The Republican. [volume] (Oakland, Md.) 1877-current, 1932-01-28

which the World War was an excuse
and not a reason. We have been as a
nation trading assets for liabilities to
the profit of very few Americans
until we have been compelled to
awaken from the great delusion that
the resources of this country are in
exhaustible, and it's ability to sacri-
flee its own to foreign interests is il
limitable. We have been chloroformed
by sentimental and financial interna-
tionalists into believing that we could
go on forever being the worlds good
thing, without finally reaching the
cold gray dawn of payday. With an
army of 100000 unemployed, and
with a deficit in national revenues of
two billion dollars because American
income has so dropped that it cannot
begin under our present tax rates to
pay the cost of government, we ought
to begin to get out of this ordeal at
least the benefit of disillusioning ex-
perience.
Some facts of interest came out in
the debate on the moratorium in the
Senate not long ago. We loaned
France $4,025, 100000 during and
after the World War. Of this amount
81, 655 100000 was loaned after the
war, and $400,O00,000 of it was for
materials we had in France at the
end of the war, to the value of two
billion dollars, which France sold at
large profit over the amount she
agreed to pay, after forbidding this
country to sell the materials on the
open market. Because of this trans
action we might say that France paid
no part of her debt to US. But the
vaule of the Franco-American settle
ment at the time it was made was
81 ,681 100000, approximately princi-
pal and interest of our loans after the
war, with France given 60 years to
pay.
We loaned Belgium $417,780, 900.
We collected only the post-Armistice
debt of $246,OOO,OOO.
We loaned Italy $2,042,0OO,000. Her
post-Armistice debt with interest was
$780, 100000. We got an agreement to
pay value of $426,OOO,OO0.
Great Britain was the only nation
that came anywhere near settling her
debt to the United States. We loaned
England $4,000, 100000. Of this $751;
100000 was loaned after the Armis-
tice. But 81, 100000 of England's
debt represented exchange and cot
ton purchases; not for supplies we
furnished England, but to stabilize
sterling exchange, and enable Eng
land to make purchases in other coun-
tries at a maintained exchange rate.
With interest our postwar advances
to England amounted to $500, 000,0 900.
The value of our entire debt settle
ment was $3,297,00O,O00. England did
not do so badly, and she got go years
to pay.
We took nothing by way of terri
tory or indemnities at the peace con-
ference. Our associates divided up
land areas equal in extent to that of
the entire United States. We got abso-
lutely nothing out of the war. We
made great sacrifices evidently with
the purpose of putting Europe on her
feet after the cataclysm Of war. We
have had our reward in continuous de-
nunciation as a Shylock because we
We're willing to take back any of this
money our people had paid. We have
faced the demand that what is owing
us be made dependent on what Ger
many is expected to pay the allies, al
though the two matters have no con-
nection except that which has been es-
tablished by our participation in con-
ferences on reparations settlements.
Borrowing has followed until we
have become deeply involved in the
European "mess." Now we are told
that unless we wipe out the debts, tear
down our economic defenses and take
upon ourselves further financial bur-
dens, Europe is going to go right on
crisising, sink and take US down with
her.
Thus pretense of European inability
to pay is fraud. Payments due the
United States from Europe under the
settlement are only two and half per
cent of the amount Europe pays this
country per year on all accounts, these
accounts, aggregating ten billion dol
lars, being Offset by payments we
make Europe on all accounts. The
continuance of debt payments agreed
upon by France would cost each
Frenchman SIPS year. The annual
burden is little greater in any case,
much less in some, than this per cap
tia burden on France. Within the last
six months the United States, govern
mentally and through private bankers,
has advanced new loans and post
poned old obligations in Germany and
England to the amount of billion
and a quarter, or five times as much
as the annual payments due on debt