The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-11-15
Whether We Like It or MOI

Last-ditch opponents Of foreign debt revision are
somewhat premature in their panic over the pros
pective HooverRoosevelt meeting on this subject The
President and President-eect not going to settle
the debt question. That is the job Of congress
But it is necessary for Hoover and Roosevelt as
party leaders. to agree on method of party pro-
cedure and If possible to keep this issue from being
dragged into partisan mire
Moreover, it would be worse than futile for the
Republican administration to attempt a method of
procedure not acceptable to the Democratic majority
which ultimately will conclude the negotiations
Altogether apart from final settlement, two OBJ
vious and virtually automatic steps are required now
They will be taken early in December, when congress
meets unless the other of the parties resorts
to obstruction To head off such a flbuster should
be the chief purpose of the ooverRoosevet meeting
First step is extension of the Hoover moratorium,
pending reconsideration of the debts as requested by
the foreign governments The second step appoint
ment by congress of bipartisan debt commission to
hear the case of the debtors for revision
This should have been done year ago. as
quested by the President. It was not done because
the country was on the eve of political campaign
and neither party had the courage to act-the Demo-
Gratis least of all.
Meanwhile the foreign governments, who have the
right accorded any debtor of hearing have waited
year before presenting their request.
AS a result of this deay-for which American
politics and not the debtor is to bame-ony ten days
leeway remains between the opening of congress and
the next payment date of Dec. Is. Nothing can be
done by congress in those ten days. in ten months
for that matter unless responsible party leaders agree
in advance to face the facts and accordingly to
extend the moratorium temporarily and to appoint
the commission
That will not prejudice the Indeed, the
lastditchers should understand that there is dis
position either the part of congress or of the pub
lie in favor of unconditional cancellation
ditonal revision of the debts.
But there is definite and widespread disposition
to examine the facts in an orderly way and if the
debtors can not, will not pay, to make terms adj
vantageous to the United States
What those terms would be-whether the Borah
plan to trade debt reduction for reduction or
the AL Smith Hoover plan for foreign trade prefer
ences or some other-need not worry congress at the
moment or until after a bipartisan congressional
commission can determine the facts
Further congressional delay in extending the mora
forum and appointing a debt commission will not
collect the debts; it will create more international
financial chaos in which America will be loser
The situation exists, whether we like it or not
The situation is that one debtor already has de-
faulted another debtor has notified us of default
next month, and others have asked for hearing
Under the circumstances, intelligent govern
ment has no choice 1t do only what any bank
or corporation does in like emergency. 1t says to
the debtor, Come in and talk it over"