The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-02-10
Foreign Representatives
SMALL. SPENCER, BREWER
(1ncorporated)
CHICAGO NEW YORK BOSTON
Labor Is Interested

CHICAGO NEW YORK BOSTON
Labor Is Interested
No one, not even the most optimls-
tic, believes that the United States
will collect in full the debts owed it
by Europe.
Shortly after President-elect Roose-
welt takes office he will discuss the
matter with each nation in turn on
the theory that the debtor always
should have access to the creditor.
No one expects that, if these confer
ences have any result at all. the out
come will be anything but further re-
duction of the debts and new adjust
ments in methods Of payment.
just how widespread is this recog-
milton is indicated by a series of
pamphlets which now is being dis
tributed to the newspapers Of the
country by the Brotherhood OF Loco
motive Firemen and Enginemen over
the signature of its president, D. B.
Robertson.
Robertson is one of the acknowl-
edged leaders Of organized labor in
America. The stated reason for the
pamphlets is the desire to acquaint
the working people Of America with
the history and facts OF the case and
their effect upon the well-being Of
the working man in this country. This
declaration of intention is couched in
the following language:
"Of all the various classes of
citizens it is the workers of this
and other countries who suffer
most from economic upheavalS
and who should take the leader
ship in securing appropriate adj
justment Of the factors responsible
for such upheavals. 1t is for the
purpose Of recounting the facts
pertaining to world war debts. and
the influence of these obligations
upon employment. wages and
standard of living. that series Of
short articles has been prepared
and will be released periodically"
The initial instalment reciteS the
fact that, upon its entry into the war
the United States was unprepared to
take active part at once and SO, in
order to bolster the Allied cause, it
loaned money to purchase munitions
and other material in this country,
raising the money by the sale Of
Liberty bonds.
This went on throughout the war,
America financing Europe's as we'll as
her own war efforts. Then, at the
close of the war, with the productive
resources Of the Allied nations badly
crippled. the loans were continued to
put them on their industrial feet. OF
the l,5ss,5O1 ,461 listed by Robertson
as inter-government debts, about 70
per cent was advanced prior to the
armistice and the remainder after
ward.
These debts were funded by agree
iaents entered into as late as 1928
The principal amounts were not re.
duced but interest rates were adjust.
ed on the presumed ability of the ma
tons to pay. England's rate being Sc
roughly at 81 per cent and that o
France at l.64 per cent.
The labor chief closes his frs
chapter with this observation:
"It was believed that with the
funding Of the debts the problem
was settled for all time. Events
have shown otherwise. With
growth OF the depression and the
decline OF business, the debtor ma
lions have urged that more salts
factory settlements be arranged.
The dissatisfaction of our debtors
has become SO intensified that to-
day the United States is vested
with q problem which cannot be
ignored II international relations
are to be maintained on friend
" basis"
All the indications point to the fac
that the upshot viii b m appeal fol
sane adjustment Of the entire ques'
ton. Certainly that is Necessary
America has set It's face sgsinst can
collation. without adequate return
That would never b approved. Blu
It i willing, @ always. to look fact
In the face and make the best Of ,
bed situation.