Evening star., 1932-11-18
The Debt Conferences.

The coming conference between the
President and President-elect Roosevelt
on the foreign-debts question, to be fol-
lowed Immediately by conference be-
tween the President and congressional
leaders, should serve to inform the
country of the true status Of the debts
and the debtors. Lack of definite in
formation is perhaps clouding the judg-
nent of members of Congress and GER
tainly of the American people. For an
intelligent consideration of this prob
lem the fullest information Is desirable.
II the foreign debtor nations, having
agreed among themselves that they will
reduce Germanys reparstion payments,
have also agreed to 8 concerted action
to force the United States to take q
reduction in the debts owed her,
whether or not the debtor nations are
able to pay, it is well that the people
of this country should understand it.
If, on the other hand, the debtor ma
tions are In such straits that they
cannot pay without gravest danger to
their financial structure and possibly
their ruin, that, too, should be known.
Much of the discussion Of this ques-
ton of the debts by msmbers of Con-
gress is based on very little, so far as
knowledge Of new conditions as of to-
day is concerned. Many of them took
O position against any postponement Of
the debt at the last session, when, for
one reason or another, they were per-
fectly willing to embarraSs President
Hoover because he had initiated the
one-year moratorium. Members of the
Senate and the House have rushed into
print without regard to the question of
what may, in all the circumstances, be
the best course for the country now.
1t Is popularity believed that Americans
are opposed to any debt revision or debt
cancellation. That. apparently, is
enough.
President Hoover has before him the
requests Of foreign debtor nations for
9 suspension of the payments due this
country December is and for confer
ences on the debt question. He must
give them an answer. Since he Is to
20 out Of once I'm less than four months,
it is only the part Of wisdom that he
should consult with the leader Of the
administration 10 succeed his own be-
fore making an answer TO these Euro
pean nations. He must also deal with
Congress In this matter-a Congress
that has been hostile to him. His ex-
change of views with the ranking mem
bers of the House Ways and Means
Committee and Senate Finance Com
mittee, which will have charge of debt
legislation, II there Is to be any, should
help to clarity the situation. The
President undoubtedly, however, will
submit to the Congress such recon-
mendations for dealing with the debt
question as appear to him to be sound
Congress must then take them or leave
them. 1t may be remembered that the
last session of Congress declined to go
forward with q recommendation from
the President that the World War Debt
Commission be re-established. In SOME
quarters it is now suggested that the
President will again recommend the
revival of this debt commission.
Undoubtedly, great deal will depend
upon the attitude OF the President
elect and his party, so far Is the action
of the coming session of Congress is
concerned. Should Governor Roosevelt
give his approval to revival OF the Debt
Commission another picture might be
presented. Abroad, II not here, there
has been a general idea that the coming
Of the Roosevelt administration would
mean a more sympathetic consideration
Of the problems Of Europe. But to
Judge from the views recently put for
ward by some of the Democratic men,
bers OF House and Senate, Europe has
naisjudged the attitude Of the Demo-
cratic party. 1t remains for Governor
Roosevelt to clarity this part Of the
situation.