Maryland independent. [volume] (Port Tobacco, Md.) 1874-current, 1926-01-22
ITALIAN DEBT
PACT RATIFIED
In the House Seventeen Republi-
cans Join Democratic Opposition
to Funding Agreement.
COMPACT GOES TO SENATE
Roll Call comes After Three Days
Of Debate--Lamont Reveals Nor
gan Commission on Loan
Was Y Of I p. c.

Washington-By vote Of 257 to
1888 the House Of Representatives gave
its approval to the debt settlement IN
der which the Italian Government
pledged itself to discharge It's World
War debt Of S2,042.000.OO0 to the
United States by annual payments
running over a period Of sixty-two
years.
The compact now goes to the Sen
ate, where it is expected to meet mors
determined orDosision than was pre-
sented in the House. But while there
may be delay in the Senate. Admins
trattion leaders express confidence
that the upper branch eventually will
vote for ratification
with the exception Of a group Of
Republicans who did not follow their
party leadership and few Democrats
who cut loose from their organization,
the House divided en- party lines in
disposing OF the Italian AGREEMENT. II
had the support Of the Republican
leadership, in accordance with the
wishes Of President Coolidge. but was
opposed by the main body Of the
Democratic minority.
OF the 1873 votes against ratification
113 were cast by Democrats. IL by
Republicans and by members Of in
dependent political affiliation.
Twelve paired against tthe agree
ment we're: Bell. winsoa (Ky), scha-
fer. Carsa Harrison, Fletcher, Wood
rum, Stevenson. Abernethy. Bankhead,
Carter (oklal, Allgood, Alabama.
-Italy's Indebtedness to the United
Steates, as fixed in the agreement, Is
S2,042 900, 900, as Of June. 1925. II the
agreement is ratified by the Senate,
Italy is to pay in cash s199, 1856, thus
leaving the funded total Of the rebt at
5000, 100000 When the agreement IS
fully carried out this Government will
have received during the sixty-two
year period $2.407,0O0,00O 759,0J0,0 coo
of the amount being interest
ANY payment of interest or princi-
pal may be made at the option Of Italy
in any United States Government
bonds issued after April 6, 1917, such
obligations to be taken at par and ac'
crued interest.
A final effort to defeat the agree
ment was made by Representative
Finis ]. Garrett Of Tennessee, the
Democratic leader Asked by Repre-
sentative ogden L. Mills, Republican,
Of New York, what he would propose
to do about the. Italian debt. Mr.. Gar.
rett said he thought It should be set
tied on the same basis as that Of the
British debt and that the United
States then would be in position to
consider Italy's capacity to pay at any
specified time. Under the present
plan, he said, an effort was being
made to determine now what Italy
could pay over a period Of sixty-two
years.
1T would be unworthy Of a great
nation like the United States to say to
Italy" said Representative Burton,
Republican, of Ohio. that we viii
not tdh6 INTO cuAHtuttdtAuu 9buA NoA-
dition. whether you are rich or poor,
and that we will settle only on hard
and fast rule. The longer these debts
are allowed to run the more difficult
It is to reach a settlement"
A letter written by T W. Lamont
on behalf of Morgan & Co. was read
to the House by Representative La
Guardia Of New York and was in
tended as a specific reply to state
ments made by Mr.. LaGuardia that
the New York bankers had reaped a
harvest on the Italian loan.
Before the Senate takes up the Ital-
ian agreement 1t must first be passed
upon by the Fiance Committee Of that
body. A favorable report by the com
mittee is assured. but a sharp fight on
the floor was forecast in a debate
some weeks ago, when Senator Reed,
Democrat, Of Missouri, and others at
tackled the Italian agreement. indicat-
ing that they would have more to say
by way of protest when the Senate
was called upon to act.