The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1931-07-07

be paid out to meet World war debts
and reparations obligations.
If Mr.. Hoover'S dream comes
true, the years respite not only will
save Germany from threatened col
lapse, but will restore confidence,
stimulate trade and help put the
whole world on the road to better
| times.
Frances acceptance was embod-
led in a memorandum signed in
Paris. It provides, in brief, that
Germany shall have years rest
from reparations and that detailed
problems arising in connection
Herewith shall be submitted to a
committee of experts acting within
the spirit of President Hoover's pro-
posal."
Can't Whittle 1t Down
This means, according to officials
here, that the experts may do moth
ing to whittle down the relief in
tended in the Presidents plan.
True, the accord is not perfect in
all details. But the administration
feels that the committee of experts
can solve the technical problems
without difficulty. To it, the i'm
portant thing is that all nations
have agreed to cooperate in plan
of mutual help.
International payments OF more
than $500 900, 000-about half Of
which represents Germany's tribute
of defeat-will be postponed during
the debt holiday. The United
States will forfeit for year $685.
100000 in debt payments, subject to
congressional approval which Mr.
Hoover feels he is assured.
Realization Of the Hoover plan
followed two weeks of feverish ne
gotiations perhaps unequaled since
the war. Sixteen days ago, the
President offered his bold proposal.
All the powers except France swiftly
accepted it. France feared the plan
might break down the Young plan
of reparations. She was reluc-
tant to sacrifice $60,OO0,O00 of in
come.
Mellon Labors Long
In Paris 76-year-old Andrew Mel
lon, secretary of the treasury, la
bored long with French officials. Mr..
Hoover took personal charge of the
Washington end Of the negotiations,
cutting short his holidays and ex-
Guiding almost all other business.
One by one the French objections
were overcome. Monday there re-
NAMED only a difficulty involving
German payments in goods to
France. Mellon met early with
French officials, presenting a rev
and simplif1ed formula" for French
adherence. Paris made counter
proposals. Mellon hurried to the
telephone, communicated them to
Mr.. Hoover.
The President summoned his ad-
visers, Acting Secretary of State
Castle, Acting Secretary Mills and
Senator David A. Reed Rep., PaO.
Eagerly they scanned the French
memorandum, decided it's terms
would preserve the spirit of the
Hoover plan, and advised Mr.. Mel
Ion to that effect.
Worry Wrinkles Vanish
White House attaches called
newspaper men into Mr.. Hoover's
private office. The President looked
happier than in weeks. Wrinkles of
care gathered during a fortnight Of
strenuous work had vanished. He
smiled.
i hope your smile indicates good
news" one correspondent ventured.
The President nodded. Then he
began to read prepared statement:
Il am glad to announce that the
American proposal for one years
postponement Of all international
debts and reparations now has been
accepted in principle by all of the
important creditor governments.
The terms of acceptance by the
French government are, Of course,
subject to the approval Of the other
interested powers, for whom the
American government naturally can
not speak.
Without going into technical
terms, while certain payments are
made by Germany for reparationS
account, the substance of the Presi-
dents proposal is retained as the
sums so paid are Immediately re-
loaned to Germany"
The President went on to ex-
plain that technical differences are
In the course of solution. He point
ed out that congress must approve
Americas part in the Plan, but add
ed he had the support Of a large
majority In both houses.