The Birmingham age-herald., 1924-12-14
A NEAR RUMPUs OVER DEBTS

President Co0lldgeS VerDal IruSdllty was never more strikingly illustrated than in his simple statement that he would let the reply to British press criticism of the supposed American debt policy come from American newspapers. Doubt less the president has reason to feel that the press will be both diligent and cogent in defense of the government The furor arose over the preliminaries to Franco American discussions of debt settle ment. The British press sought to make it appear that the United States was go- ing to urge the French to pay, regardless of whether they pay their other debts or not, and demanded that the British gov ernment notify France that England would expect France to enter into no debt agreements without including the debt to England on equal terms. It was also urged that an inter-allied debt barley be summoned at which all debts would be considered at one and the same time.
 To the suggestion of a debt barley this government has consistently demur- red. MT. Coolidge has made it known that this nation still refuses to enter into barley. We lent the money without an inter-allied barley, and we can re- ceive the payment likewise by agreement with individual nations. It is significant that France, which now agrees to come to definite understanding with us, was formerly the nation most insistently de- manding a system of proportionate can | l1Ii hoe apparently assured the French that the most equitable arrangement possible is for every nation to liquidate in full it's legitimate obligations. That of course is also the British view.
 The point of the British press discus sion is very much blunted by the recent French official announcement that the British debt will be taken care of on the same basis as the American debt, with out any favoritism being shown to either. That coincides with the American view also, for we do not desire to press any of our debtors to an embarrassing de- gree, nor do we desire preferential con sideration. Our main purpose at this time is to put the foreign debts on a definite program of refunding and payment, with fixed rate of interest. Nor do we feel under obligations ot make the same terms to France as to England, nor to Italy or Belgium as to any of the others. As far as we are concerned, each debt is separ- ate and distinct from every other debt, and is to be settled accordingly, each without prejudice to any of the others.
 MT. Coolidge has made it clear that the state department will not urge upon the French or any other nation any specific plan. Rather will it be left to them to make definite proposal, which we shall then consider and on which we shall make such comment and suggestion as seems fitting. Just as in the case of the British debt we accepted an interest below what the American taxpayers are committed to on the bonds with which the loans were financed, so in the case of the French debt we shall not be usurious. British papers have said that we con- template an even lower rate of interest to France than to England. They are speaking of a detail which has not yet been discussed, so cannot know. Even so, we have the privilege of giving what ever consideration we deem best to France as the nation most severely in- jured by war.
 Fortunately, with the exception of Churchhills outburst, British official opinion has been withheld until develop uents shall reach a point where comment would be pertinent. And when that point IS reached, doubtless all Britain will know that America has given everybody con cerned square deal.