Evening star., 1925-06-28
Americans Stake in Huge European Debt
Stirs His Demand for ''Square Deal' to US.

From this there is no escape. Some time.
somehow. the debt must be paid. and the law
of averages is inexorable. The average Amer
lean may not own any of the foreign bonds
which have been sold in the United States
any of the Liberty bonds which were the
source of the funds Government loaned
the governments of Europe. but in the event
of default by Europe the average American
cannot escape from contributing his averaged
share. He will contribute it through higher
taxes and higher prices for the necessities of
life. He will contribute it by consuming A
smaller proportion than he ought to be priv
ueged to consume or the commodities his
labor helps to produce.
II Europe pays it's debts to America the
average American will in the future be priv
ileged to enjoy for himself and his family a
larger share of the wealth he helps to create.
II Europe does pay he will have to be
contented. discontented, with smaller
share. This is as true of John Smith and
Henry Jones it is of John Rockefeller and
Henry Ford. When that old law Of averages
is at work there are no distinctions. America
has a stake of $4,000, 900 900 in Europe, and
the stake of each individual American is one
20-millonth part of that
What Are Chances of Payment.
others which to follow it, all about.
These articles are not being written for
the much discussed international banker"
They not being written for .the high brow
economist They are not being written even
for the capitalist man of affairs who
knows. ought to know. what he is doing
when he lends his money abroad. They
being written for John Smith and Henry
Jones. whose meager savings have been and
are continuing to be lent abroad without any
election on their part. There are several
things which John Smith and Henry Jones
to know. First of all. of course, they
want to know and have right to know what
the chances that the money they have loaned
and continuing to lend will be paid back.
Then they want TO know, and have right to
know, what Europe is making of the dol
lars for which they are working and their
wives scrimpng.
The loans, of course, things of the
past-water that has gone over the dam--so
far the made of them is concerned.
When Americans furnished the dollars for
these loans they knew they furnishing
them for the purposes of war. We already
were in the and sacrifices were too
great to get us honorably out of it. But John
Smith and Henry Jones want to know whether
the loans they are making today and will
continue to be called upon to make still
war loans-loans looking to future war
or whittier they loans for peace. This they
have a right to know.
Spurn European Sink Holes.
Given the condition that Europe is able and
disposed to repay her borrowings. past and
present Smith and Jones willing to keep
on working hard, and their wives willing
to keep on practicing selfdenal in order to
continue make loans to Europe, provided
these loans are used in way to help assure
that American boys will not again be called
,Ipon to help fight battles in Europe. But
Smith and Jones cannot why their families
should be called upon to practice self denial
in order that their savings may be poured
into the sink-hole Of Europe bent on self
destruction and the possible destruction or
civilization.
But the interest of the average American
in Europe does not end with loans, past,
present or prospective. He wants to know
trade with the nations which owe him money.
He isn't looking for any gratitude from these