The Monmouth inquirer., 1923-02-08
CONGRESS TO GET
DEBT PLAN BRITISH
HAVE ACCEPTED \

X The British Cabinet has agreed \
X to pay Britain's debt to the Unit 4
4 ed States. which aggregates \
\ $4,746, 1852, $50, of which $4.135,- !
X S1S,23S is principal and S611,o44,- !
X POI interest accrued.
4 The terms accepted are those =
X offered by the American Debt X
\ Commission to the British Mis- =
X sion. They call for settlement in \
X sixty-two years, with interest at \
X g per cent for the first ten years 4
4 and 31a per cent thereafter. \
n Change of interest rate from 5 X
4 to Az per cent prior to the date =
X of the refunding agreement will y
X save Great Britain $91,656,63O on 4
X the interest already paid. \
X President Harding, when noti- \
4 fed by Ambassador Harvey of 4
X the British Cabinets action, ex- 4
X pressed satisfaction. X
X 1t was said the President would X
K submit the terms to Congress X
4 for ratification.
X
X kt* X \ XIX X 4 X *k*tk
Washington. Immediately after the
news came from London that the Brit
ish Cabinet had approved the Ameri-
can Debt Commissions suggestions for
an adjustment of the British war debt
to the United States, arrangements
were made to draft bill by which
Congress would give its sanction to
the settlement.
Although some opposition was ex-
pressed to the understood terms, it
was apparent that the news was pleas
ing to a large number of members OF
the House of Representatives and to
many Senators. That bill along the
lines of the American suggestions for
funding the debt viii go through the
House was predicted by those who
have been sounding sentiment in that
body. The attitude of majority OF
the Senate is uncertain, with some
Senators positive that the proposed
legislation will fail.
London.-The Cabinet has decided
to accept the American terms for the
funding of the British war debt. A
cable dispatch announcing this was
sent to Sir Auckland Geddes for com
munication to the State Department
in Washington and further details will
be forwarded to him later Conclusion
of the debt negotiations will be left
in his hands and it is not expected
that there, will be any necessity for
Stanley Baldwin or Montagu c. Nor
man to make another trip to America
on that mission.
Although the result of the Cabinet
meeting had been anticipated, the
speed VITA which the momentous de
cision was reached came as surprise
The ministers met in Downing street
at 4 o'clock and by quarter after the
hour had dispersed. 1t is understood
that the facts and figures laid before
them by the Chancellor of the Elk
chequer yesterday were so conclusive
that they felt that there could be nc
question concerning them. They hat
had a night to think them over an6
once they came together there was
nothing to be done but to register
their acceptance of the American
terms.
Nothing but the bare announcement
of the fact has been given out here
1t is presumed that Great Britain will
undertake to pay 3 per cent interes
and ~ per cent sinking fund charge
for ten years and then to increase fol
the following So years the interes
rate to 319 per cent. No official ex
plantations are forthcoming on suci
matters as the rate at which the al
ready accrued interest will be funded
or as to the inclusion in the agree
ment of any provisions giving this
country the option of anticipating pay
ments on the capital account or other
wise revising the bargain.