The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-11-14
HOOVER ASKS
ROOSEVELT TO
DEBT FARLEY
Precedent Shattering Step
Taken on Europe'S Plea
for Revision.
CONTINUED From Page one)

as well as the secretaries Of treas
ury, state and perhaps commerce,
viii be summoned to concentrate on
the debt issue.
Because Of its tremendous impli-
cations for both world economic re-
covery and domestic politics. be-
cause OF the aversion of congress to
debt reduction, and because of the
impending change of government,
the debt problem is particularly
knotty at this time. Yet the course
Of world history may depend on a
clear-sighted solution.
Lifted Germany's Burden
The gist Of the British and French
notes briefly is this:
Mr.. Hoover last October, in the
Hoover-Laval communique, recog-
nized that further adjustments in
debts and reparations might be
necessary. He advised Europe to
put its own house in order before
asking favors of America.
Europe did this at the Lausanne
reparations conference where it
lifted Germany's burden. Europe
believes world recovery now depends
on debt reduction. Delay is costly.
Let America and Europe discuss the
debt structure. Pending the out
come, let the December payments
remain in allegiance.
Thu Tanfac rrto.o
Virtually all Of the European debt
ors had indicated during recent
months that they would ask for
release from at least part Of their
$l1 900 100000 burden. To avoid in
1ecting the dynamic issue into a
political campaign, however, they
waited until after the elections.
Hopes Not Realized
Salient parts of the British note
read:
1T will be remembered that on
June %. 1881, His Majesty's govern
ment in the United Kingdom sub
scribed whole heartedly to the prin-
clple OF the proposal made by the
President Of the United States on
the preceding day for the postpone
ment during one year of all pay
ments on inter governmental debts
THE hopes which were raised by
the Presidents initiative unfor-
tunately have not been realized, and
the economic troubles which it was
designed to alleviate have not come
to an end.
Indeed in October of last year,
the communique published at Wash
ington on the occasion of Monsieur
Lavals visit already recognized that
prior to the expiration of the
Hoover year some agreement on
inter governmental obligations may
be necessary covering the period of
the business depression
Called Maximum Move
"It was in accordance with the
recommendation quoted above that
in June last the European creditor
powers met at Lausanne to agree on
lasting settlement of the problem
created by inter governmental pay
ments in respect of reparations.
THE series of agreements reached
on July aims at the ultimatum
termination of all reparations pay
ments.
1T represents the maximum con-
tribution in the field of intergov-
ernmental finance which the gov
ernments concerned so far have
been able to make toward that
early restoration of world pros
perity.
ION the nature of the remedial
measures that may have to be
adopted it is not proposed now to
say more than that, in the recent
past, His Majesty's government in
the United Kingdom have fire.
quently expressed their view, and
that neither in the realm of theory
nor in that of fact are they able
to find any reason for amending it..
Urge Swift Action
''They believe that the regime of
ter-governmental financial obli-
cations as now existing must be re-
viewed. They are profoundly i'm
pressed with the Importance of act
ing quickly, and they earnestly hope
that the United States government