have been made by high British ofcias regarding the
attit,ide Of our government The interview given out
by Mr. Baldwin head OF the British commission to this
COUNTRY was an unwarranted sur upon the American
people that Justly indignation throughout the
United states diplomatic population Of this in
tervie did not take away the sting, knows
the Interview was genuine However, for Congress 10
refuse TO settle British debt question reason
able terms would in large measure go to justify at
least IN their own minds the British been
saying of the United 1t would convince other
European nations their minds that this govern
lnent was wholly by greed and adopted the
attitude of Shylock toward ell its debtors whereas
the contrary Is true.
II should be sufficient Great Britain by the plan
proposed acknowledges the validity OF her debt TO this
country agrees TO pay It of within the lifetime OF
generation at OF interest that is high. II not
higher than is customarily paid by governments in
time Of peace. There is every reason why the plan
should be accepted To reject It would be to invite is
indsnite posponement and undoubtedly bring within
the range Of probabilities cancellation of all foreign
debts.