Imperial Valley press., 1933-01-04
HIRAM URGES
BAN ON DEBT
REPUD|ATORS
California Senator Launches
Bitter Attack On Proposals Of
Cancellation.
ACTION TO BE DEMANDED
Johnson Would Bar Defaulters
From Opportunity To Trade
In American Money Market.

WASHINGTON, Jan. 4. W.P)-
Senator johnson (Rep) California,
in a bitter speech excoriating war
debt cancellationists and default
ers, called on congress today to
bar from the American money
market all foreign debtors who re-
pudiated their obligations to the
United States or the American
citizens.
johnson has such a bill before
Inc senate finance committee. III
the midst of his war debt speech
today he announced he would de-
mand senate action at this session.
Johnson spoke of the 1925 report
of the war debt commission when
debtors except England were re-
fusing to fund their war and post
armistice obligations to this coun-
try. Tt states that it was ''con-
trary to the best interests Of the
United States to permit foreign
debtors to float loans in the Unit
ed States until they had funded
their debts"
He said the state department SO
informed American international
bankers who sought to distribute
foreign securities in American mar
ketS.
Before this session of congress
closes I shall ask that such a poll
cy be enacted into law" johnson
shouted, his fists failing the air as
though punching bag.
"They would have us pay the cost
Of war while they keep the spoilS.'
Johnson had recalled how Eur
opean nations pleaded during the
war for financial assistance.
"They said 'our backs are to the
WALL he continued, "and I re-
call how they prayed for the Unit
ed States to come to their asSis-
tance.
"The American people paid the
price. 1t was plaeded and de-
manded that they give until it
hurts and they gave with patri-
otism unparalleled. Our people in
some instances beggared themselves
to do their duty and buy govern
ment bonds
Post War Loans Made
Johnson said that the United
States had advanced more than
5000 100000 to European countries
for rehabilitation after the armis-
tice and that most of the nations
which have signed funding agree
ments haven't agreed to pay even
a part of those post-armistice re-
Mobilization loans"
80 long as we accepted their
promissory notes we were the most
idealistic nation ON earth"
Senators listened to Johnson
with flattering attention. More
than half the members were in the
chamber to hear the Californian.
Johnson read communication
from President Wilson to Lloyd
George, written in 1920, which
stated that congress had never
delegated the power of cancella-
ton or reduction of debts to any
agency.
sIf that position has been alter
ed, which I deny" he exclaimed,
"it was altered without the auth
ority of law.
''That has been the position Of
the United States government since
then, even though it might have
been practically altered in 1881
and 1882"
Johnson reviewed the Versailles
treaty negotiations and declared:
"Its a glorious page in the his
tory of our country that when we
sat at the peace table when the
Central Powers were dismembered,
we asked no reward, no spoil or
booty, and that some of the ideals
of the war existed at the making
of the peace.
mot so with some others. They
carved and carved and when they
took everything of value, we took
nothing"
Great Britain got 100000
square miles"