The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-01-11
WILL
MARK I N|E
ON DEBT
No Liberalization for Allies
Until Definite Agreement
Is Reached.
BY w. H. ATKINS.
International News Service.


The American Debt Funding Com
mission will wait until It's negotia-
tionh with the British representa-
tives are concluded before drafting
a special report asking Congress to
grant it broader powers In arrang-
ing for the payment Of the billions
of dollars owed the United States.
1t was announced officially at the
Treasury Department today.
Guidance for Harding.
The recommendations Of the COM
mission will be. drawn up tor the
guidance OF President Harding, who
viii transmit o special appeal to
Congress to amend the funding act
so the commission may have wider
latitude in fixing interest rates and
dates Of maturity.
Norman, the British debt commits
sionerg. have Informed Secretary OF
the Treasury Mellon that the
SIS, 900 100000 British debt must be
funded over q period considerably
longer than the twenty-five years
provided for. by Congress in enact.
Ing the funding law.
Sessions between the American
and British commission will con-
tinue until about February 10, when
the British will return to London.
The plan OF the Administration to
withhold its recommendations for
changes in the funding act until the
British-American negotiations have
been completed today met the APP
prevail of the Senate Finance Com
mittee.
Neither the American nor Brit
ish Representatives have discussed
the possible acquisition by the
United States Government Of any
OF Great Britain's island posses
sions in the Atlantic in settlement
OF the British debt, It was officially
declared today by members OF the
American Commission. The Ameri-
can Commission, 1t was said. has
no expectation Of making such q
suggestion during present negotia-
tons.
Congressman Burton Of Ohio, q
member of the American Debt
dent Harding at the White House
today. Burton said the ratification
by Congress OF an agreement made
between the American and British
commissioners for the payment Of
Britain's debt would establish q
precedent for negotiations with
other powers.
The American commission, Bur.
ton said, has been informed by
the British ENJOYS In their de-
scription OF their government
financial status that the internal
and external British debt il now
TOO, 100000 pounds-more than
$685. 0OO, 900, 900. This figure includes
the $4,000. 100000 owed the United
States.
Democrats win countenance no at
tempt to revise the debt law, other
than to provide for appointment Of
Democratic members. Simmons said
battle plans had been drawn to first
liberalization efforts" to the last
ditch.
It Is Simmons belief, and in this
he Is supported by virtually the en-
tire minority, that, despite the
the law, as pointed out by the Presi-
dent, there is no necessity for a.
change in the existing regulatory
code for funding debts.
II have always favored check on
the activities OF the commission by
Congress" declared Simmons, ex-
planning his stand. when the law
first was drafted I proposed to
grant the commission unlimited
authority to negotiate settlements,
but with proviso that the commits
sion must report to Congress for
acceptance of it's work. That was
denied, and the Congress then i'm
posed the limitations regarding the
period for payment Of the principal
and specified definite interest rate,
Now, II the commission so desires
1t can go ahead, utterly without
respect to the law limitations, and
make q tentative arrangement for
debt funding. Congress then can &C.
cept these agreements without hav-
Ing to change the law. If the com.
missions agreement is in accord
with the laws provisions there is no
reason for acceptance by Congress,
for we have already accepted the
agreement by the very fact OF the
passage of the law" said Simmons.
Simmons said he understood that
The commission now, in session with
the British, was following this pro.
cedure, and that the agreement be-
ing considered was not confined To
the restrictions set up by law.
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