Evening star., 1924-08-06

classes who think Mr.. Baldwin ef-
fected a settlement, which. though
reflects honor upon the British repu-
tation for good faith This school
feels that, high as the price of the
settlement is. the maintenance of
British credit, the buIwarking Of the
pound sterling, and the acquisition OF
American good will that resulted
from it outweigh every disadvantage
that the settlements opponents
charge against it.
Advantages Pointed Out.
This school affirms that, in reality,
the scheme of refunding to which
Britain pledged herself is working no
appreciabIe harm upon the individual
taxpayer, and that, measured in
practical terms, the settlement does
not uncomfortably saddle the British
treasury. Although John Bull paid
Uncle Sam two interest installments,
totaling sl3S, 100000. in 1923 and an
additional $23 5000, 900 on sinking-fund
account. the British budget last year
developed a surplus of roundly $780,
000. 900.
So. say those who decry the attacks
on the debt settlement, the tight lit
as. is their fashion. American debt or
no debt. The pinch would only. come.
they point out, il the United States
some. day should apply pressure for
repayment of the billion pounds of
principal, more or less. OF that, Brit
ain sees no sign.
These are not the sole reflections
among the pro-settlement classes
They frankly look upon the deal
which Mr.. Baldwin concluded with
Mr.. Mellon as a more or less tempo
rary affair. They expect new deal
if and when the eternal reparati tions
question is solved. If and when Ger
many begins to pay, and Britain and
from the common debtor, it is ap-
parent on all hands that both the
British government and people look
to the United States readiness to re-
consider the whole problem of inter
allied Indebtedness.
Hope For New Attitude.
There is no visible sentiment in
favor of outright cancellation. The
average Briton recoils from the
thought of reputation of obligations
honorabIy contracted. But every
mothers son in these islands counts
| upon our Willingness to tackle the
debt proposition from another angle
when Europe has recovered her eco
nomic equilibrium.
Far less philosophical views of the
debt are taken in other quarters OF
Great Britain, and these constitute
| the majority school of thought. 1t Il
| led by the all-powerful press, con,
! trolled by Viscount Rothermere, Lore
Northcliffe's journalistic heir, and BY
Lord Beaverbrook, who once was {
humble Canadian. Fleet streets hue
and cry against the debt settlement
are echoed ever and anon by Mr.
| Lloyd George.
Day in and day out the Rother
mere -Beaverbrook combination as
sails the inquity of the "Shylockian
| ARRANGEMENT to which, as it alleges
Mr.. Baldwin and his co-negotiator:
| in Washington last year succumoed
1t declares they had the wool pulled
over their eyes. 1t asserts that the!
| were outmaneuvered at every stage
1t says Britain only had to wait t.
obtain vastly better terms, or ever
to stand firmly on its dignity and de
mand that all of Americas debtor
| in Europe be treated alike; that pay
ments should not be enforced from
one until imposed upon all.
See Uneven Pressure.
The majority school of debt though
is insistent upon one other point
invariably stressed whenever tn
painful subject is discussed. That is
4 that the United States loaned tn
bulk. if not all. of the funds in ques
ton to Great Britain as the guaranto
of advances which America knew, il
reality, were for the benefit o
Britain's allies. The taunt, there
fore, is that America came dow
upon" the guarantor and let the rea
beneficiaries off.
Such state of affairs offends tn
British sense of fair play. They hav
an idoim of their own for that Sor
of thing. They say "it isn't cricket.
The majority school probably contain
a pretty deep substratum of senti
ment in favor of outright cancella
tion of the debt. 1t is made up of tn
xtremists-among them professiona
dislikers of America-who chide u
for having come into the war 'afte
it was won" and for having come i
then ito save our gold" The cancel
lationists would doubtless hesitate t
ask for anything that savored Q