The Cordova daily times., 1923-01-25
THURSDAY, JANUARY 25, 1923
THERE MUST BE NO CANCELLATION

What branch Ot the Government mas the authority and power to cancel the foreign debt? There is nothing in the Constitution that empowers the Congress or the President, or both combined, to give away the national resources. There is no provision in the funda- mental law for taxation of citizens for pur- poses of gift-giving. It is true that by sort of common consent, taxpayers everywhere have acuuesced in public largness where some great disaster seemed to make 1t imperative tEat immediate funds be provided. But the alienation of billions, without consideration, is nltra wires, so far as the Government itself is concerned. We believe that taxpayers suit to prevent cancellation would be sus- tained by the courts.
 There is, however, no reason why the prop CT authorities should not rearrange the terms of the debt to suit the circumstances. From the viewpoint of policy alone, it is not wise to force a debtor when he is already hard pressed Moreover, economically it is good business to give the debtor fighting chance to ail him to get back on his feet. Farmers who imagine that by cancellation of the debt they can widen their market and obtain better prices for their products would do well to study the problem more carefully. Any temporary benefit they might receive would be more than eaten up by taxes they would have to pay later to take up the cancellations. For, he il romomhorod the debt is represented by the securities of the United States Govern mert and we have not heard any su@@estIon vet, frnr New York or anywhere else, that the United States should cancel its bonds also. Europe pays or we pay, and we do not see how we can nav except thro'loh taNos. There e"o roon1o in Tho United States iust now good citzcns-wh0 are Qstoias desnnratcv in need of help as are any people in Europe.
 Ronu5liatjon or cancellation is morally bad. Moreover, this constant discussion in the papers of whether Europe ought to pay or not, arouses false hopes abroad. It delays the return to nOTmalcv. There are thousands of men who, after service in the war, do not want to work at all. They think that under new dspcnsatjon. by some sort of miracle, the necessities of life can be produced without work. But they who do not SOW cannot reap any more today than yesterday, and there is 10 prosperity in the gambling houses of Monte Carlo. DeauvIle or Berlin. Public can- cellation is organized repudiation. The eX- ample set would reach down through and demoraITo every private interest in the vest crn world.
 This country has had experience in re Dudiation. Some of the bitterest political campaigns ever fought in some of the ind- vidual states were on that issue, notably in Virginia and Pennsylvania But Pennsylvania, having clung fast to her honor and her word, survived to pay everything and reach the point where she needed to levy no state tax whatever on land. Moreover, in paying heavy obligations, citizens were taught lessons of thrift and honor that made them wealthy Ch2ractcr is made not by avoiding issues, but by battling them face to face
 f will be a lon gstep forward in world rehabilitation when the subject of debt can cellatlons is dropped altogether and men every where get down to hard work to meet their obligations.