The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1923-02-17


depression for years will mean that
Britain will suffer more from the dew
astation of her trade caused by the
! war than France from the devastation
OF her provinces.
Bear Heaviest Burden
Our country, anxious about its
means of livelihood, with a million
and half Of its workmen walking the
streets in vain search for work, has
q o bear the heaviest burden Of taxation
the world. Why? Because it has not
only to pay interest on its own heavy
war debts, but also on $4,000, 900, 900
which it either advanced to its allies
or incurred on their behalf. That is
why we felt confident the United
States would not discriminate against
a nation so situated.
When talk of debts the allies
ONE us / want to emphasize the
fact that these debts are not paper
myths or tricks of accountancy.
They are OnerOus facts, represent
ing a real burden borne at this
hour by the bent and painting tax
payer of Britain.
If these loans had never been made
the weight on his shoulders today
would have been lighter by a shilling
and sixpence to two shillings in the
pound. He is every year paying to
actual lenders-some British, some
American-that proportion of his in
come It's weight he undertook to car
~ for his allies during the war on the
sacred pledge Of those allies that they
would take it over after the war.
We Make No Complaint
The American Government Dor
rowed from the American public to
make advances to Great Britain and
mas called uTon the British taxpayer
TO redeem his pledge.
We make no complaint, for the de
mand is mitigation of the strict let
Ter Of the bond. But that amount is
in substance part of the debt owing
by the allies to Britain
The British taxpayer naturally
feels it is hard on him to have to
bear not only his own legitimate
burdens. but that he should i'm
addition have to carry the debts
of his less heavily taxed brethren
in continental countries. He
naturally inferred that if equal
pressure had been administered
I'll Z,LA
have forced an alI-rOund consul
tatiOn which would have ter
minated in an aIIrOund settle
ment.
That was the real purport OF the
Balfour note. The true significance
Of that great document has been en-
tirely derstOOd-sOmetimes care
lessly, sometimes purposely, some
times insolentIy. It has suffered the
same fate as the treaty of Versailles.
Opinion is sharply divided as to both
between those who rend without read
ing and those read without rending.
'DenunciatOry Phrases"
Most men have received theih i'm
pressions of the Balfour noet from the
denunciatory phrases penned by
writer's who received their ideas about
il rom men who gave instructions to
condemn it without ever reading it.
Men who really understood both
the Versailles treaty and the Balfour
note have been too busy to find time
TO inform, interpret and explain. But
the time has come when public atten-
ton should be once more drawn to
the remarkable and far-reaching pro-
pOsals Of the BaIfOur note.
They constitute an offer on the part
Of Britain to measure claims against
her allies by the extent of her obliga-
tons to the United States.
The British Government even Of
fered to include the claim of the
country against Germany in this
generous concession.
What does that mean in reference to
present conditions? That if the allies
and Germany between them found
the SO,00O.OO0 pounds a year which,
Britain has undertaken to pay
America she would forego her claim
to the $500, 700, 900 pounds due to
her under contract and treaty.
Through World Recovery
It was a great offer and If ac-
cepted would have produced results
benefcent beyond computation.
Britain. which would have been the
heaviest direct loser. would have
profited Indirectly through the world
recovery that would have ensued.
How was it received? Some
criticised it because 1t asked too little
some because it demanded too
much. Many criticised because they
were determined TO approve nothing
that emanated from such a Govern
ment, but most OF its censors con-
demned It because they never took
the trouble to understand it and the
shrtllest among the street cries
happened 10 denounce ii.
The Government that propounded
it soon after left the seat of authority
and the admir- 'stration that succeeded
put forward a new scheme which at
tracted even less acceptance. So this
great project, which should have
settled forever the question which
above all others is vexing peace and