Evening star., 1923-02-01
DEBT COMMISSION
MEETS TO PRESENT
PLAN TO CONGRESS
Continued from FYrst Page,

lGonIlnued from First Page.)
from acceptance of the debt pro-
posals.
Foreign Exchange Better.
The more favorable position of the
foreign exchange market was re-
garded as largely sentimental. and al
though transfers rose to 466H, ex-
change experts said that business was
not large In view of the large amount
Of the debt payable annually. 1t was
believed that this feature would act
as brake to the soaring dollar.
The Improvement In the pound af-
fected the French franc. which rose
to 1890, while the German mark sold
terday's 2o5. 900.
"A wise decision" is the way the
Times characterizes the acceptance
by the British cabinet OF the Amer
ican terms for funding Great Britain's
debt to the United States.
The newspaper still thinks that
2R per cent would have been a fair
rate or interest, but adds:
The American commission had
made considerable concessions.
Any semblance of hesitation on our
part TO meet a definite obligation
might have been Interpreted in the
Isn,s vm,ea states to ~, our great .,;ns aisaa
| ~dS not tno OIiI IeEcHCc OI n
per cent. but the position OF Great
Britain
The Times argues that in the face
or the grave situation in Europe it
LIS important to possess American
friendship and good will, so that
may cooperate in defense of civiliza-
ton. 1t adds that, therefore, there
should be no opportunity for mis-
understanding on financial plane.
Relief Felt.
The Westminster Gazette says the
governments decision will be received
with a sigh of relief by all who ap-
preciate the issues involved.
ut would indeed have been more
satisfactory IL the decision had been
taken without the unfortunate inter
tinues the paper. land he must be
credited with sufficient common sense
to have spoken as he did only under
the conviction that it was necessary
to influence reluctant colleagues. This
reluctance, happily, has been over
come and We are prepared to accept
the terms which. though onerous. are
not beyond our capacity to bear"
The Daily Telegraph says there may
be a difference of opinion as TO
more onerous than there was just
reason to expect. but that IL was ex-
ceedingly unlikely that any other
person than Stanley Baldwin would
have obtained better terms and the
government had done the right thing
in not attempting to renew the bar
gaining.
The foregoing represents the very
general viewpoint. The papers also
realize that the agreement still re-
hope is expressed that Congress will
not reject the terms as agreed to by
the American commission.
The Daily Chronicle agrees that
there was no alternative to accept
ance, except a declaration Of default,
with all It's imaginable effects on Brit
ish credit.
Similarly, the Morning Post admits
that ii was almost impossible to do
otherwise than accept, but says: The
British nation may be excused for
feeling that America is only less
formidable as an ally than as an en-
emy. But at least we shall be able
to hold our head high. and may find
no unsubstantial recompense besides
in the prospect that the sacrifice we
good relations with the United States
which are at the foundation Of our
policy.
I'VE must hope that our gesture
will not be without its reciprocal ef-
fects upon the American people"
Declared Landmark.
Presiding over the annual meeting
Of the National Provincial and Union
Bank of England today. Sir Harry
Goechen, in his address, declared that
the cabinets action in accepting the
American terms for the funding Of
Great Britain's war debt stands out
as a landmark in our financial prog
ress.'
The definite settlement of the debt
problem he termed OF the highest i'm
portance, For I believe" he added,
that 4. will have q far-reaching in
fuence on the reorganization Sf the
finances of the world, and, indeed,
may inspire other nations to efforts of
a similar nature"
Thanks were due to the chancellor
of the excheQuer and the governor Of
the Bank of England "for the strenu-
Gus efforts they made In Washington
to arrive at an agreement" and there
was also appreciation of "the con-
ciliatory and friendly spirit in which
their suggestions were met by the
President Of the United States and