The Birmingham age-herald., 1923-10-31
ICFE.LIcHTS fHaaL 4GseI
 hNNATIONAL FI l0 CAPITAL EE99ss!lIs|s; " s

Occasionally, when it serves their purpose, statesmen discuss the debts that European nations owe the United States. For while the atmosphere Is murky with their dissertations. And then the inevitable Hull and practical oblivion!-
 Well, the debts have not been collected. The late Senator Wat son of Georgia, asked how he would go about collecting them, declared that were he the goy- ernment he would seize the ships of the owing countries and if such action led to war. he would fight. Senator Heflin of Alabama de- clared that the collection would be simple, easily consummated, If the government would once as- sert itself, although, when ques- tioned, he denied that he would go so far as to declare war be- cause of the issue.
 Whether the government has failed to assert itself or not Is perhaps a matter of dispute. The fact remains, however, that the debts still exist.
 Great Britain has admitted Its debt and expressed willingness to pay through a slow process re- quiring fifty years or more at an interest rate so low that the agra gian bloc has protested because the government lends money 10 farmers only at higher rate.
 Great Britain's bonds in the sum of $4,60o, 100000 are in the treas- ury of the United States.
 Other nations. owing total of $5,97o,117,427.39 principle. and $1,- 0S8, 8,457,47S.15 interest, have ges- tured but made no serious ad- vance towards adjusting their ob- ligations.
 simple matter in the opinion of some individual members of con- gress were the government to pursue an aggressive policy, 1t is proving to be a highly eompli- cated matter. From the foregoing figures, 1t is observed that the owing countries. not including Great Britain, must assume an interest charge amounting to more than $1,o00. 100000, which, in It. self, is quite a stupendous sum.
 In view of the fact that none of the owing nations can pay, and in view of the fact that interest in- creases with leaps and bounds, 1t would require a man with more turn for complicated detail than the proverbial Philadelphia lawyer to reach conclusion as to when the obligations will be paid inn full.
 Nearly everybody owes us. Great Britain, France and Italy are the heaviest obligated, al- though Belgium owes a total of s445TS2,73479. Other nations against which Uncle Sam has claims are Armenia, Austria, Czecho- -Slovakia, Esthonia, Greece, Hungary. Latvia, Liberia, Lithua- mia. Poland, Roumania, Russia and Serbia.
 The United States is not going to war in order to collect. Through its debt funding com mission it will ask all owing COuutElcs lO BlNe uOHuS pay dOle in graduated sums through long period of years at a very low in- terest rate. All owing countries will agree. 1t is indicated, except, perhaps, Russia.
 The government will not cancel the debts. But Its policy will be lenient. For, after all, the money was lent in that Germany might be licked and the world saved to democracy.
 It is a serious question as to whether American soldiers or American dollars did more to win the war. Without both entities, however, 1t is reasonably certain the war would not have been won.