San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1923-02-16

ing they think that they are recon-
mcnding themselves most highly.
1t is quite true that the debt-tundlng
plan submitted to Congress is not the
best conceivable, from the American
standpoint. But there is one objection
which even Senator Reed cannot make
He cannot say that it is not the best
in the world" 1t is the only debt-fund-
ing plan in the world, so far as Amer
ica's loans to the European Allies are
concerned. That ought to signify some
thing, and President Harding is count
ing upon its doing so for the benefit OF
other nations.
Proponents OF the plan might readily
admit that the arrangements are not as
favorable to the United States as this
country deserves, but that admission
would not give any great weight to
Senator Reeds charges. There are times
in the history of any country when eX-
pediency is the measure OF statesman
ship; when rightful claims have to be
discounted for the sake of practicabllity;
when governments must make the best
of mistakes previously committed, and
so avoid still more serious mistakes.
As an abstract proposition, there is
no reason why the United States should
loan money to a foreign nation at
lower rate of interest than it has to pay
for such money. But it is no abstract
proposition that Congress has to dispose
of in this case A mistake was made
long before it became the duty of the
present Congress to do anything about
the British debt, and now it must make
the best of that mistake.
When the European allies needed war
supplies they rushed to their Western
friend. America, and she let them have
what they called for. The world was on
fire, and the Allies wanted to borrow
hose. America, particularly as she was
interested in having that fire put out, did
not detain her neighbors long enough
to make definite, iron-clad arrangements
for the return of the fire-fighting appara-
tus loaned to them. She put into their
hands what they needed, and babe them
Godspeed.
II there should be another war, and
any OF the participants should come to
us a-borrowing, we might insist upon
the observance OF greater formalities
than those that marked the world-war
transactions OF which the debt-funding
plan submitted to Congress is belated
sequel But under the circumstances as
they actually exist. one might we'll think
that we have it coming" TO us to get
from Our debtors somewhat less than
we should get in 4 strict, penny-for-
penny, Observation-Disclosures settlement.
Perhaps we should consider ourselves
fortunate in that at least one of our
debtors has enough integrity to pay us
a visit for the purpose OF arranging a
settlement. That is something which
Our other European friends have omitted
to do.
How the debt funding plan could pos
sibly deliver the United States, bound
hand and foot" to the British govern
ment, Senator Reed did not make quite
clear, or else the newspaper correspond
ents went to sleep while he was speak
ing. No doubt some English Hotspur
will say that the arrangement binds
Great Britain "hand and foot" to the
United States. There would be more
FEASIBILITY in such an assertion than
there is in Senator Reeds at that Isn't
it something new for a creditor to be.
come the slave of a debtor?
The implication OF Senator Reeds
charge, OF course, is that the United
States may find it necessary to become
a sort Of accessory to British schemes
be they honorable or dishonorable, as {
means Of insuring payment OF the. debt
That is really too great an imputatior
to cast upon the nation that scorned thu
broadest opportunity in history to taxi
material gain from war.