White Pine news. [volume] (East Ely, Nev.) 1920-1923, 1923-02-25
PUTTING THINGS ACROSS.

When the Bank of England wants
to put anything over with the United
States 1t goes about It with a method
and arrives home with the bacon.
When 1t is the other way the situa-
ton is reversed and the bacon re-
mains in London.
Recently the commission repre-
senting the British government and
through 1t its principal, the Bank IF
England, came TO this country to eff
feet n settlement of that nations wal
loan of s4,604,000, 900. This loan
was only an indirect one from the
American people to the British gov
eminent and others of the allies in
the great war. OF TIE ten billions
authorized by congress to he loaned
to Europe from the money raised
from the people by the sale of lib
Britain.
The rate of interest for the bonds
was fixed at 4 IL per cent and Brit
ain agreed in writing to this percent
age. But since the close of the war
an agitation has been fcstered by the
Bank of England for the cancellation
of war debts and with this as a form
of threat these commissioners cam,
and begged for a reduction of the
rate TO 3 per cent President Hard
ing's debt funding commission vas
authorized by law to agree to a debt
funding scheme only on the basis of
the A 1-2 rate, yet they came TO an
agreement, subject to acceptance by
congress. for payment of that rate
up TO now. then to gran. the ) per
cent rate for twenty-five years and a
3 IL per cen rate for the rest of the
term of the new bonds. the whole
term being sixty-two years. Con-
gress has accepted 1t and II is over
with. The old debt is paid-the
same as Micawber paid all of his, by
issuing a new note and casting the
bits of the old one to the winds. And
for sixty-two years the taxpayers
must put up the 1-2 per zen diff
ference between what Uncle Sam
agreed to pay the liberty hondhold-
ers and the rate received n return
for the same money.
The argument in favor OF this
costly ~benevolence on behalf of the
taxpayers. done in the name Of the
government, Is a claim that the for
eign loans were granted under war
conditions and that such a high rate
as was then charged should be sub
Ject to revision now If this ia fair
and proper Ii may be asked, Why not
have a revision of the rate of interest
on the liberty bonds and reduce them
TO 3 per cent? There Is a good rea-
son and an effective and unanswera-
BILE one to the contrary. II Is that the
bonds have gravitated into the hands
OF Wall street out of the hands of
their original owners and therefore
il would be reputation and unthink-
able.
But that is beside the question I'M
der discussion. At the same time
that this enterprise of the Bank of
England was being put over the ell
yer question was and still is under
discussion In the United States. The
selfsame interests and the selfsame
men who crossed the Atlantic to
close the d~ebt-funding deal are bent
on another transaction OF breaking
the back of the American silver in
dustry and the financial back of
every producer. They are going to
put IL across. They have enlisted the
support of every American newspa-
per the influence OF which Is obtain
able from the Saturday Evening Post
down. and also that of Wall street
and the Harding administration.
Does any person doubt that they
will win? They have done so before
and with the cards stacked in exactly
the same way they will do SO again.
. rrHyE MAN.