Maryland independent. [volume] (Port Tobacco, Md.) 1874-current, 1926-04-30
NEWS REVIEW OF
CURRENT EVENTS
Senate Rati6es Settlement
Of ItaIy's Debt Turkey
Alarmed by Mussolini.
ay HOWARD W. pLcKARp


BY EDWARD W. PicKARD
g ETTLEaIENT Of ItaIy-s war debt
y to The United States, as arranged
by the Joint debt commissions, was
finally approved BY the senate. de-
spite the efforts Of considerable
number Of both parties led by Sen
ators Borah and Reed The vote in
favor OF the funding Of the debt was
81 to SS. Reed Of Missouri voted in
the affirmative In order that he might
make, next day, a quite useless mo-
tIon to reconsider so that Senator
Howelrs amendments might be de.
bated
The Italian agreement provides for
the funding Of a debt Of S2.0f2 .0o0,-
600, including principal and accrued
Interest, over a period Of CO years,
During the first FIVE years Italy is to
pay S5.000-oO0 annually without inter
est. After the first five years interest
Is flxed at one-eighth Of ! per cent
for ten years md then increases. for
successive ten-year periods. 10 one
fourth Of per cent. one-half OF per
cent, tIlree-fourths of ] per cont.
per cent, and, for the last seven years,
2 per cent.
When the agreement Is fully car
ried out, for an original debt of ST.
6lS.000,O00 the United States will
have received during the period To-
tai Of s2,40T 100000. of which sT59-
100000 is interest.
The calculation that the italian
funding represents settlement of aS
cents on the dollar IS based on the
difference between interest paid by
Italy for 90 years and The ~ per
cent paid by the United States gov
ernment to Liberty bond holders who
furnished the money for the war
loans.
Consideration of the debt settle
ments with Belgium and other minor
countries was begun by the senate,
with every prospect that The terms
agreed upon would be ratified.
Dispatches from Paris said Premier
BRAND had informed the foreign af-
fairs committee of the French senate
that Ambassador Berenger and Secre-
tary Of the Treasury Mellon had
agreed In principle on plan for
funding the French debt. 1t was nm
derstood the political and commercial
debts would be merged aud that
France would pay annuities. beginning
at S25.000.000 and rising to Sl00,O0D.-
900, until o. years have elapsed. While
the Safeguard clause" is to be aban-
doned, Frances capacity to pay at any
time in the future might be revised on
the basis of the amount 1t was pos
sible to collect from Germany
D PREVENTATIVE GORAiAN OF
N Illinois. who said he wanted to
save his colleagues in other states
from being defeated on the World
court Issue as was Senator Mckinley,
offered In the house a resolution re-
pudating the Burton resolution ap-
proving American adhesion to the
World court, passed by the house
year ago. The German resolution
would have the house of representa-
tives express the hope that the United
States will Immediately take the neces-
sary steps to keep out and stay out OF
the World court The resolution pro-
vides further that the house express
fits dlsapproyal of the League of Ma.
tions and its agency, the World court,
and declare that It will not make any
appropriation for dues or other ex-
penditures of the United States as an
integral part of the discredited World
court or Of the British seven.votes-to-
our-one League Of Nations"
Secretary of State Kellogg. ex-
pressing the administration view that
no new agreement is necessary TO give
effect to the conditions and reserya-
tions on which the United States is
prepared to adhere to the permanent
court of international justice. has for
mally declined to send n delegate to
Geneva. in September to explain those
conditions and reservations to the con
ference of the forty-elght signatory
powers of the court. He pointed out
that the senate reservations provide
specifically that they must be ac-
eepted by an exchange of notes be