The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1933-03-29
Collection
BY H. n. WICKS.

The Roosevelt administration on
Saturday, in the conversation between
Secretary of State Hull and the Brit
ish ambassador, Sir Ronald Lindsay,
took up the question of war debts
where the Hoover administration left
off.
No definite proposals were made
regarding debt payments, scaling
down or cancellation. The question
of Britain meeting the June 18th
payments, according to the press re-
ports, was taken up in connection
with the world economic conference.
Meanwhile France indicates that
the question of its Dec. 18th install
ment, which was deferred at the
time, will be taken up as soon as the
attitude" of the Roosevelt admins
tration on the debts question be-
comes known.
Can Never Be Paid.
Everyone involved in discussing
these debts knows they can never be
paid. The debts were made because
Wall Street, with its enormous sur
plus capital, exported great amounts
Of this capital to other countries in
the form Of government loans. Much
OF this export was in the form of
arms, munitions and other war ma
terials-not actual cash. The pur-
pose for which it was invested was to
enable the Wall Street bankers to
have a claim upon the surplus-Value
produced by the toiling masses, the
workers and farmers, Of the Coun-
tries that owe money to the United
States.
The decline of the price level since
these debts were contracted has been
so severe as to make the burden more
than twice, and in some cases three
times, as heavy in terms Of goods
and services as was anticipated. The
debts were made on the assumption
that capitalism would in the future
steadily grow. The approach of the
worlds most devastating economic
crisis was not forseen by the capital
ist brain trusts" although its ap-
proach was plainly seen and pointed
out by the Communist International
and its sections, the Communist Par
Ties LOrOuBnOuG Vic WOIIu
Greater Today Than at First.
Today, after mere than decade Of
payments on inter-allied debts and
after numerous scaling down" of
debts, foreign countries owe the
United States government 81 ,248,0l0,-
864 more than at the start. The
amount originally received in money
and goods (war materials by 20
debtor countries was $l0,350, 490, 597.
The United States has received i'll
payments to date 1851 $50, $685. but
still the countries owe the United
States the sum Of s11 500, sol ,461.
Thus, the more they pay, the more
they owe. With interest piling up,
this debt will mount ever higher,
until the interest will eventually be
more than the original principal.
That such debts cannot be paid is
obvious.
Use for Political Trading,
These debts are not cancelled by
the United States because they are
one OF the most subtle weapons OF
American imperialism in its struggle
against its impertalist rivals. They
are used for political purposes to try
to bring other countries OF the world
into the orbit OF American imperial
list influence, especially against its
imperialist rivals, Britain and Japan.
These war debts are maintained
because they are Of great aid to the
agents Of American imperialism at
the ornaments conferences. They
are used to try to induce the rivals Of
the United States to cut down their
ornaments, while American imperial
ism continues to strengthen its own
armed forces.
They are used against France to
try to take away the hegemony Of
France on the western European con-
tinent. They are used to try to es-
tablish Uncle Shylock at the head of
world reaction, to take the lead and
dictate when and under what condi-
lions intervention can be let loose
against the Soviet Union t
Cordeil Hull, of the Roosevelt adj
ninistration, carries out the same
policy as did Henry L. Stinlson Of the
Hoover administration. One tn!nter-
rupted policy o. trickery and duplic-
ity leading to a new world var. Both
Hoover ard Roosevelt, in the presi-
dgntixJ campaign last year, expressed
ttss same polioy-thst debts might be
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