New Britain herald., 1923-02-07
Puts Damper on Plan to Include Soldier Bonus by Explaining Money Must be Used on Lib- erty Bonds
Considers Further Delay on Maritime Measure a Sign of Weakness and Pleads for Early Decision on This Matter.


 Washington. Feb. 7.-Congression-
 al approval Of the war debt funding
 agreement negotiated with Great Britain was requested by President
 Harding today as a ''recommitment of
 the English speaking world to the
 validity of contract"
 Urges ship Bill Too
 Coupled with this approval, the president added in an address to Joint session of the senate and house, congress should enact into law the ad- ministraton ship bill because it is a simportant to avoid losses as it is to secure funds on debts.'
 Ample time for action on both of these measures, it was declared by Mr. Harding, remains before the pres- ent congress goes out or existence on March 4, and either, he said, was fit to be recorded as chapter of great achievement" No Specific Advice | The president made no specific recommendation as to the form the action of congress on the l'sitish debt should take, leaving it to the leaders in congress to decide what method should be adopted to amend the pres- ent law so as to permit consumma- tion of the agreement recently reached by the American and British debt commissions.
 Tt was manifest from the begin- ming" he said. that Great Britain could not undertake any program of payment which would conform to tho Limitations of time and interest rates which the commission had been au- thorized to grant But here was T great nation acknowledging its ol,,. legations and seeking terms in which it might repay
 Calls It Fair Deal
 50 your commission proceeded to negotiate in business way for fair and just settlement. Your commis- sion went so far as it believed the American sense of fair play would justify.
 Tt means vastly more than the mere funding and the ultimate dis charge of the largest international loan ever contracted. It is a recom- mitment of the English speaking world to the validity of contract: it is in effect q plight against war and war and a rigid adherence to that reduction and retrenchment which enhances stability precisely as it discharges obligations"
 Hits At Bonus Idea
 Alluding indirectly to proposals to attach to the congressional act of ap nroval d soldiers bonus bill, tho presi- lent reminded congress that the war lime authorization for the loans con- aimed in itself a stipulation that when he money was paid back it should be applied to the retirement of Liberty 3onds and other government issues
 As part of his statement on the lebt negotiations the executive read eport from the American commission ,eaded by Secretary Mellon describ- ng the settlement as flair and just o both governments and predicting hat it would make a most important contribution to international stabil- ty."
 The Shipping Bill
 Mr. Harding's appeal for action on he shipping bill was prompted, he aid, by suggestions that its opponents ere seeking to prevent a roll call on before the end of the session.
 Mere avoidance by prolonged de- ate" he declared lis mark of im- otence on a vitaly public question. plead for a decision. If there is lvorable majority the bill should be nacted. If a majority is opposed, de- at will be decisive. Then if con- ress fails in providing the requested ternative measure, the executive ranch of the government may pro- eed as best it can to end the losses liquidation and humiliation"
 The Proposed Measures The measure provides:- Principal of notes to be refunded 
 Interest accrued and unpaid up to ecember IS, 1922, at the rate or 1-4 per cent s639,S3G, ,10G.99. Deduct payments made October 16, 22, and November IS, 1922, with in- rest at IA per cent thereon, to aeember Is. 1922, sl00,5s6.3 Total s4,6o4 4,12S,0S5.7f. To be paid in cash s4,12S,0S5.74. Total principal of indebtedness as December Is, 1922, for which Br,t- government bonds are to be is- ed to the United States government par s6, 6,opo, 100000. The principal of the bonds shall be i'd in annual instalments on fixed ledue. subject 10 the right of the itish government to make these yments in three year periods. The iount of the first years installment Il be s23,000.000 and these an- al installments will increase with ? regularity during the life of the nds until. in the siNty-second year amount Of the installment will be ,, ,000,0n0 the aggregate install- nts being equal to the total princi-