The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-06-15

adopting tactics similar t0
the British, notified President
Roosevelt, in a formal note,
that 81, 100000 was being for
warded as a token" payment.
This is less than 10 per cent of
the $13,545 ,438 due in principal and
interest.
French Ambassador De la Bou-
laye, delivering his governments
note in explanation of the default,
indicated that his government was
anxious to convince President
Roosevelt that a final settlement
should be made.
Attitudes Are Explained
1t was understood that the Amer
lean reaction to the French note.
scheduled for publication later in
the day, greatly would influence the
French attitude toward payment of
defaulted installments and a future
Debtor nations sent their ENJOYS
in steady stream to the state de-
partment during the day, explaining
their various positions regarding
war debts.
Great Britain paid about 10 per
cent of its present SIS, $50, 900 war
debt installment, pending early ne
gotiations for revision of its obliga-
ton.
Altogether, s143, sos ,294 is due
from thirteen nations in the DAYS
semi-annual debt transactions. 1t
seemed likely that the United States
actually would collect less than SIS
100000.
Paid in Silver
President Roosevelt announced
that he was accepting $4,000. 900
offered by Britain on account of her
SIS, $50, 900 installment. London. how
ever, said the payment was to be
IN silver rendered to the United
States at the rate of so cents an
ounce as authorized by recent act
Of congress.
With silver selling for only 80
cents an ounce, the payment actual
ly would amount to only 1920. 600.
or just under 10 per cent of the
total due.
The days transaction will be
mostly a matter of bookkeeping, the
Bank of England probably setting
up credit for the New York Fed
eral Reserve bank, which in turn
Will credit the amount to the United
States government Later, perhaps.
the actual silver-625 tons of it
may be transferred.
President Roosevelt, announcing
the partial British payment. made
clear that it was merely a payment
on account and in no wise was be-
ing accepted as fulfilling the whole
lnstallment or as promising debt
revision. On the other hand. he
did view it as saving Britain from
the onus of default,
Will Consider Revision
AT the same time the President
said he would receive, "as soon az
convenient" British representa- tons
Tor revision of its whole $4,000 OO0-
O0O debt to this country. He reiter-
ated again that he is making no
promises Of revision. That power
rests solely with congress.
But the President will receive
Whatever plan the British have to
offer and will transmit it to con-
gress for consideration.
The expectation in diplomatic
circles is that tie conversations over
revision will begin here in July.
after the President returns from his
vacation.
Action Is AssaiIed
The Presidents acceptance of the
partial British payment aroused the
expected furry of opposition in
congress. Senators Robinson of
Indiana. Reed of Pennsylvania and
johnson of California, all Repub-
leans, denounced the action. Mr..
Roosevelt'S assurances that he had
made no commitments on revision
appeared however, to satisfy most
members
Robinson of Indiana led the at
tack, declaring the entire sum or
none Of it should be paid"
The same President who takes
s400, 100000 from the veterans I'M
dertakes now to accept $4,000, 900,
following the policy of the House of
Morgan, against British debt ag-
gregating $4,000. 900. Every one
knows that as long as we have
President who listens to Wall street.
S10.0o0,000 is all we are going TO
get"