Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-12-09
AMERICA IS WARNED
To co CAUTIOUSLY
IN Debt COLLECTING
EY DAVID LAWRENCE


Especial Leased Wire TO The Journai-Copy-
right. 1920
WASHINGTON. Dec. 6.-The most
immediate question of foreign policy
confronting the United States gov
eminent is neither the world court
nor the League Of Nations but what
shall be done about refunding he
debt of France.
This is of concern TO Great Britain.
The situation has become so inter-
woven with the settlements already
made, and with the general economic
problems of Europe growing out of
the Dawes reparation plant that the
hehnsman Of the American ship of
state will have to steer cautiously
the next twelve months to avoid in
corruption of friendly relations with
any of the powers and yet cole It
the debts due
The bill collector is never popular
whether the case be a nation or n
individual and nothing seems so in
tangible as the money which went
up in the smo.~e of the battle field
and into the pockets of munition
makers of few years ago.
Ambassador JusSerand's speech in
New York reminding his hearers that
France span@ in America oil but one
sixth of the three billions she Dor
roWed from the United States during
the war is significant of hat France
is thinking because it will be noted
that Il few days ago NJ. Jusserand
began formal conversation with the
Washington government on the re-
funding of the French debt.
NJ. Jusserand spoke also of the
great sacrifice in blood and treasure
made b. France and of the vast sums
she herself had lent to the other al
lies and which have not been repaid.
He is referring to the unpaid Rus
sian debt as well as the debts due
from the other European countries.
Britain Takes Lively Interest
Meanwhile Great Britain has be-
gun to exhibit a lively interest in
the French discussion of war debts
Stanley Baldwin, who happens to be
premier of Great Britain, was the
man who negotiated the debt set
Element between America and Eng
land. He was criticized severely for
the terms be made. II was called
hard bargin by many British publ
cistS and the era of unemployment
under which Great Britain had been
together with the burdens
of taxation, have not lessened the
criticism. Now if America grants
France any terms more favorable |
than those given to Great Britain,
the London government will be com
PEELED by her own public opinion to
ask foT revision of the debt agree
ment with the United States. And
America would be in an embarrass
ing situation if she Disseminated be-
tween Great Britain and France. The
French insist that their capacity for
repayment does not compare with |
the financial ability of England.
President Coolidge himself APP
peared to recognize thi stheory when
he said in his annual message the
other day that terms might have to
be made in accordance with the diff
ferences in the tinanc.2. abilities of
the countries involved. Italy has
been using th@c argument In CON
Nersalions with the United States.
Must GIVE Better Terms
80 1t is a forcgOna conclusion that |
II the United States wants TO Collect |
any money from Italy, France ana [
the others, better terms will have TO |
be accorded than were given Great |
blltaln. But this is not the only |
reason Tor British concern about the |
French negotiations with the United |
states The French have not agreed !
upon i plan for repaying to Great |
Britain the money borrowed by Paris |
rom .nnd0n I hn
British cry against the American |
debt settlement was that France had I
not beGun to pay and that England |
would have been in a better position |
TO accept the American proposals at |
the time il France had started to
pay up.
Mr.. Coolidge has said that every
body should pay everybody else. He
said the principle that each coun-
try should meet its obligation admits
OF no differences and is of universal |
a plan has been put into opera
ton whereby Germany is to pay
France and the other powers who
fought the war to victory A plain |
now has to be devised whereby |
France will pay Great Britain as well |
as the United States There is some |
reason to believe that the British
Will not be so much disappointed if /
they fail to get Il revision of Ameri-
can settlement if they can only count !
on 4 satisfactory adjustment of the |
French debt to Great Britain.
L. =. Hasn't Been Mixing
The American government has
Scrupulously refrained from mixing
in the question of inter-allied debts.
that what Europe owed the
United States had nothing to do with
what was owed by one power to the
other in Europe, as each was a sep
arate transac on and should be
as such. But when Presi-
dent Coolidge admits the theory that I
terms and conditions may have to
conform to differences in the finan-
cial abilities of the countries con
cerned," he says what Europe has
wanted him TO say and what Europe
viii continue to argue, namely that
all debt questions are inter related
in certain particulars.
Nevertheless. the American gov
eminent is not disposed to call a con
ference on World war debts, but to
act in the situation with individual |
countries, hoping that the quiet hand
Of diplomacy may work out a har-
monious solution when once every
body gets into the mood to pay every |