The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-06-19
M. TracySays:

A MEXICAN delegates to the economic con-
L n ference profess to be shocked and surprised
by Premier MacDOnald'S presentation of the
war debt issue at the first opportunity. This is
due to their own stubbornneSS in refusing to
face realities. An agreement to bar this issue
was merely one more vain attempt to SideStep
facts.
What Europe wants, and about all it wants,
out of conference with the United States is
reduction of war debts. That represents tan
gble game for England France, Italy Belgium,
and indirectly, for most other European nations.
Other items up for discussion, while offering
some hope of relief, are experimental. No one
knows whether an accord can be reached for
downward revision of tariffs, or how it would
affect the interests of various nations. The
same is true regarding sterilization of curren-
cieS.
When it comes to war debts, however, results
can be calculated in precise way Reduction
means immediate relief for Europe, and that is
what Europe wants.
DREMIER MACDONALD deserves our graft
L tude for his frankness. He stated only what
was in the mind of English, French, Italian and
Belgian delegates, telling us very plainly that
though Europeans had agreed not to take up
war debts at this conference war debts consti-
tuted the issue which they regarded as all-im-
portant, and without adjustment of which
nothing substantial can be accomplished
We can go on deluding ourselves with the
thought that discussion of debts be
avoided until we have gained certain points in
which we are interested particularly, but it won't
do the slightest bit of good
American leaders, as we'll as the American
| public might just as we'll make up their minds
that the debt tangle has to be ironed out and
! that European statesmen are schenling, nnaneuv-
ering and working with that one end in view.
In this connection we might just as we'll
make up our minds that We are not going to get
what is owed us and that we shall get far less
than existing circumstances warrant if we con-
tinue to be misled by proposals and discussions
| obviously designed to put us off guard,
THE time has come to meet the war debt
problem with entire frankness and to make
the best bargain we can. AS long as that prob
lem remains unsolved, as long as we try to evade
it by insisting that other questions be settled
first, we shall make no progress for ourselves or
any one else.
Whether these debts are as important flnan-
cially as European statesmen seem to think, they
have assumed a psychological Importance which
no one should minimize or ignore.
Europe has reached point where it actually
believes the situation is hopeless unless they are
| revised That belief rapidly is becoming a fixed
conviction. If a settlement is not reached very
soon, there will be q general and continuous
default.
While We can stand such default, as is proved
by what we have stood during the last twelve
years, it would destroy all hope of accord on
such matters as disarmament, tariffs, and cur
rency sterilization.
While justice demands that European
governments take the initiative in bringing
about war debt settlement, it is only good
sense for us to meet them openly.