The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-02-08
BY WILLIAM PHILIP SIMMS
Scripps- Howard Foreign Editor

WASHINGTON. Feb. son the
eve of the important war debt par
ley here. the United States finds it
self in one of the most difficult
spots in its entire century and a
half of history.
Under British and French leader
ship, fifteen nations of Europe now
are ready to launch a major drive
for cancellation or near cancella-
ton, and in the battle most of the
ammunition-save our sheer legal
rights IN the matter-is in the
hands of European coalition.
Said Senator Carter Glass, Roose-
welt administration leader: Suppose
European nations should tell us in
plain terms that they are unable to
comply with the settlement. Are
we going to war to exact payment?"
Even Capitol hills most ardent
anti-revisioniSts are forced to an
swer No"
No Swapping, Is Edict
Battleships are barred as collec-
ton agencies, and when President
Jackson tried to make France pay
the United States S5.000,000 a CEN
fury ago. he found that economic
reprisals would be a boomerang also.
They would hurt us as much as they
would hurt France
President-elect RooSeVelt'S plan
is to make Europe give America
some adequate exchange for reduce
ton.
Similar views are held by men,
bers of congress favorable to re-
vision. Unless Europe is willing to
give America economic or other ad-
vantageS in exchange for reduction,
they say almost unanimously she
may as we'll stay home and save
steamship fare to Washington.
Thoroughly aware, however, that
there is little, if anything, the
United States can do about it, if
they tell us in plain terms that
they are unable to pay" Britain,
France and the other debtor nations
are now in position almost to die
tate terms.
Accordingly, British CHANCELLOR Of
the EXchequer Neville Chamberlain
categorically has stated, with full
cabinet approval, that Britain does
not propose to go to Washington for
any swapping deal"
Nation Faces Isolation
Bluntly, the position of Great
Britain-and the dozen other ma
tons lined up behind hers first
to wipe out the war debt without
compensation Of any kind to Ameri-
ca, and after that TO tackle trade
barriers, maldistribution of gold and
other disturbing world economic and
political conditions.
If the United States refuses to
give way on this point the British
officially have intimated that steps
would have to be taken, the effect
Of which would be virtually to iso-
late it both economically and po-
litically from the rest of the world.
BY lifting their tariff walls against
American products, what little there
remains Of our European trade
would disappear This step would
be necessary, Britain said in her re-
cent debt note to the United States.
to give Europe the necessary favora-
BILE trade balance to pay the debts.
EurOpes Ace In Hole
BY further depreciatin Q their
cUrrencies, as British Spokesman
have said they deliberately might
have to do if the debt settlements
come to naught, the debtor nations
could undersell us elsewhere in the
world, notably in Latin America and
in the Orient, and drive us out of
the export business altogether.
Meanwhile, in the Far East, ap-
parently with the connivance of
Britain and France, the leaders of
the European debt coalition, japan
not is only getting a strangle hold
on large chunk Of northern China
and its trade, but Enthusiastically is
reused against the United States as
never before. In that direction we
are out on a limb.
Europe knows all this, of course.
and she knows that America knows.
All Of which means that this stu
alton, political as we'll as economic,
will be an ace in the hole for Europe
when she comes to America next
month to play poker for the worlds
biggest stakes.
Next; The Ace Up Europe's
Sleeve.