Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-07-27
Editorial Comment
Then Europe Might Love Us Again

philadelphia Public Ledger
Recent attacks upon the Ameri-
can debt policy may or may not be
the result of a tacit understanding
among the debtor nations. These
assaults, however. have assumed
the appearance of a concerted drive.
IN which Great Britain, France. Bel
GUM, Italy and even Germany are
involved.
Having brought about a very
great reduction in the sums to be
repaid, these Powers are not yet
satisfied. They now want an even
greater reduction and, if possible,
outright cancellation.
To that end a drum-tire of abuse.
denunciation and utilization is be-
ing laid down upon America ana
Americans. Mobs are abusing
American visitors in Paris Police
precautions are being taken in
Italy. Certain British newspapers
are carrying or a campaign for debt
reputation, and everywhere in
Europe threats of trade reprisals are
being made.
The Nation that plunged itself
SIG, 100000 600 into debt. because
of an old World war is without
European friend. Americans were
never less popular in those lands
they have befriended.
Debt reduction is the policy of
Winston Churchill. Chancellor of
the Exchequer. and of a growing
group of British politicians. It was
launched months ago. The quarrel
picked by Churchill with Secretary
Mellon over British expenditures in
America is a part of it.
British debt resentment has been
aggravated by a short lived gen
eral strike and a long lived coal
strike. These have hurt the trade.
industry and financial position of
Great Britain. They may add to
the heavy burden of the British rate
payer. While debt reputation
would lift precious little of that
burden, a rich and powerful Amer
lea makes convenient scapegoat
for the British politician,
Much the same situation, even
more acute, exists on the other
side of the Channel. Frenchmen
are damning America for political
and financial sins committed by
themselves.
France has spent money extravag-
antly and foolishly since the Armis-
blNC' AolIV mas pun tb 1t nv
alliances, handed It out in unsafe
political loans and has squandered
billions on military adventures.
In seven years France has never
paid a franc or a centime on her
war debt to America. But year by
year French politicians have preach
ed that the troubles Of France were
caused by American oppression"
The French people have been taught
that America was destroying the
franc and running France.
True, the franc has fallen. The
French budget has not been bal
anced. French currency has been
inflated. There has been no French
fiscal policy. The blame has been
placed upon greedy dollar
America has thus far never seen the
color of a single franc, centime or
sou.
France hopes, in the end, for
cancellation. SO does Italy. Grip
pied Frenchmen drag themselves In
protest through the streets. to the
open delight of their politicians.
Italy talks cancellation. frowns upon
American tourists and considers 8
boycott against American imports.
Germany hopes reputation may
come and Is ready, in turn, to de-
mard freedom from future repara
ton payments Since the Allies
would not be paying America. Ger
many would insist that her pay
ments to the Allies should cease.
America, and America only, would
be left to pay the war bill.
Should the cancellation drive sue
coed, then Europe's fondest hope,
that Of saddling the cost of Europe's
own war upon America, would be
achieved. Nations with great arTina-
ments could have even greater ones.
While American taxpayers paid Old
World war bills, more wars could
be plotted. Doubtless when these
wars were over some way could be
found to persuade America to set
tie these bills also.
II we will yield to pressure. threat,
intimidation 5, and coercion, then
E urope may love us again. II we
will tear up Old World obligations
to the tune Of $4,000. 600 900, Ameri-
cans might possibly again be popu-
lar in Europe. That Is the price de-
manded from US on the other side Of
the Atlantic.
At the Seaside