The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-12-08
COOLIDCE'S WAR
DEBT BON MOT
FAILS TO CLICK
Inference That Every Cent
Should Be Collected Is
RiddIed.
This ID the fourth Of a series on the
War debt situation.
BY WILLIAM PHILIP SIMMS
Scripps-Howard Foreign Editor

- WAAsAAfNNL EMIAAF GlNAMO
Scripps-Howard Foreign Editor
WASHINGTON, Dec. s.-If the
American people live up to Presi-
dent Coolidge's wisecrack about the
war debts, it will cost them $4,000
Ooo, 900 plus.
When some one asked his views on
reduction he answered: Well, they
hired the money, didn't they?" BY
which he meant, Of course, they
should pay it back to the last red
cent, regardless.
The United States Chamber of
Commerce, a body made up of some
OF the hardest boiled business men
in the country, men trained to take
the long view of things, seems to
differ with him, however.
While opposing cancellation, the
Chamber solemnly has warned con-
gress and the country that "modif-
cation would promote the best in
terests of the United States"
Would Open Markets
THE best interests of the United
States" the report explained, re-
quire that modification be condi-
toned upon access to foreign mar
kets for American goods and an all
round reduction Of ornaments.
Said a report of a committee of
nationally known economists head
ed by James w. Angel of Columbia
university; Ernest Minor Patterson,
University Of Pennsylvania; Edwin
r. A. Seligman, Columbia; Frank w.
Taussig, Harvard; Rufus S. Tucker,
consulting engineer, New York City;
Jacob Viner, University Of Chicago,
and John Parke Young, Occidental
college:
We therefore, recommend:
/. That the elected representa-
tives of the American people recog-
nize this vital and delicate problem
as a nonpartisan issue 10 be settled
strictly on its merits in the best in
terests of the American people.
2. THAT congress authorize, by re-
creation of the world war foreign
debt commission or otherwise, such
reconsideration and readjustment of
the debt funding agreements as best
would advance the interests of the
American people"
BOrah Gives Views
Said Senator William E. Borah,
chairman of the foreign relations
committee:
will reduction or cancellation
bring to the people Of the United
States an equal Of greater benefit
than the amount which they may
collect from the debts? Will such
a course open foreign markets for
the products of the farm and fac
tory, cause the price level to rise,
put an end to unemployment and
thaw out the frozen credits of the
banks?
Il entertain the belief that reduc-
ton Or cancellation of the debts in
connection with, and as part of, a
program including the settlement of
the other war problems (disarma-
ment, etc. would have the effect
indicated"
A little figuring will show what
Senator Borah, the economists and
the United States Chamber of Com
merce mean when they talk abo@-
using the war debts to better condi-
tons for the American people.
Farmers are Good Example
Start with the farmers, the back
bone of the country, economically
and otherwise.
Gross farm income in 1929
amounted to $4,000, 00O, 1000. This
year, it is estimated, it will be around
SIS, 000, 000, 900. Any war debt, dis
armament and world economic re-
covery program that added a mere
10 per cent to the price of farm prod
ucts, at the farm, therefore, would
increase the farmers purchasing
power by $500, 900 900 year, or more
than twice the present total annual
war debt installments.
With half a billion dollars a year
more to spend, the farmers demand
for manufactured articles would put
10000 men back to work. These
workers, drawing $500, 000, 900 pay a
year likewise would spend their
money for the things they need and
want, thus putting still more work
ers back on the job and adding to
the demand for the products of farm
and factory.