Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-02-17
BY G.. GOULD LINCOLN.
ME foreign debt funding COM
mission, which In the year and
a half of it's existence has sue

mission, which In the year and
a half Of it's existence has sue
ceeded in funding two Of the
war debts to the United States-the
British and that of ireland-is to
meet tomorrow on the call Of
Its chairman, Secretary Mellon,
to consider the question of policy
with relation to the other debtors.
When the British debt amounting to
some $4,000. 100000. was funded last
year 1t was hailed as signal achieve
ment, q forerunner Of other similar
arrangements with France. italy and
the other nations to which the United
States loaned money during the war
with Germany and Austria. ...
But while the American debt fund
ing commission has been willing and
waiting the debtors have not come
forward as they were expected to
come. 1t is reported now, however,
that proposals will be made by
Poland and Czechoslovakia. The
United States believes that it is
entitled to 4 repayment of these
loans. but It has no desire to
De q hard task master. It has stood
ready, as in the case with Great
Britain, to make easy terms with its
former allies. But there has been d
:s->' desire to get the funding process
dos and the debts out of the way, so
to speak. 1t is realized that unless
similar agreements to that made with
Great Britain can be negotiated these
debts. now amounting to about
$4,000, 000,0 900, will rise to plague both
the United States and the debtor ma
lions. There may come unpleasant
feeling on both sides-the United
States feeling that just debts are be-
Ing ignored and the debtor nations
feeling perhaps Il little defiant in
their neglect OF their obligations.
Would Wipe on Debts.
AS a matter of fact, there have
debtor nations which have not yet
taken steps to fund these debts which
indicate that mental efforts are be-
ing made to wipe their debts off the
slate without the payment of franc
or Ira, or whatever may be the
coin of the particular realm involved.
In Italy and Belgium 1t has been
argued that the United States Is in
reality in debt to the European allies.
that the expenditure of money by this
country was Il mere drop In the
bucket when compared to the cost OF
the war which they bore in lives and
treasure expended. In France much
the same view Is taken. and in some
quarters the argument has been adj
vanced that because OF the loans
which France made 70 the American
colonies when they were struggling
for liberty In the war of the revolu-
ton the present debts to America
should be Cancelled Indeed, the story
has been circulated that these debts
to France were never repaid, and
that after a century and quarter
the principal and interest on these
loans would total more than the debt
Of. France to the United States. AS
u matter of fact, the debts Of the
american colonies to France and to
other European nations were scrupu-
,ously paid many. many years ago.
Even in Great Britain. whore the
government has funded the American
debc, there Is an undercurrent Of
feeling that America is unfair to ask
payment. For example, when It was
ANNOUNCED tAdI oCSECLdIy AtllOH DC.
lieved 1t now possible to reduce taxes
IN the United States newspapers in
London published such headlines as
these:
we Pay Americas Taxes; Sweep
ing Reductions Follow the British
Debt Settlement"
From the American point OF view
It might have been fairer to say:
I'VE pay our debt to America"
u Would Hasten Work.
: The debt funding commission, Gre
sted by act of Congress, as de-
signed to bring about an amicable ad-
tustment of the foreign debts, and 1t
g. to be hoped that this result may
pc accomplished with as little delay
Is possible and in fairness to all.
I The story Of how America wiped
OIL her debts to foreign nations, in
eurred when the nation was fighting
to become a nation, as told by the
Records of the Treasury Department,