The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1923-02-01
THE TROUBLE WITH FRANCE
Trying to Suspend Economic Law,
Says Babs0n The Statistician
Shows Why European Bonds
are UnsOllnd

OiHce the arrival Oh the Br1ClSn LEI
Commission to the United State
Roger w. Babson has been maxim
study of the situation from a sta
tistical point of view. His detaile
conclusions are dry and .Yninterest
ing. The summary which he makes
however, is most enlightening.
First, let us realize," says Nh
Babson, "that the coming to thi
county of Stanley Baldwin, British
Chancellor of the Exchequer, Mon
tague C. Norman, Governor of Banl
of England, and their associates from
the greatest empire in the world, will
hats in hand and begging for mercy
is one of the greatest events in ou1
financial history. For centuries Great
Britain has been the worlds greatest
creditor and all nations, including
our own, have owed the British EN-
pire billions of dollars.
"The war turned the financial world
upside down. Certain great nations
like Germany emerged bankrupt;
France, the worlds greatest invest
ment nation, emerged debtor; while
England, to whom everyone came for
advice, now comes to Washington for
help. Truly this is one of the most
dramatic economic and financial events
in the history of our nation. It also
emphasizes the fact that we have a
great financial responsibility as well
as a great opportunity. Therefore,
it is with this thought in mind that
we must make our decisions.
s'This whole question of reparation,"
continued Mr.. Babson, lis bound up
with sympathies, politics and national
feeling. Owing to the latter, with
out doubt, great many Of our people
in our country sympathize with Ger
many, and many others, thru their
love for Ireland, hate England. Frank
study of the situation, however, should
convince any disinterested party that
Germany is in the position of burg
lar who attempted colossal steal
but was caught and defeated in his
plans. Irrespective of the question
of Furnishing this burglar, all must
admit that he should make amends
for the goods which he partly got
away with and destroyed. France,
therefore, should not be criticized for |
insisting that Germany restore, as
far as possible, the property which
was destroyed and damaged in her
attempt to burglarize. Every disin-
terested party must admit that this /
is reasonable. France is asking Of !
Germany only what any one Of us
would ask of neighbor who attemp-
ted the same thing in our community.
"The reason that France has re-
Gently lost sympathy in her negotia-
tions with Germany is due to the fact
that she is going at her problem in
the wrong way. Frances difficulty
is that she is inconsistent. She wants
a certain economic law to apply to
her but wants to suspend it in the
case of Germany. Perhaps this is
more or less true Of all the allies,
when they say they cam
not afford to pay their Indebtedness
to the United States. Yet when one
looks at the statistics he finds that
France, Italy and all the
allies combined over the United States I
only about ten billion dollars, while
they are demanding Of Germany I
alone PREPARATIONS of over thirty bill
lion dollars! Of course, if Germany
can pay any such amounts as France
demands, there is absolutely no doubt
but that England, France and the
rest of them, can very easily pay a
smaller amount to the United States.
President Harding and his cabinet,
and all others who have looked into
The matter evidently appreciate this
situation.
Cup to the present time, England
Is the only one Of the allies who
has made an honest attempt to re-
turn any money to us. England is
paying interest on its indebtedess
us practically nothing. It is true
that England has a commission here
today pleading mercy; but we should
be fair with England and recognize
that she has made her payments
shus far in accordance with her agree
ments. As to what we will eventu-
ally do with these foreign debts cam
not be foretold at the present time.
Certainly it would be useless to cam
eel them today and have these Eu-
ropean nations go on another spree
n spend our money playing military
poker. If, however, these nations
would repent Of their sins, disband /
heir armies, and live honestly and
! believe the United States
would be glad to cancel the indebted
MSS or do anything else which would
ruly help. On the surface, the diff
iculty with Europe is financial; but