Evening star., 1933-05-08
Silence on the Debts.

Silence on the Debts.
When Europe tuned out President
Roosevelt's radio talk last night, it must
have contemplated what he sailor
rather did not say-with mixed emo
tions. Toward the close of his clear
and candid statement of administration
achievements to date and plans for the
future, Mr.. Roosevelt declared that "the
international conference which lies be-
fore us must succeed" but his address
was silent as the tomb on that Ameri-
can-European issue, the war debts,
which Europe considers an absolute
condition precedent to success. From
the standpoint Of our debtors, the
President of the United States would
stage Hamlet. with the melancholy
Dane left out of the cast.
In the same newspaper which this
morning carried the text CT the Roose-
velt broadcast were cables from London
indicating how Americas debt attitude
is already affecting the impending
monetary and economic conference.
The British government awaits some
Assurance of a moratorium on war debts
before committing itself on the Presi-
dents proposal Of tariff truce between
now and the adjournment Of the con-
ference. Despite the glowing accounts
of his hospitable reception in WASH
ington fortnight ago, Prime Minister
Macdonald has been unable to induce
his cabinet to accept Americas invita-
ton for an immediate stacking Of tariff
arms. The British want the war debts
brought back to the center of the eco
nomic stage, and seem prepared to block
President Roosevelt's international plans
until that is accomplished. Our special
disarmament and economic ambassador,
Norman H. Davis. has spent futile
week in London, attempting to bulge
John Bull from this position.
France is no less hesitant to enter
into tarin armistice, which 50 far
has been accepted only by Italy and
Japan. Disappointment over. M. Her
riots failure to bring home debt re-
vision assurances from the United
States Is widespread in France. It will
not be diminished by Washington de-
malls Of Paris reports that America was
agreeable to thirty cents on the dollar
lump sum settlement of the debts. MOI
is French desolation over the Herriot
mission minimized by the United
States persistent refusal to give France
coveted security guarantees Meantime
the Paris government, far from evincing
any enthusiasm for a tariff truce, is
moving to impose surtax customs rates
against American imports because of
the deprecated dollar.
The President broadcast as the first
objective Of current conversations with
foreign statesmen at Washington "a
general reduction of ornaments" with
a view to banishing invasion fears and
balancing budgets. While Mr.. Roose-
welt was proclaiming this noble aspira-
tion, Germany, now held to be the chief
obstacle to armament agreement at
Geneva, made two moves which can
only render an armament accord more
difdcult of accomplishment than 1t was
already. Chancellor Hitlers proposed
military drilling Of German labor, ad-
vanced at moment when the Reich is
seeking arms equality and when the
Nazis have just become masters of the
private Steel Helmets army, is hardly
designed to create q favorable atmos-
phere for that disarmament goal which
the American President places. at the
forefront Of his international program
And on top Of all this comes Germany's
claim at Geneva to the right to build q
26,000-ton capital ship before the 1885
naval conference, to match the Dun
kerque, which France laid down against
Germany's 10,000-ton pocket battle
Ship
Mr.. Roosevelt pleads eloquently and
persuasively for a realistic view Of the
country's business situation. He warns
us against any temptation to "ballyi!oo'
ourselves back to prosperity. Events oi
the hour in Europe ,admonish the
American people to be equally realistic
with respect to the outlook for inter-
national agreement in the fields ol
disarmament and economics.