Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1926-12-25
THE PROFESSORS AND THE
PROBLEM


The proposal by the faculty Of
political science of Columbia Uni
versity that the question of war
time Indebtedness and reparations
be reconsidered at an international
economic conference. is an absurdity
and If it means anything it means
complete cancellation. Any further
generosity on the part of the
American Debt Commission would
be at the expense of the American
taxpayers. Columbia University en-
joys the privilege of exemption
from taxation and therefore would
not feel any effect of cancellation of
the foreign debts. The pronounce
ment is, as was to be expected, now
being used to strengthen the OPP
position in France to a ratification OF
the Mellon Berenger agreement and
| therefore has become an active
factor in the maintenance of the
very uncertainty from which all
| Europe is trying desperately to rid
itself.
This comment from Senator Smoot
| Of the American Debt Commission
carries with 1t the meaning to be
found in the phrase: PUT that in
your pipe and smoke It," Doubtless
there will be some who will think
this retort might be improved,
though it should occasion no sur
prise, coming from one who has
demonstrated excellent ability In
| financial matters and a creditable
amount of far-sight- A condition
not a theory Is what has con-
fronted the debt commission;
theory and not a condition is alb
sorbing the attention of the pro-
fessors in an institution which
| doesn't have to plan how 1t may pay
it's taxes out of its income. And
taxation, whereas the professors do
not.
| They ask us to be generous to the
| foreign nations and so secure their
| good will I'VE were generous at the
/ Washington Conference and what
about their good will? Read what
| Chairman Butler of the Naval Com
mittee has to say about our recep-
ton at Geneva. These professors
thrust in their opinion when we
| have adjusted with concessions,
/ generous on the whole. the debt
question with England. with Italy
and with Belgium and are now try
ing to adjust with France. Do they
seek to prevent adjustment with
France and SO rip up the entire debt
/ situation?
| Manifestly the time to have been
| generous, assuming that we have
| not been, was when the matter was
| first taken up and before the foreign
| peoples had become embittered with
| the attitude traditional with debtors
toward creditors who ask for a
settlement. Why were the profess
sors not ready then with their adj
vice? That prejudice nothing we
may now do would undo; justice,
honorable dealing, is now the thing
to be sought and when, II ever, 1t
shall conclusively appear that the
terms agreed upon are unjust and
unwise, or even unwise. then will be
the time for readjustment
Peoples that have been pleading
poverty and asking that debts be
cancelled have been spending money
lavishly on naval equipment con-
trary to the spirit of their pledges
to limit armament and today are
/ Mt m
! Of naval construction which 1t
would avoid. Had the European
debts been cancelled how many
more naval weapons would have
been developed, how many war
chests would have been fattened?
When we scrapped 100000 tons Of
first class naval construction and
asked less of them was not that
sufficient to arouse reciprocity in
reduction of armament? If not
what would? VIII the professors
tell US that? When Europe reached
an impasse over Germany, when
ruin and bankruptcy stared them in
the face, they were able to cooper
ate in the spirit Of Locarno, how
yer much or little that may amount
to. When they find that Uncle Sam
isn't their rich uncle, confidingly
opening his purse to their wishes,
then we may arrive at operation
such as that of Locarno when ne
cessity drove.
What reason may be found in the
events of the past eight years to
suppose that they will arrive at any
such mood until the absolute need of