The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1926-05-04
NGLAND1PLANS
TO CANCEL Debt
TO u. S. BANKERS
Financial Experts Fear
Export of Capital

WASHINGTON, May 2. - CFP) -
Grapevine messages from London are
bringing word that Premier Baldwin
is getting ready to repudiate the
American war debt, which he person
ally settled" few years ago in ne
COLLATION. with Secretary Mellon. Pro-
paganda opening the way to discovery
that Britain cannot pay is said to be
now in preparation. The British par
lament is to be informed, this fall,
that British industries have suffered
an almost mortal wound, and that the
hopes on which the settlement pact
was based have been swept away.
Unemployment to Continue
Both in London and in Washington
the idea that British workers are
going to remain MISREPRESENTATION
Of them-seems to be accepted with
the calmness of the comfortable. Bald
win believes that he and his ruling
class will smash the labor movement
in May, either thru conflict or forced
sullen surrender to wage cuts and
lengthening Of working hours. And
still he does not expect to show a
treasury strong enough to bear the
payments to Washington that he has
promised. Under advice from Tory
bankers, British capital is leaving
Britain to find investment in cheap
labor regions in Asia, Africa and
Latin-America. Plants at home are
shut down.
One Of the most eminent of conserv-
alive economists in Washington, an
alyzing the situation, declares that
the British debt pact, and the still
unratified settlement with Mussolini,
as we'll as the one that the French are
expected to sign this summer, were
designed to create worldwide finan-
cial Emporium" This empire Of gold
will pivot on New York and London.
It's program is one of forcing on all
weaker nations a gold-exchange stand
ard of currency, which makes them
more readily subject to orders from
the international banking empire.
None of these debtor nations win
really pay the. sums named in the debt
settlements, because they cannot pay.
But they will become colonies of the
money empire, and even today their
resources are rapidly coming under
the active control of New York and
London bankers.
Fear Export Of Capital.
This economist is alarmed at the
prospective development OF this pro
cess. He sees American and British
capital flowing into low-wage level
countries, and leaving industrial ruin
at home. He sees one-third Of the po-
pulation Of Europe today holding
MARKHAM views, and he fears that with
the rise Of the money empire this one
third will grow TO become majority
Then, he fears, will come a collapse
of the whole business structure. The
disinherited, disemployed, abandoned
populations that have had the high
wage standards while building the
modern world will rise and take re-
venge on the unweildy, impersonal,
dividend-hungry group that will be
the money empire of the world. The
very fundamentals of modern society
built on private property rights, he
sees endangered by the developments
already assured.
Bankers Want Low Tariff
/ AS tho in answer to this prophet
of social disaster comes a prediction
from, one of the shrewdest political
guessers in Washington that the inter
national bankers will finance low
tariff fight in the congressional cam
paign this year. His observations IN
Miami and New York in recent months
lead him to believe that the big bank
ers are going to openly fight the manu-
facturers who have hitherto controlled
the republican party. He thinks they
will back democrats, who will be
pledged to revise the tariff in some
fashion to permit collection of the
bankers foreign loans thru foreign
imports into this country.
Both men predict drive to break
American wages, thru the bankers
power and interest in cheap-labor
countries.