The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-06-10
COOLIDGE HITS
CANCELLATION
OF WAR DEBTS
Each Nation Should Do as
1t Agreed to Do Says
Ex-PreSident.
U. S. NOT TO BLAME
Must Collect From Europe
or From Own People,
He Declares.
U. S. NOT TO BLAME

By United Press
NEW YORK, June lO.-Calvin
Coolidge today answered arguments
for foreign debt cancellation by de-
claring the World war as not a
common enterprise, and that leach
nation should do what it agreed to
do; that if we do not collect from
Europe, we must collect from our
own taxpayers.
The former Presidents views we're
presented in Cosmopolitan Maya
zine article entitled Settling the
War Debts"
mo doubt" he said, ut may be
argued that the payment was one
cause of the present depression. But
any such statement lack- convincing
proof. q. We can not disregard the
loss and destruction of the war. the
present cost of great ornaments,
the burden of new social expert
ments and assess the blame to the
relatively small items of debt pay
ments"
United States Held BlameIess
Coolidge explained that no Euro
pean nation except Great Britain
had paid any amount that could be
said to have any effect on their ma
tional finances.
Coolidge commended the position
of the United States was entirely
different from that of other allies.
because I'VE, are blameless of the
origins and the starting Of the
war"
The suggestion" he said. that
we should make a large contribution
to its cost because we came into 1t
late is equivalent to saying we
should pay a fine because we had
not been one of the original disturb
ers of the peace of the world.
Instead of being bound to pay them
we could make out case for in
juries which we suffered"
Coolidge also expressed his
thought on the suggestion that
debts be RENTED on percentage
of American exports to foreign
countries. This plan was advocat-
ed by Alfred E. Smith.
Would Be Subsidy
TN the first place, to remit the
debts would be a direct subsidy of
more than a quarter billion dollars
a year to the governments of for
eign countries, made for the as
sumed purpose of inducing their
people to trade with our people.
But how can we be assured it
would be expended here? The
natural place for them to buy goods
would be where the price was low
est. Our taxes would be higher, be-
cause the bonds we issued to get
money to lend Europe must be paid.
That would increase the cost of our
production.
Coolidge summed up the argu-
ment with the statement that il
we wanted to go into the subsidH
business, we could find concerns on
our own soil where we could make
the operation much more profit
able"
L know" Coolidge said, in re-
ferring to terms of settlement, I'VE
were not trying to overreach any
body nor trying to drive a hard
bargain. The money we furnished
we had to borrow. Some one must
pay it. 1t can not be cancelled. If
we do not collect it from Europe,
we must collect it from our own tax
payers"
No Word on Prohibition
Coolidge's article did not refer to
prohibition, as first claimed in the
house of representatives Thursday
by Representative Emanuel Celler
Dem, N. ", who said the former
President would condemn prohi-
bition.
Celler later said the dry law
criticism would appear in the August
issue.
John Randolph Hearst, vice-pres-
ident of the Cosmopolitan corpor-
alton, said it was against the con-
Germs policy to discuss contents Of
future issues.