The Birmingham age-herald., 1923-02-08
De710crats A1Uait t0 Be Sho1Un 0n Debt Sett7e11e

with a temporary interest rate and suitable options adjusted te the tre- mendous problems of readjus tment and recuperation. Your commission went so far as 1t believed the 4Ameri- can sense of fair play would justify. Even then the British debt commits sion did not feel justified by its in- structions to accept the proposal. Only after submission to the British cabinet was the proposal of your commission accepted, and I bring it to you with the earnest recommendation that it be given, so far as legislative procedure will admit, cordial and prompt approval.
 Press Has Approved
 "A transaction of such vast im- portance naturally has attracted widespread attention and much of commendation. It is a very gratify- ing thing to note the press and pub- lie have uttered substantially unan- imous approval. 1t means vastly more than the mere funding and the ultimate discharge of the largest in- ternational loan ever contracted. It is a recommitment of the English speaking world to the validity of contract; it is in effect a plight against war and war expenditures and rigid adherence to that produe- ton and retrenchment which en- hances stability precisely as it dis charges obligations.
 Tt cannot be unseemly to say 1t, and it i too important to be omitted, the failure of the British un- Gertaking would have spread po- litical and economic Encouragement throughout the world and general Iepudiatit Il would have likely fol- lowed in it's wake. But here is kept faith-willingly kept, let it be re- corded-and covenant of peace no iess effective than it would be if joint British and American opposi- ton to war were expressly agreed upon. It is a covenant of peace and recuperation, of respect and cooper ation. It is q new element of finan- cial and economic stabilization, when the world is sadly needing a re- hinder of the ways of peace. It is an example of encoura cement and in- spiration, when the world is stagger- ing in discoura cement and bowed with the sorrows of wars there were, and fears of wars which humanity Is praying may be avoided.
 Program Crowded
 ordinarily l should be reluctant Co add this question to congressional pl ogram which is already crowded in view of the short period remaining of your session, but it is of such out standing importance to us and to the world that l should be remiss if did not invite your sanction even amid crowded calendars and pending problems of great importance. And I hope you will be glad to approve. If the debtor nation could decide to assume the great obligation, in two cabinet sessions, in the face of enor- nous financial mad economic diff culties, surely the deciding authority of the creditor nation will be ready to approve in spirit appropriate 10 the great transaction and with promptness which will convey befit- ting appreciation.
 T am not unmindful of the dis position to pledge the application of anticipating payments in giving sanc- ton to the settlement. It is not necessary to remind the Congress that the use of monies secure in the repayment of war loans has been pledged by the very grant of author ity to make the loans.
 The repeal of that commitment is always within the authority of the Congress if such a repeal is deemed wise. but it will best comport with the importance of such an interna- tional transaction to give a frank, exclusive and direct decison unin- volved by any disposition of the monies which the funding program ultimately will bring to the federal treasury.
 Nor am I unmindful of the im- portance of the impending legislation with which any prolonged consider ation of the debt settlement mi gnt come in conflict.
 Asks Subsidy Action.
 Knowing there is abundant time for ample debate, I would be recre- ant to my belief in the urgency Of a decision on the merchant marine bill if l did not renew the request that 1t be brought to a final disposi- tion.
 "I venture the allusion because it has been threatened that the mer- chant marine act shall not be allowed to come to a vote. Today you have a debt settlement which is to bring the treasury something more than a hundred and fifty milloins a year, and we rightly appraise it notable accomplishment. On the other hand, the executive branch of the govern ment is charged with the operation of governmentowned shipping which is losing the federal treasury S50,- 900, 900 a year. It is as important to avoid losses as 1t is to secure funds on debts or from taxation sources.
 T have detailed the discouraging situation with our shipping to Con- gress and have suggested what is be- lieved to be a remedy, not only to put an end to the losses, but to up- build an American merchant marine to meet our cherished aspirations and further our commerce abroad. In in- viting your support, I frankly urged that if Congress would not approve, that it should submit some alterna- tive remedy. I am unwilling, the public Is unwilling. to continue these appalling losses to the public treas ury when we know we are operating with no prospect of relief or of ulti- mate achievement.
 "PIeads for Action.
 Congress owes to itself, to the ex- ecutive branch of the government and to the American public, some de- cisive action. Mere avoidance by pro- longed debate is a mark of impotence on vitally important public ques- ton. I plead for decision. If there is a favorable majority, the bill should be enacted If majority is opposed. defeat will be decisive Then if Congress fails in providing the re-
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