The Omaha morning bee. [volume] (Omaha [Neb.]) 1922-1927, 1923-02-08

debt should take, leaving 1t to the
leaders in congress TO decide what
method should be adopted TO amend
the present law so as to permit con-
summation Of the agreement recently
reached by the American and British
debt commissions.
"It was manifest from the begin
.<asng., he said, that Great Britain
could not undertake any program Of
payment which would conform to the
limitations Of time and interest rates
which the commission had been au-
thorized to grant. But here was a
great nation acknowledging its obliga.
ton and seeking terms in which it
might repay.
so your commission proceeded to
negotiate in businesslike way for a
fair and just settlement. Your COM
mission went so far as it believed the
American sense Of fair play would
justify.
ut means vastly more than the
mere funding and the ultimate dis.
charge of the largest international
loan ever contracted. II Is a recon.
Initment of the English speaking
world to the validity of contracts: Il
is effect plight against war and far
expenditures, and a rigid adherence
TO that production and retrenchment
which enhances stability precisely as
1t discharges obligations.
.illuding indirectly to proposals to
attach to the congressional act OF ap
president reminded congress that the
wartime authorization for the loans
contained in itself a stipulation that
when the money was paid back II
should be applied to the retirement OF
Liberty bonds and other government
issues.
AS a part Of his statement on the
debt negotiations the executive read
a report from the American commits
sion. headed by Secretary Mellon. de,
scribing the settlement as fair and
just to both governments and pre-
dieting that 1t would make a most
important contribution TO interna
tional stability"
Mr.. Harding's appeal for action on
ship bill was prompted, he said
by suggestions that its opponents were
seeking to prevent roll call on il
hcfore the end of the session.
Mere avoidance by prolonged de
bate" he declared, "is a mark of i'm
potence on vitality important public
Question. ! plead for a decision. II
there is favorable majority the bill
should be enacted. II a majority II
opposed, defeat will be decisive. Then
il congress fails in providing the re
quested alternative measure, the
executive branch of the government
may proceed as best it can to enc
the losses In liquidation and humilia
ion"
Report Of Commission.
President Harding said in part:
You have been asked to assemble
In Joint session in order that I ma,
submit to you the report OF the worlt
war foreign debt commission. cover
ing its accepted proposal for the fund
ing Of the debt due TO the United
States from the government Of Grea
Britain. This report concluded OF
February 3, 1923, reads as follows:
The president.
The world war foreign debt com
mission created under the act OF
congress approved February 0, 1922,
having received the mission appoint
cd by the British government to con-
slider the funding OF the demand OBJ
legations Of that government held by
the United States report as follows:
The British government designat-
ed as it representatives the Right
Hon. Stanley Baldwin, chancellor OF
ohe exchequer. and Mr.. Montagu
Norman, the governor Of the Bank
OF England. who have conferred
with the commission in Washing
ton and presented facts relating to
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