The Bismarck tribune., 1931-10-19

people. European nations owe this
country some ten or eleven billions
in war debts. If this amount were
diminished, 1t means fresh tax bur-
dens for American citizens.
Neither should the issue of German
reparations affect the debt payments
to this country. President Wilson
at Versailles was very emphatic
that the United States sought no
material gain in indemnity Cor terri
tory from the winning Of the world
war. It was the only nation sitting
at the peace table which did not Sc
cure some substantial indemnifica-
ton from the enemy.
Economic conditions would be dis
turbed to a greater degree II there
is any tampering at this time with
the foreign debt-funding agreements.
President Hoover, when the morato-
rum was suggested months ago, de-
clared that there was no suggestion
Of any debt cancellation and neither
was this move in the interest of
reducing the war obligations Of Eur
ope to this government.
There is general feeling that
money spent for great military arma-
ments in Europe might be reduced
and substantial payments made on
the war debt to this nation. Funded
interest on the debt is now more
than $1,000, 100000. The net cost of
the war to the United States was in
excess of 35 billion, so that that 10
to II billion owed us on war loans
is small part Of what this nation
freely gave.
Lavals visit will be successful If
some plan to reduce military expen-
ditures can be devised. That will
mean very material step toward
placing European financial affairs
In better shape.
There Is general feeling, too, that
France could begin substantial pay
ments on her war debts to the Unit
ed States. Recently, In an interview
with the Associated Press, M. jus
serand, for many years the French
ambassador to the United States, in
speaking Of Hoover's work OIL the
Belgian Relief Commission, said:
80 he saw those same French,
on the brink Of the worst economic
calamity. face the danger, ask and
receive no help, and extricate them
selves to the extent of being eco
nomically on the same level today as
the American republic. When you
are on the same level 1t is easy to
shake hands"
France has always insisted that
German reparation payments TO her
should affect the payment OF French
war obligations to this nation. Such
policy this country to date has re-
fused to accept. The United States
has taken the sound ground Of cou-
sidering each war debt as a separate
entity and not to be considered gen.
orally as one great European war OBJ
legation. This nation has refused to
unite In one. negotiation on debts'
owed her by the Allies in the World
war, but reserves the right to treat
with each nation separately. Lloyd
George and Clemenceau tried to get
President Wilson to enter an allied
conference on war debts which had
for its objective their reduction if
not their cancellation. This, Wilson
stoutly opposed, knowing that such
an arrangement would be more un-
popular in America than his -four
teen points" proved to he later.
Now France Is as prosperous, If
not more SO, than the United States.
OF all nations, she has little uneln-
ployment and her economic condi-
ton is bright compared to that Of
her neighbors. As Jusserand said In
commenting upon the Laval visit,
when you are on the same level 1t
is easy to shake hands"
The proposed visit. doubtless will
aid in cementing the great friend
ship existing between the two ma
tions, but President Hoover is In no
position to offer debt reduction or
cancellation. France, on the other
hand, Is in an excellent position TO
make some long g-delayed offers which
may mean betterment Of economic
conditions In the United States.