The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-02-07

the world that I should be ferniss
II ! did not invite your sanction
even amid crowded calendars and
pending problems Of great impor-
lance. And I hope YOU viii he
glad to approve. II the debtor
nation could decide to assume
the great obligation, In two csAfd.
net sessions, In the face Of enor-
nous financial and economic diff
ficulties, surely the deciding au-
thority Of the creditor nation Will
be ready to approve in a spirit
appropriate to the great transac-
ton and with q promptness
which win convey betting ap-1
probation.
/ am not unnindful OF the dis
position to pledge the application
of anticipated payments In giving
sanction to the settlement. 1t Is
not necessary to remind the Con-
gress that the use Of monies SCI
cured In the repayment OF war
loans has been pledged by the
very grant Of authority to make
the loans. The repeal % that
commitment is always within the
authority Of the Congress If such
q repeal Is deemed wise, but it
will best comport with the Inn
portance OF such an international
transaction to give q frank, ex.
elusive, and direct decision, I'm.
involved by any disposition Of
the monies which the funding pro-
gram ultimately win bring to the
Federal Treasury.
Refers to Ship Subsidy.
Nor am ! unmtndful Of the I'M
portance Of pending legislation
with which any prolonged con.
sideration OF the debt settlement
might come in conflict.
Knowing there Ia abundant time
for ample debate would be recre-
ant In my belief In the urgency
Of a decision on the merchant
marine bill IL I did not renew the
request that 1t be brought to q
final disposition. venture the
allusi0h because Il has been
threatened that the merchant ma
rine 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 q hundred and fifty
millions a year, and we rightly
appraise it q notable accomplish.
ment. On the other hand, the
Executive branch Of the Gov
eminent Is charged with the
operation of Government-owned
shipping, which is losing the Fed
eral Treasury $S0,000,000 q year,
1t is as important to avoid losses
as it is to secure funds on debts
or from taxation sources.
Would Curtail Losses.
I have detailed the discouraging
situation with our shipping to
Congress, and have, suggested
what is believed to be a remedy,
not only to put an end to the
losses but to upbuild an Atneri-
can merchant marine to meet our
cherished aspirations and further
our commerce abroad. In inviting
your support I frankly urged that
IL Congress would not approve,
that 1t should submit some alter
native remedy. l. am unwilling,
the public Is unwilling, to con-
tinue these appalling losses to the
public treasury when we know
we are operating with no prospect
of relief or of ultimate achieve
ment. Congress owes to itself, to
the executive branch of the Gov
eminent, and to the American
public some decisive action. Mere
avoidance by prolonged debate Is
mark. of impotence OH O. vitality
important public question. I
plead for a decision. If there is
more favorable majority, the
bill should be. enacted. If a
majority il opposed, defeat win
be decisive Then. e Congress.