Red Lodge daily news combined with Carbon County news., 1932-01-07
THURSDAY, JANUARY Z, 1882.
OUR A TO EUROPE
BY GEORGE b.

The roots of our present trouble in this country are III
the financial and economic involvements OF the United
States with Europe, for some OF which the World War
was an excuse and not a reason. We have been as a ma
ton trading assets for liabilities to the profit OF a very
few Americans until we have been compelled to awaken
from the great delusion that the resources of this country
are inexhaustible, and its ability to sacrifice its own to
foreign interests is illimitable. We have been chloro-
formed by sentimental and financial internationaists 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 1t cannot
begin under our present tax rates to pay the cost OF gov
eminent, we ought to begin to get out of this ordeal at
least the benefit of a disillusioning experience.
Some facts of interest came out in the debate on the
moratorium in the Senate last week. We loaned France
$4,025,000000 during and after the World war. VI TINS
amount 81, 655, 100000 was loaned after the war; ana
$4O0,O00OOO 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 a large profit over the amount she
agreed to pay, after forbidding this country to sell the
materials on the open market. Because OF this transaction
we might say that France paid no part OF her debt TO US.
But the value of the Franco-Amercan settlement at the
time it was made was 1861, 100000, approximately prln.
cipal and interest Of our loans after the war, with France
90 years to pay.
We loaned Belgium $417, 100000. We collected only the
post-Armistice debt of $246,O0O,OOO
we loaned Italy pA,UfZ,OOO'OOO' AI oN- mpohSS
debt with interest was $800,000,000. We got an agreement
TO pay a value of $426,000000.
Gneat Britain was the only nation that came anywhere
near settling her debt to the United States. We loaned
England $4 ,6OO,OOOOOO OF this 1881, 100000 was loaned
after the Armistice. But $1,682y000,000 of England's
debt represented Exchange and cotton purchases" not
for supplies we furnished England, but to stabilize ster-
ling exchange, and enable England to make purchases in
other countries at a maintained exchange rate. With In
terest our postwar advances to England amounted to
$6O0,0 900. The value of our entire debt settlement was
1927, 100000. England did not do SO badly, and she got
6 years to pay.
We took nothing by way Of territory or indemnities al
the peace conference. Our associates divided up lane
areas equal in extent TO that of the entire United States
We got absolutely 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 ou
reward in continuous denunciation as a Shylock because
we were willing to take back any Of this money our peo
pie had paid. We have faced the demand that what i
owing us be made dependent on what Germany is expected
TO pay the allies, altho the two matters have no connection
except that which has been established by our participa
ton in conferences on PREPARATIONS settlements.
Borrowing has followed borrowing until we have be
come deeply involved in the European "mess." Now W
ae told that unless we wipe out the debts, ~tear~down on