Evening star., 1932-11-26
Text of i. S. Debt Notes
Secretary Sfison Advises Great Britain and France
That President Is Without Power to
Delay Payments.

step mentioned in your memorandum
which has been taken by the govern
ments at Lausanne in respect to the
reparations due them from Germany
and the possible effect upon those cred
itor nations of the loss of that source
of income. I am not oblivious to the
fact, moreover, that the worldwide de-
preston and the concurrent fall OF
prices has increased the weight of debts
in many parts of the world; nor to the
fact that the decrease in international
trade has increased the difficulties of
obtaining foreign exchange. I also
recognize the relation which these facts
may bear to the process of recovery. On
the other hand, it must be remembered
that these incidents Of the depression
have also fallen with great weight upon
the American people, and the effects
upon them directly as taxpayers or
otherwise of any modification of an
agreement with respect to debts due to
this country cannot be disregarded.
assume that it was for the purpose of
deliberately and carefully giving due
weight to such conflicting elements in
the world situation, differing as they
would in various countries, that this
Government adopted the system which
I have described. l confess that can
not see any controlling reasons which
would be likely to induce the Congress
of the United States to act upon the
question any differently now from the
manner and the principles upon which
1t has acted In the past. And I believe
1t would be inadvisable to attempt to
enter into discussions on the subject
except in that manner and under those
principles.
Presidents View Stated.
"The attitude of the President, there
fore, is that for any suggested study OF
ntergovernmental financial obligations
as now existing some such agency as ]
have referred to should be created to
consider this question individually with
each government, as heretofore. AS he
has several times said publicly, he also
believes that some basis might be found
for bringing to the American people
other than cash payment. The Presi-
dent Is prepared to recommend to Con-
greSs that it constitute such an agency
to examine the whole subject
las to the suspension of the INSTALL
ment of the French debt due on Decem-
ber Is, which is requested in your
memorandum, no authority lies in the
Executive to grant such an extension
and no facts have been placed in our
possession which could be presented to
the Congress for favorable consideration
under the principles to which 1 have
referred. In the memorandum of the
French government reference is made
to the action of the conference at
Lausanne. 1t seems to me that the
situation which confronted the confer
ence at Lausanne in its consideration
Of the question of reparations by Ger
many was quite different from that pre-
sented here, in that the conference had
before it the report of the meeting OF
experts at Basle.
Such Importance is attached by our
Government and people to the mainte-
nance of the original agreements in
force by the payment on December Is
as to far outweigh any reasons now
apparent for its suspension, and by such
payments the prospects of satisfactory
approach to the whole question, in my
opinion, would be greatly increased.
Accept, excellency, the renewed as
surances of my highest consideration.
(Signed) HENRY L. STIMSON."
The text of the note to Belgium
delivered to Ambassador May, is identi-
cal with that sent to France.