The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-01-27
PREPARATIONS
WAIT ACTION
OF CONGRESS
British Chancellor Declares
Legislative Action First
Necessary Step
SITUATION COMPLICATED
Agricultural Representatives
Not Alive to Real Signifi-
canoe of Issue
(By the Associated PresO

Southampton, Jan. 27.- Samue
Baldwin, chancellor of the exchequer
returning on the Olympic today from
the debt funding commission meet
ing in Washington, told newspaper
men that settlement of the debt
question'in the United States was "ir,
the hands of Congress as the repre-.
sentative of the people" and that
this situation constituted "the great
est difference between America ano
this country"
Explaining that in America "you
may have an executive who is viii
ing to do great deal for you bus
cannot because of difficulties encoun-
tered in Congress-" Mr.. Baldwin said:
''1n the early days the secretary of
the treasury could undoubtedly have
arranged terms with the British gov
ernment but their situation now is
complicated because the matter is
in the hands of the American Con-
gress. You are not settling in Amer
ica with the cabinet at one end, or
with business men at the other: you
are settling with Congress and the
Senate which represent the people
of America from one end of the coun-
try to the other.
Cannot Force Issue.
"On the other hand what the ca
ecutives of America have to do is To
endeavor to force anything of this
sort through Congress and in doing
so they may be beaten"
Mr.. Baldwin described Americans
cas- country, not an urban people"
If you look at the senate you will
find that the majority of the men,
bers come from the agriculture and
pastoral communities and they a,
not realize the existing position with
regard to the meaning of the inter
national debt.
"The bulk Of the people in Amer
ica have no acquaintance with 1t.
Great Britain lives on international
trade. but in America this is not so.
The people in the west merely sell
wheat and hogs and other produce
and take no further interest in con-
nection with the international debt
or international trade. They are in
very much the same frame of mind
I'VE used to be in regarding repara-
lions when large number of peo-
pie in the country thought Germany
would send bags of gold every Sat-
urday night until the money was
paid up. A great many people in
America think that all we have to do
is to send money over there.
"The debt can only be funded on
such terms as can be got through
Congress and the senate and that is
the root of difficulty with which we
now are faced.
asked whether he would return tn
America he said, 4 should like to do
SO because have been well received
there but shall not because I have
my own work here to do"
The suggestion included for stated
annual payment and amortization
ration of 1-2 of / per cent in addi-
tion to the yearly payment on tn.
principal. The yearly payments il
was explained were to increase as
the amount of interest decreased.
The whole scheme considered in the
entire 62 year periods, would aver
age rate of approximate per cent
THREE PER CENT INTEREST.
Washington. Jan. PIT was re-
vealed today that the American debt
funding commission in its recent ne
gotiations with the British delega-
ton on q funding arrangement for
Great Britain's debt to the United
States had suggested an interest rate
Of per cent For the first 10 years
and Sl-2 per cent thereafter with
provisions for extinguishing the en-
tire debt in o2 years.