Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-03-12

IN all my years III lilC 0ShAe~
there never has been such propaganda
about anything as there is now for
the cancellation of Europe's debt to
the United States" said Senator
Smoot when his attention was called
to the news that Princeton University
had Joined Columbia University in
asking that the war debt be re
vised'-canceled.
Senator Smoot was a member OF
the Debt Commission which was ere
ated by Congress in 1922 for a period
of three years and extended to Febru-
airy 8, 1927. The commission included
the Secretaries of State, Commerce
and the Treasury, with one Senator
(Mr. Smoot). two Representatives
(Mr. Burton and Mr.. Crisp) and two
private citizens CMr. Richard Olney
and Mr.. Edward n. Hurley. the latter
formerly chairman of the Shipping
Board. Secretary Mellon was chair
man and Undersecretary Winston Of
the Treasury secretary of the COM
mission. This commission has car
ried on negotiations with all our
debtor nations and has succeeded in
funding the entire debt of 100000
900 900, with accrued interest adding
some $4,000, 900, 900 more. with the
exception of Russia's 1892 100000,
Austria's $4,000. 900, Greece's $15.000,-
900 and Armenia's $11 ,000, 000-total,
$242 ,000,0 900.
We can do nothing now with Rus
STA because she has no recognized
government and, with her hand raised
against all governments. is a cosmo-
politan outlaw. Austria's debt for
relief from starvation after the war;
is extended 90 years. Greece, with
her several revolutions, is dickering
for more credits, and Armenia has no
government.
France has not yet confirmed the
refunding agreement known as the
Mellon Berenger settlement, but II is
the opinion of Senator Smoot that
ratification has been delayed largely
by the false hopes inspired through
the sentimental interference by 80
Columbia professors, exaggerated by
paid propaganda.
1t is not charged that the universe
ties have been directly subsidized, but
great sums have been invested, it is
alleged on high authority, to pay law
yers and diplomats" to search out
contacts which would constrain college
sentimentalists and theorists to eX-
the world except America.
1t is pointed out that it was Column
bia University whose professor of
history, a few weeks ago, reviled the
American flag and the Liberty bell,
and termed American respect for the
tokens of their country as fetish
worship" Many patriotic societies in
dignantly denounced his unpatriotic
attitude, and now-he joins in at
tempting to cancel billions of dollars
the American assets, for the benefit of
Europe!
Comes Princeton, Shades of Presi-
dent Wilson, Princeton's former head,
honored War President who con-
trolled the negotiations of all these
billions of loans to make the world
safe for Democracy! President Will
son rejected with emphasis repeated
attempts of Lloyd George. British
prime minister, and of Balfour, Sec
rotary fthe exchequer, to have the
loans Cancelled. Princeton University
EFT tn, Brute"
Eighty professors of Columbia and
116 of Princeton, without analytical
discussion, without research Except
perhaps by their lecturing economists),
rise to announce that the congress
sional non-partisan Debt Commission,
headed by Secretary Mellon, supported
by Secretaries Hoover. Hughes and
Kellogg - all recognized as great
the Senators and Rep
resentatives who have delved deep
into the details and operated upon
fundamental principles-all the Debt
Commission-should have had a col.
lege course of lectures-even a cor
respondence course, perhapS-before
funding the twelve billion dollars of
debts and allowing the debtor nations
only about so per cent discount, ac-
cording to their investigated ability
TO meet their settled obligations. The
college professors of archaeology,
history, the dead languages, chemistry
and metaphysics. astronomy, geology.
geophysics, theology. mineralogy and
many other "ologies," outside of bank
ing and high finance, agree and
promptly sign on the dotted line.
What do mere multimillionaires who
have spent scores of years in high
finance know as compared with last
years postgraduate now lecturing on
economies?
1t is a fundamental principle that
since all the war loans were obtained
from investors in Liberty bonds
through the action of the Treasury as
indorser of the loans to foreign ma
lions the Government will either col
lect the debts, to obtain funds to pay
off the Liberty bonds, or else will
get the money for that purpose from
taxing AmeriEans. Either Europe must