Red Lodge daily news combined with Carbon County news., 1933-11-08
THE TROUBLESOME WAR DEBTS

LIE DLGoOIuG WAT
We have heard a great deal during the past few weeks
from noted British statesmen and economists to the eff
feet that business in Great Britain is on the upgrade.
They are telling the world rather chestily that London
has once more become the financial center of the universe.
The British pound, they aver, is stronger today than it
has been for years despite the fact that it is no longer
tied to gold, and they mention also the vast sums of
American capital which have flown from the United
States to England for safe keeping.
In a recent address Walter Runciman, president of the
British Board of Trade, declared that Great Britain is
now the strongest country, financially, in the world.
Sir Henry Bucknall Betterton, minister of labor in
Great Britain, declared Britain's Improvement rested on
g sound basis but that the world would never recover un-
til the war debt question was settled. Other British pub
licsts have spoken about the revival of British industry,
the decrease in unemployment and the general trend for
the better. 4S|
Most Americans will be pleased to hear that Great Brit
ain is in such good shape. And they will wonder also, if
Great Britain is now the leader of the world financially
and economically, why she can't make another payment
or two on the debt which she owes Uncle Sam. 1t would
seem that all OF this boasting about the soundness of Brit
ish recovery was a little ill-timed from the diplomatic
standpoint in view of the fact that there is now in the
United States a British commission which is telling u.s.
that this "leader of world finance is no longer able to
pay It's debts. Something must have slipped somewhere
or John Bull would have kept on his ragged breaches I'M
til after the debt negotiations were over.
There is no question that there has been considerable
recovery III Great Britain and in France, too, for that
matter. Yet the British are asking that their debt be cut
down about ninety per cent and the French have so
washed up" the debt question, as far as they are con-
cerned, that they are not even mentioning what they owe
us in their budget estimates of French national expendi-
lures.
Now if these countries are progressing as rapidly in an
economic fashion as they claim they are-and we have no
reason to dispute this-and if the failure of the NRA
program lin the event it fails) will prolong the depres-
sion In the United States as foreign critics saw it will,
then surely the more fortunate nations which owe us
money ought to be able to pay a little more on account.
LII what they, themselves, say is true then they are no
longer poor orphans of the storm, and Uncle Sam is no
longer the world Santa Claus, unless one can vision Santa
Claus In a ragged coat.
In the meantime If real trouble breaks out in Eurone.
it won't be long until the same nations which now owe
us so much money will want Uncle Sam to come to their
rescue again, "to save humanity In view of the fact
that Europe still owes us about ten billions for sssaving
the world for democracy back in 1917, thew ought not
expect us to repeat the experiment, at least until the first
/ one is paid for.
The national administration will do well to follow its
announced policy of having nothing to do with European
political commitments. Every time Europe wants a favor
now she should be presented with a bill for past services.
:. 1t is said that the coal strike in western PENNSYLVANIA
tocost the miners, the operators and the railroads 500
900. But eventually they will get it all out of the
"Its tsvimer.
The nNow that Adolph Hitler has left the League of Ma
aot Imsewe suggest that the League sing, "Who's afraid of
the big bad wolf9'
Inc farmers may pillow under twenty-five per cent oil
thelr wheat and cotton, but we doubt whether this will
help much unless we can get rid of about ninety per cent
OF the political farm experts at the same time.
Ihe striking farmers ought to feel good over the pros
pect OF recognition of the Soviets. Russia can send Ms a
lot OF raw materials to add to our surplus.
Soviet Russia will promise to trade with Tno1o c.
with. :" ~ -
IL Is sald that gas is served to nearly 100000 GUS
toners in the United States-without connt;no 49,
who get the Congressional Record. ~