Evening star., 1931-04-24
The War Debts Again,

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as well as European, the question of the
war debts Is being raised again, and
with q synchronization that is Signifi-
cant. Cancellation, or semi-cancella-
tion, Of the Old Worlds borrowings
between 1914 and 1919 is what is really
meant by advocates Of revision" or
correction" of the various billions in
volved. AS tt chief creditor nation
as practically he only one-the United
States is the country mainly interested
in this ncial-philanthropic discus
sion.
Within the past few days two out
standing voices have been heard in
America, in advocacy of some scheme
of bounty whereby Uncle Sam should
write of or write down the $4,000
100000 which nineteen European ma
tions and Cuba owe us. On the same
day such suggestions were forthcoming
from William Green, president of the
American Federation of Labor, and
Gen. w. w. Atterbury, president Of the
Pennsylvania Railroad. Mr.. Green, ad-
dressing the Harvard Business School
Club at Cambridge, declared that can
collation., or sharp reduction" Of World
War debts is lone of the fundamental
steps necessary to end the present eco
nomic depression, by reducing tax bur-
dens and restoring world confidence and
purchasing power" Gen. Atterbury,
he NIa,h ~ phiio-
delphia, listed among certain funda-
mentals necessary to put us on sound
and substantial basis" the necessity to
correct" the war-debt situation-debts
(which apparently must be paid either
In gold or goods, both Of which the
United States seems currently to pos
sess in surplus measure"
On the eve Of these utterances by
Messrs. Green and Atterbury, the In
ternational Chamber of Commerce,
which Is about to convene its Sixth
Biennial Congress in this city, issued
an Introductory report by its Economic
Information Committee" 1t consists
mainly of some dogmatic statements
by DR.. Bernhard Dernburg Of Germany,
around whose name no too fragrant
memories cluster in this country.
Boiled down to essentials, this special
Berlin pleader advances the view well
known to be held throughout the Eu-
ropean debtor universe that war debts,
especially German Teparations, are
exerting, and will continue to exert,
an irritating influence on international
finance and economics. Dernburg as
serts, in effect and with familiar rea-
soning, that depression cannot end
until the international slate, TO use his
words, Is cleaned up"
AS narrated in the news columns Of
yesterdays Star, the sails are set for
a breezing Of the war debts issue at
the international chamber sessions here
between May and 8. American
spokesmen are on the program. II they
proclaim the position commonly under
stood TO be the war debts program"
of the United States Government, they
will make 1t clear that this country
does not look upon German repara-
tions and war debts" as connected
obligations. 1t Is the American view
that the indemnities extorted from
Germany by the victorious allies have
nothing whatever TO do with the money
the allies borrowed in the United
States.
Our international chamber spokes-
men, who will include President Hoover,
may also take occasion to point out that
Uncle Sam, as debt collector, is doing
relatively little to aggra"ate the worlds
sadly disturbed economic equilibrium.
Our debtors are in the Treasury books
for a grand total Of 1928, ,990,s7s, as
finally funded. Total payments received
amount to 1891 ,993 BAL, Of which near
" three quarters has come from Great
Britain alone. The international cham
ber is also certain to be reminded, while
the subject is under discussion, that in
nearly every case the funding agree
ments with our debtors already repre-
sent cancellations and reductions In very
substantial amounts.