The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-11-16

America will not listen to foreign debt reduction
pleas until the foreign governments cease blocking
disarmament
The connection between the two issues is direct
end definite. Debt payments are small burden COM
pared with the armament load If the foreign gov
ernments continue to squander military establish
ments not all the arguments and figures in the world
can convince the American taxpayer that he should
take their additional debt burden upon himself.
We have been bitten once, so it is not now a mat
ter OF theory but Of hard experience. In the debt
funding agreements Cancelled from 25 to rs cents
on the dollar-with the result that the European
debtors promptly spent that saving" on more arms
Not only did that stimulate the armament race and
the war danger but it forced build up our own
navy in competition We paid twice. and through the
nose
Hence the popular acclaim which greeted the
Borah proposal to make debt reduction conditional upon
arms reduction There is good chance of con-
verting the American people to the economic wisdom
Of orderly foreign debt reduction as an alternative
to default and the international financial chaos which
would result. But that chance depends upon prior
disarmament action abroad
For the first time the European governments seem
to have grasped this essential fact Therefore in
preparation for the debt negotiations which they have
requested Of government they suddenly have in
jected new life into the expiring disarmament con-
ference.
For that reason, if for no other, the French arms
reduction plan announced at Geneva is exceedingly
hopeful
1t is not to be judged on the basis of any abstract
ideal Of perfection, but practical compromise
1t attempts to combine the American and Russian
demand for immediate and outright general reduc-
tion the British demand for curalment of so-called
offense weapons the German demand for arms equal
ity, and the French demand for security.
Though it is easy enough to find fault with the
European provisions Of the French plan, including
arbitration and security pacts and creation of
tnental armed force under the league the experience
of the last decade indicates that only along this gen.
eral line is there hope for effective league action to
prevent war.
The present form of the French proposal, having
been drawn by the liberal and pacific Herriot is much
preferable to the extreme mlitarist forms OF the
plan supported by the lingo nationalist Of the Pon
care-Tardieu right
The wise realism of the plan is especially evident
In its provisions touching the United States. We
not asked to enter military alliance to join league
army-to which, of course, America is opposed.
We invited to accept a general pact providing:
ID That any violation Of the Kellogg pact is the
of all other sgners; 90 that they would
fer together CD that they would refuse recognition
of any fruits Of such pact violation; and (D apply
an economic and financial boycott against the ag-
gressor.
The first three of these provisions taken bodily
from American policy the Kellogg pact as stated
repeatedly by Secretary Stmson and President Hoover.
The joint boycott provision is logical corollary,
and should be accepted by the United States as the
least Objectionable and most effective method of treaty
and peace enforcement.
The disarmament road opened by the French COM
promise plan decidedly is worth exploring