The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1923-02-09

integrity Of agreemnt, the sanctity
OF covenants, the validity of con
tracts. Here is the first clearing
OF war clouded skies In a debt bur-
dened world, and the sincere COM
mitment of one great nation to vail
date its financial pledges and dis
charge It's obligation in the highest
sense of financial honor. .....
A transaction of such vast impor-
lance naturally has attracted wide
spread attention and much common
dation. 1t is a very gratifying thing
TO note the press and public have
uttered substantially unanimous ap-
prevail. 1t means vastly more than
the mere funding and the ultimate
discharge Of the largest information
al loan ever cancelled. 1t is a re-
commitment Of the English speaking
world to the validity of contract; ii
is in effect a plight against war and
war expenditures and rigid ad-
herence to that production and re-
trenchment which enchances stabil-
ity precisely as it discharges obliga
tons. .........
Ordinarily. / should be reluctant
to add this question to a congress
sional program which Is already
crowded, in view Of the short per-
iod remaining of your session. But
1t is Of such outstanding importance
to US and to the world that l should
be remiss If / did not invite your
sanction even amid crow ded calen-
dars and PENDING problems Of great
importance. And / hope YOU will
be glad to approve. -.
Urges Ship Subsidy
abundant
for ample debate would be recreant
to my belief in the urgency of a de-
cision on the merchant marine bill
IL / did not renew the request that
it be brought to final disposition.
l venture the allusion because it has
been threatened that the merchants
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 millions a year,
and we rightly appraise 1t a notable
accomplishment. On the other hand,
the executive branch of the govern
ment is charged with the operation
of government owned shipping,
which is losing the federal treasury
$50, 100000 a year. 1t is as important
to avoid losses as it is to secure
IunuS on QeDtS OF from tdAdlon
sources.
Must Act; Not Talk
81 am unwilling, the public Is I'M
willing, to continue these appalling
losses to the public treasury when
we know we are operating with no
prospect of relief or of ultimate
achievement.
Congress owes to itself, to the
executive branch of the government
and to the American public some
decisive action. Mere avoidance by
prolonged debate is a mark Of i'm
potence on d vitality, important pub
lie question. 1 plead for a decision.
If there Is a favorable majority, the
bill should be enacted. II a major
ity is opposed, defeat will be deci-
sive. Then, If congress fails in pro-
viding the requested alternative
measure, the executive branch of
the government may proceed as best
it can to end the losses in liquida-
ton and humiliation. 49,"
Immediately after President Hard
ing had addressed congress today
a bill to amend the debt law to pro-
vide for acceptance of the British
settlement and for settlements with
other debtor nations on similar
terms was introduced by Senator
Smoot, republican of Utah, a mem
Der of the debt commission.