The Birmingham age-herald., 1923-03-01
HARVEY ? R A |sE { DEBT SETTLEMENT BET WIEN NATIONS
Agreement Brings English Speaking Peoples Nearer, American Ambassador
 Declares at Dinner

 | ed ss)-Ambassad George Har- vey speaking at the dinner of the ! Pilgrims tonight, given in honor of Stanley Baldwin, Chancellor of the l EXchequer said.
 We have met to celebrate q great | achievement l do not think 1 eX- aggerate when I pronounce 1t the first conclusive settlement of a real l ly vital world problem since the | Armistice. It involves far more than i the greatest financial transaction re- 1 ported in history; It bore with 1t en- i hancement of mutual respect and, l firmly believe. the everlasting l friendship of the two great nations I to which the entire world looks for 1 the preservation of solvency and sta 1 bility which are essential to the prosperity and hSppiness of all man 1 Had.
 Mm Great Task.
 The task was one of appalling magnitude said Mir Harvey, and the adjustment of terms relatively minor. "The undertaking" he added. could not have been regarded in any other light than that of a devastating fail ure if the agreement should not win the appreciation and measureable satisfaction of the millions of people who comprise the British Empire and the American republic. That object has been attained
 The great majority in congress presented conclusive evidence of un- mIstak able qualification in the United States and the unanimity manifested in Great Britain afforded eloquent testimony to the s snse of relief, even joy"
 The United Kingdom said the
 ambassador. "continues to rest on the rock of financial integrity and national honor.''
 0 o o
 Denies Criticism.
 Ambassador Harvey combated the assertion that the United States had refused to make huge advances to the other allies unless payment was guaranteed by Great Britain. declar- ing:
 Great Britain was never ask ed to guarantee and never did guarantee the payment of a single dollar loan ed by the United States for the use of any country other than Great Britain herself"
 The United States. according to the ambassador. voluntarily gave pledge that Great Britain should not be held to account for any portion of the supplies delivered to her rep resentatives for transportation to or to be used by another ally.
 "ln point of fact" he continued. "a ,very considerable percentage of
 the debt of Great Britain to the
 United States was incurred in the purchase of food and clothing for people living in England"
 Mir. Harvey pointed out that the
 first advance made by the United
 Staes to any ally was hundreds of
 millions of dollars to Great Britain
 to enable her to discharge a press
 ing obligation and maintain her
 waning credit. and also that the United States had released to Great Britain a huge amount of the highest
 class bonds and shares as security. Obligation Discharged. The obligation thus discharged" added MT Harvey, constitutes part of the debt which is now funded and the British government still holds the securities. Surely asking for the repayment of such loan could not r,ghtfully be regarded as an act Of a Shylock demanding his pound of
 flesh"
 The ambassador declared that the United States had been obliged to borrow s4.000.000.000 because it had loaned S50,o00,oo0 pounds to Eng land and also that the United tates had borrowed and loaned to the oth-
 CT allies s6.000.0 100000 additional on which it had received no inter est, while still paying at the rate of four and half per cent-over Fl He a < n r
 its own people.
 He pointed out the interesting tact
 that the cost of the great war in
 money 10 the United States and | Great Britain was about the me
 10000, ,000, 900 pounds sterling In cash, remarking: The human mind cannot comprehend a sum so colossal, but nobody here. l am confident, VIII deny that the outcome was worth
 tho money. and probably-God pity us all--the lives