Evening star., 1933-07-03

F1nland's place among the nations,
despite its limited area and population,
receives high rating among Americans
as a result Of its being the only nation
to pay in full its June instaliment on
its debt to the United States. Thrift
OF the people is lauded, and it is recog-
nlzed that the Firms would have had
valid reason for demanding Ieniency.
because of its desperate battle to halt
the spread of Red principles and
the poverty it suffered through that
struggle
Observing that this republic paid its
June obligation in full" the Cincinnati
Tlmes-Star declares: True, the sum in
volved, $l48,59 will have an impercep-
t1ble effect on the American ledger,
but 1t is no trifle in the Finnish bud
get, which Is less than one-fiftieth of
the size OF ours. Finland has suffered
as much as any other country from the
depression and her leading industry,
lumber. has been particularly hard hit.
Had she wanted to default, Finland
could have found as good economic
reasons as, say, Lithuania, which failed
to pay smaller sum-" The Times Star
also recognizes the unique services of
Finland with the statement: For her
stout defense against the spread of boil
shevlSm, the little republic had q real
claim on the generosity of the great de-
mocracy overseas. Yet when the Euro
pean debts were funded in 1923, Fin
land was the first to sign. and she
signed without a murmur. Her unique
payment in full now. when reputation
OF promises to pay has become almost
fashion, has in it the makings Of a
proverb."
1t is assumed by the New York Her
old Tribune that Finland could have
found Just as many and as coed excuses
for default as most of the other debtors.
had she been gated that way" while
the Boise Idahoan Statesman remarks:
How easy 1t would have been for Fin
land to argue that her battle against
the Reds was fought in behalf of the
whole world; that her victory prevented
the spread Of the Red menace to our
shores. and she shouldn't have to pay"
The Boise paper records of the struggle
IN 1919: 1T seemed inevitable that the
Reds would gain control. but such q
brave. heroic fight was put up that fate
Or what seemed to be fate at the time
was thwarted. But when the fight
was over Finland was exhausted both
economically and financially. Her popu-
lace was ragged and hungry. her com:
mercial trade was gone. She appealed
to America for aid and Congress ex-
tended credit for foodstuf1s and grain
The debt incurred on this account
amounted to trifle more than eight
million dollars"
The San Antonio Express finds an
interesting angle in the case of Lithu-
ania, one of the neighbors of Finland,
which made no payment on the $132, ,073
due in June. Referring to an estimate
that former Lithuanians residing in
this country send about two million dol
lars a year to their homeland, either
to relatives or for investment" the Ex-
press suggests: THAT fact alone should
influence the Kovno government to
maintain its credit at Washington"
Somebody ought to inform the
Firms" comments the Columbia Is. c.
Record, "that it is no longer fashionable
to be paying old debts, the payment be-
ing harder than the borrowing. Fin
lands solitary example may arouse dis
cusS1on. It may even cause United
States Senators to consider what the
effect upon the liquidity Of banks would
be II all borrowers in the United States
were able to and should pay their
debts" The Bangor (Me.) Commercial
feels that "the Finns achieve a credit
account in this country" and continues: !:
"The American people, recognizing the
Prospecting attitude Of the Firms
will look with favor on Finnish goods,
while II it becomes necessary for Fin
land to borrow money abroad it will re-
ceive sympathetic treatment in the
United States. The Finnish payment
did not bulk large in amount, but it
was money well expended"
1T is politically unpopular In the
United States to suggest either reduc-
tion on cancellation and politically un-
popular abroad to pay In full or in
part" comments the Sioux Falls Daily
Argus-Leader. What we need is q So
here, but that seems impossible" The
Port Huron Ttmes Herald pays . tribute