Evening star., 1933-07-02

For the government Of any country to be re-
garded as truly enlightened it should encourage
and support the advancement Of knowledge and
hence geographical research. In recent
years the trend Of politics, almost wholly en-
crossed In sordid matters holds out little hope
for the encouragement Of the higher progress
Of mankind"
THE INTERNAL DEBTS OF THE UNITED
STATES Edited by Evans Clark, assisted
by George b. Galloway New York: The
Macmillan Co. Published for Twentieth
Century Fund Inc.
NEBTS are at the root of the financial de-
u preston, at least are very large root. The
foreign debts are the subject of more oratory
but it is doubtful If they are as important in
the efforts toward financial recovery as the
domestic debts of our country. This study,
made under the auspices Of the Twentieth Gen.
tury Fund, founded by Edward A. Filene of
Boston, shows that domestic long term debts
have been the dominant problem Of the latter
months OF the great depression and are now
major barrier to economic recovery. Upon the
solution Of this problem and the removal Of
this barrier depends In large measure the
economic fate Of American business and the
American people" The contributors to this
volume include. in addition to the two editors.
Frieda Baird, WyHe Fitzpatrick, Charles o.
Hardy and Edwin G. Nourse. all Of the Brook
ings Institution: Gardner c. Means, Victoria
J. Peterson and James c. Bonbright, all Of
Columbia University. as well IS . number Of
other prominent economists and. hnanciers
The different kinds Of debts discussed are those
Of farm mortgages. urban mortgages, railroads.
public utilities. Industrial and financial cor
porations, the United States Government, State
and local governments, banks and short-term
business personal and household debts It
Is an impressive and discourasing list. The
writer's Of this thorough study show i've things:
4 sYs1rA A~
debtedness, (2) the relation Of the debts to cur
rent incomes and capacity to pay" (O where
the debt burden Is intolerable, (4) immediate
steps to be taken to ease existing strains (5l
definite fundamental policies TO prevent future
defaults on . large scale. The last chapter, to
which the others lead up. is especially i'm
portant because 1t gives recommendations
prescription Of treatment after the careful
diagnosis has been made. The conclusion Is
reached that "the bulk Of existing debts could
be supported under conditions Of reasonable
business activity at the present or somewhat
higher price levels: that. while some debts must
ultimately be written on and some enterprises
must 60 through the receivership mill, 1t Is not
possible to determine which debts are essen
TALLY unsound Except in extreme cases) until
a reasonable level Of business activity has
been established" Some of the measures sug-
gested with regard to existing debts are IN
dividual adjustment between debtor and
creditor, establishment of an administrative
mechanism IN each particular field, reduction
of interest rates. reduction or waving Of
amortization charges reasonable extensions Of
time for maturing obligations, refunding and
refinancing maturing obligations, and as a
last resort, foreclosures. Measures suggested
to induce recovery and to insure economic
stability are expansion of the volume Of money.
expansion of public works. the control of
money and the control Of the creation of cap
ital. Some Of these measures will be recognized
as part of the Roosevelt administration pro-
gram This book is so much needed at this
time and is sponsored by such highly quail
fled research experts that it should command
the attention not only of legislators and busi-
ness men, but of all persons concerned in the
domestic debts of our country whether as
debtors or creditors.
PSYCHOANALYSIS AND MEDICINE. study
of the Wish to Fall Ill. BY Karin Stephen,
M. A., M. r. C. S., L. r. c. p. New York:
The Macmillan Co.
DIET IN SINUS INFECTIONS AND COLDS.
BY Egon v. Ullmann. M. D. New York: The
Macmillan Co.
THE NEW DENTISTRY. Phase Of Preven-