The Carbon County news., 1931-10-08
National Affairs
By FRANK P. LITSCHERT

With financial difficulties in
Europe seemingly multiplying, we
will doubtless hear great deal
more during the next few months
about debt cancellation and the
wiping out of reparations pay
ments. There will be a vertible
flood of propaganda in the United
States and we will be told once
more that Uncle Sam is the wor-
Ids greatest Shylock, if he does
not cancel these debts and let Mr..
American Taxpayer foot the bill.
We will be informed that Europe
is about to totter over the abyss
and that only the cancellation of
the debts will save her.
Well, how about it anyhow? Do
the international debts form the
one big obstacle to recovery from
the depression? There is room
for more than serious doubt on
the subject. 1t is not to be for
gotten that England, France, and
Italy have collected from Germany
all the money they have paid
on the debts they have discharged
to the United States. And in the
case of France and Italy, these
two nations have collected much
more than enough; France some
thing like ninety millions more
year. So it is difficult to see
where these countries have been
drained to pay their honest OBJ
legations to Uncle Sam
And as for Germany, although
that nations finances are now in
a serious plight, let it be remem-
bered that the Reich has borrowed
from Uncle Sam more than enough
money to pay the reparations
which it has sent to the victor
ious allied nations. Much of the
borrowed money, indeed, has gone
into public improvements, many
of which were not needed and
were only made because the money
could be had so easily.
Just what is the matter, then,
aside from the general deflation
following the World War? The
matter has to do in part with ar
maments In spite of the terrible
World War, Europe is not yet sat-
isfied to take the road to peace.
The victorious nations having i'm
posed on the defeated ones a peace
which is burdensome and in some
Instances unjust, are fearful lest
the peace cannot be maintained
and are arming to the limit, while
the defeated nations are only
waiting for the opportunity to re-
wise the peace treaties. Every
where there is talk of peace, but
nowhere, among the former en-
emies, any real desire for peace.
AS the Fort Wayne News Sentinel
recently put it:
NEARLY thirteen years have
gone by since the armistice was
signed. That should have afforded
wrangling nations of the Old
World ample time to adjust their
disputes and to establish coopera-
tion and mutual confidence. They
have had the League, to which
they have invited us to adhere as
member. But what have they
done with the League? They have
made the Locarno and kellogg
BRAND treaties and network of
pacts one with another, to pre-
vent war; Yet their aggregate
armament exceeds that of 1914
(the year in which the World War
broke out) and the war feeling still
prevails.
"By their continuance of the
pre-war philosophy as the motiva-
tion of their political behavior, the
European nations have depressed
industry and commerce the world
around, and they have seriously
impaired their own credit. Among
the chief advocates of war debt
cancellation just now are certain
prominent bankers. 1t is fair
therefore to stress this point: No
wise banker would grant more
time to an Individual debtor who
had thus wasted his substance.
And nations are but groups OF
individuals"
rxyl, oh /