Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-12

sentiment for which, in no small part
| to be sure, the handling Of the post
war conditions of our associates were
responsible. And it was an after
| thought which came much too late
when the profits, such as they were
had been divided, with our consent and
| following our refusal to participate.
But the question Of the equity OF
our claim is not. in my Judgment,
more important than others. Thus
the second reason for cancellation
seems to me to be that the debts are
in reality uncollectible. and that the
effort to collect them while failing In
the long run to harvest much money,
will earn us not merely worldwide
detestation but will inevitably drive
the European debtor nation to take
such action, collectively as well as
individually, as must prove enor-
mously perilous to us, even If the
diSagreeable consequences are eco
nomic and not political.
To have the millions of men and
women of France. Germany, Britain
and Italy taught for two generations
that the reason why their conditions
of life are difficult, their taxes high,
their standard Of living low, is be-
cause the rich and remorseless Amer
lean creditor. although alone emerging
from the war prosperous and solvent.
has demanded payment of wartime
debts. seems to me a, prospect which
Is more than unpleasant. and may be
dangerous.
When the World War is as remote
a circumstance as the Civil War is to-
day. nations of Europe will still be
held to pay us vast sums-sums which
have been so adjusted that the more
distant the war the larger the pay
ment. The grandchildren Of the men
who defended France or Belgium Will
still be taxed on the basis of the debt
settlements to pay our grandchildren,
although at the present rate of do
nestle repayment our own debt will
long ago have been eXtinguiShed and
we shall be drawing money from Eu-
rope to pay debts which in reality we
shall ourselves probably see disposed
Of.
have been good deal in Europe
first and last since the end of the war
and have had fair opportunity to
see the development of European
public opinion with respect of my
country. And I must say frankly
that the extent and intensity to which
resentment Oh our course III the mat
ter of the debts had developed in
the past five years Is little less than
appalling. 1t is not the case Of one
people, it is not even the case of
| these countries which are directly in
our debt it is the general European
sense that the United States is pur-
suing a policy calculated to impov-
| erish whole continent and designed
to reduce it to a state of vassalage.
1t is true that we are rich, strong.
so far as one can see secure against
any European reprisal. but hatred
such as Europe. the European
masses now cherish toward us, and
must feel with greater intensity when
the debt payments have reached
their maximum yield, is something
the consequences of which no man
can calculate and the menace of
which is enduring. OF course, as !
have said. l do not believe Europe
will continue to pay beyond the point
where it Unexplained those loans and
that credit which are essential to it's
present rehabilitation. but we shall
be saddled with the duty to collect.
All our relations with Europe. not
only while payments are being made,
but when, for one reason or another,
European countries fail to keep the