Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-12-09
Present Policies Main PresidenSaysn Annual Mes

any agreement Is made. 1t will be
because 1t undertakes to set up a
tribunal which can do some of the
things that other nations wish to
have done. We shall net find our
selves bearing a disproportionate
share Of the worlds burdens by our
adherence, and we may as well re-
member that there is absolutely no
escape for our country from bearing
it's share of the worlds burdens in
any case. We shall do far better
service to ourselves and to others IL
we admit this and discharge our
duties voluntarily, than IL we deny
It and are forced to meet the same
obligations unwillingly.
1t is difficult to imagine anything
that would be more helpful to the
world than stability, tranquility and
international justice. We may say
that we are contributing to these
factors independently. but Others
less fortunately located do not and
can not make a like contribution eX-
cept through mutual cooperation.
The old balance of power, mutual
alliances. and great military forces
were not brought about by any mu-
tual dislike for independence, but
resulted from the domination of cir
cumstances. Ultimately they were
forced on us. Like all others en-
gagged in the war whatever we said
as matter of fact we Joined an
alliance, we became military
power, we impaired our independ-
ence. We have more at stake than
any one else in avoiding repetition
of that calamity. Wars do not
, spring into existence. They arise
from small incidents and trifiing
irritations which can be adjusted by
an international court. We canScon-
tribute greatly to the advancement
of our ideals by joining with other
nations in maintaining such tri-
bunal.
Foreign Debts
= Gradually, settlements have been
made which provide for the liqui-
dation of debts due to our Govern
ment from foreign governments.
Those made with Great Britain. Fin
land. Hungary, Lithuania. and Po-
land have already been approved by
| the Congress. Since the adjourn
ment. further agreements have been
entered into with Belgium, Czecho-
slovakia. Latvia. Esthonia, and
Italy. These 10 nations, which have
already made settlements, represent
| Sc, 1888, All $3.50 of the original prin-
cipal of the loans. The principal
sums without interest, still pending
are the debt of France, of $3,o4O,
| 100000; Greece. $15,0O0,OO0: Yugo-
slavia, SOL 100000: Rumania. $780,
100000; Liberia, $4,000; Russia,
S192. 100000, which those at present
in control have undertaken openly
to repudiate; Nicaragua. $4,000
| which is being paid currently: and
Austria, $24000.000. on which by act
of Congress a moratorium of &c
years has been granted. The only
remaining sum is $12,OOO,OOO. due
| from Armenia, which has now
| ceased to exist as an independent
| nation.
| In accordance with theRettlements
made the amount of principal and
| interest which is to be paid TO the
| United States under these agree
| ments aggregates $15.01S, ISL .993.SS
1t is obvious that the remaining set
| Elements, which will undoubtedly he
made, will bring this sum up to an
| amount which will more than equal
| to principal due on our present ma
| tional debt. While these settlements
i are very large in the aggregate. II
i. has been felt that the terms granted
were in all cases very generous
They impose no undue burden and
| are mutually beneficial in the OBJ
! servance of international faith and
| the improvement of international
! credit.
Every reasonable effort will be
made to secure agreements for liqui-
/ dation with the remaining countries
whenever they are in such condition
: that they can be made. Those which
| have already been negotiated under
| the bipartisan commission estab-
lished by the Congress have been
made only after the most thorough
| going and painstaking investigation
| continued for long time before
meeting with the representatives oil
the countries concerned. 1t Is be-
lieyed that they represent in each
| instance the best that can be done
| and the wisest settlement that can
be secured. One very important re-
/ suit is the sterilization of foreign
| currency. making exchange assist
rather than embarras our trade
| Wherever sacrifices have been made
of money, it will be more than amply
returned in better understanding and
| friendship. while in so far as these
adjustments will contribute to the
financial stability of the debtor coun-
| tries, to their good order, prosper
| ity. and progress. they represent
hope of improved trade relations
and mutual contributions to the
| civilization of the world.
| Alien Property
| Negotiations are progressing among
the interested parties in relation to
| the final distribution of the assets
in the hands of the Alien Property
| Custodian. Our Government and
people are interested as creditors:
the German government and peo-
| pie are interested as debtors and
owners of the seized property. Pend
ing the outcome of these negotia-
lions. I do not recommend any
affirmative legislation. For the pres.
ent we should continue in posses
sion of this property which we hold
as security for the settlement OF
claims due to our people and oui
| Government.
Immigration
While not enough time has elapsed
to afford a conclusive demonstration
such results as have been secured
indicate that our immigration law is
on the whole beneficial. 1t is un.
4 - oil a. oyr