The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1924-06-04

the budget, the workers cannot par
ticipate in the concessions granted to
the capitalists. Nor can they retain
the gains which the budget gives
them without breaking their agree
ments with the bosses and struggling
every inch of the way. No wonder
there is chorus of approval from all
the capitalist papers. They know
that what the workers gain on the
roundabouts they will lose on the
swings. But it will take little time
for that to happen, and for that little
time the workers will be grateful
They will ascribe their gains to the
credit of the Labor party and the La
Dor party will gain votes. The middle
class people, who were so scared at
the advent of a Labor government are
feeling that this is something worth
supporting and the Labor party will
get more votes. And probably all of
them will be exceedingly annoyed if
any one asks them to think over the
situation of Britain as revealed by the
budget
The National Debt.
When Mr.. Snowden began to speak
of the burden of debt he followed en-
tirely in the footsteps of Mr.. Bald
win. He said the same things, took
the same attitude, refrained from tell
ing the truth about the situation by
giving only partial information. He
said:
"At the highest point in December,
1919, we had a dead weight debt of
approximately $4,000, 100000, x. in
volving an annual charge for interest
of a345,OOO,OOO, after allowing e19,-
100000, which at that date was ap-
proved interest on the American debt
We have now a nominal dead
weight debt of e7,68O,OOO, involving
interest charges of e3O5, 900. 49,. Al
lowing for the nominal addition by
conversion, the total debt reduction,
both external and internal, since 1919
has been over e65O,OOO,OOO practical
ly the amount of the national debt at
the outbreak of the war. l think the
committee will agree that this is
wonderful and highly creditable ma
tional achievement"
Apart altogether from glorying in
the continuation of the payment of
blood money and per cent patriot
ism, this statement as it stands gives
the impression that by taxation, econ
omy and so on the British govern
ment, the bankers and, of course, the
people have been making marvellous
efforts. 1t gives the impression of
things being on the mend, of capital
ism getting on it's feet, and British
capitalism especially forging ahead,
reviving the faith in its permanency.
Why did not Mr.. Snowden tell the
workers, especially, that the time had
come for the complete canceling of
this debt? Why did he not say frank
ly that the e650,000,000 paid off the
national debt had been paid out of the
sales of old war stock? Why did he
not say that this war stock was being
sold at bankrupt prices, in the main
to those who had sold them to the
government at war prices, and who
we're principally inN.ested in the per-
petuation of the national debt? He
states that this is the last year from
which any income can be derived
from this source. If this means any
thing at all it is that, having paid
s350,000,0OO per year for five years,
i. e., 1,750,OO0,0OO in interest, the
state has only managed to reduce its
debt from eS,OO0,OOO,OO0 to e7,6SO,-
100000, altho it has paid back $780,
100000 out of the sales of war stock.
A little arithmetic will show that,
altho the government has paid out
S2,400, 100000 since the end Of the
war, it has only reduced the amount
upon which it has to pay interest by
s320,000,0OO. So e2,OSO, 00O,OO have
been paid for the privilege of killing
nearly a million of the best manhood
of the country, wounding another
100000, playing leading part in
devastating Europe and creating III.
employment and misery on a scale
hitherto unparalleled in this country.
In addition we have to go on paying
at the rate of over $500, 100000 per
annum without reducing the debt one