The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-02-07
SHIP SUBSIDY
PASSAGE ALSO
Is ADVOCATED
British-American Debt Plan
Means Great Help in World
Finance, He Says
FLOUTS BONUS PLAN
Says Original Agreement Pre-
cludes ''Bonus Rider" on
Debt Refunding
FLOUTS BONUS PLAN

Washington. Feb. 7.-Congres-
sional approval of the war-debt
funding agreement negotiated with
Great Britain was requested by
President Harding today as "a
recommitment of the English
speaking world to the validity of
contracts"
Coupled with this approval the
President added in an address at
a joint session of the senate and
house that congress should enact
into law the administration ship
bill because cit is as important to
avoid losses as it is to secure
funds on debts"
Ample time for action on both
of the measures, it was declared
by Mr.. Harding, remains before
the present congress goes out Of
existence on March A and either,
he said, was yet to be recorded as
a chapter of great achievement.
Could Not Meet Terms
The president made no specific
recommendations as to the form
the action of congress on the Brit
ish should take, leaving it to the
leaders in Congress to decide what
method should be taken to amend
the present law so as to permit
confirmation of the agreement re-
Gently reached by the British and
American debt commissions.
1T was manifest from the be-
ginning" he said," that Great Bri-
tain could not undertake any pro-
gram Of payment which would con-
form to the limitations of time
and interest rate which the COM
mission had been authorized to
draft, but here was great nation
acknowledging it's obligation and
seeking terms in which it might
repay.
$50 your commission proceeded
to negotiate in a business way for
a fair and just settlement. Your
commission went to far as it be-
d. lieved the American sense of fair
play would justify.
! OF Great Importance
| 1T means vastly more than the
mere funding and the ultimate
discharge Of the largest interna-
tional loan ever contracted.
1T is a recommitment of the
English speaking world to the va
lidity Of contracts. 1t is in effect
a plight against war and war ex-
penditures and rigid adherence
to debt production and retrench-
ment which enhances stability pre-
cisively as it discharges obliga-
tions."
Against Bonus Rider
Abiding indirectly to proposals
to attach to the congressional act
Of approval, a soldiers bonus bill
the president reminded. Congress
that the wartime authorization
/ for the loans contained in itself a
stipulation that when the money
was paid back it should be applied
to the retirement of liberty bonds
and other government issues.
! AS part of his statement on
the debt negotiations the executive
read report from the American
commission headed by Secretary
/: Mellon describing the settlement
as "fair and just to both govern
ments" and predicting that it
would make most important con-
tributicn to international stabili-
ty."
Wants Subsidy Action
| Mr.. Harding's appeal for action
on the ship bill was prompted, he
said, that it's opponents were seek
! ing to prevent y roQl-call on it
before the end of the section, ses-
sion. March 4.
"Mere avoidance by prolonged
debate" he declared, "is a mark
Of Importance on vital public
question. l plead for decision.
eff there is a favorable major
ity the bill should be enacted. If
the majority if opposed defeat
will be decisive. Then if Congress
fails in providing the requested
alternative measures the executive
branch. of the government may
proceed as best it can to end the
losses in liquidation and humilia-
tion.