Evening star., 1933-06-19
A Moratorium on Impatience.

A Moratorium on Impatience.
If anything were necessary to en-
phasize the urgency of the promptest
possible settlement of the debt problem,
it is supplied by the tone OF the notes
the United States has just addressed to
France Belgium and Poland, the Euro
pean debtors, who, while remaining in
default for the December and June
payments, seek revisionary negotiations.
Acting Secretary of State Phillips, IN
reply to the appeals for revision, sets
forth that the United States Govern
ment must. in all frankness, call at
tention to the problems raised by the
failure to meet the payments due in
December, which problems have not yet
been solved or even discussed between
the two nations" With that almost
brusuue observation there is ignored the
defaulting governments suggestion OF
debt review.
Between the lines Of the identical
American notes is plainly to be read
that until delinquent payments are met
in whole or in part, revision Is unde-
batable. On the other hand, Wash
ington's acceptance of British and
Italian token payments is accom-
panied by expressed readiness to take
up revisionary discussions with London
and Rome in due course, procedure
also to be followed with Finland, which
achieves the lonely eminence of meet
ing In full all payments due to date.
International comfy is not promoted
by such an impasse as the debts have
now produced or by the exchange OF
such diplomatic correspondence as the
State Department has just had to con-
duct. Congress being the sole arbiter
Of the issue, it will be at least another
six months before it can be settled
with any approach to flnality. Mean
time. the American people, whose senti-
ments Congress will eventually reflect,
cannot do better than to devote them
selves, as President Roosevelt and his
advisers are sure to do, to studious and
dispassionate consideration Of the whole
complicated subject. During that in
terval there should be a cooling-o pc
Rod and a moratorium on impatience
and prejudice That applies to debtor
Europe as we'll as to creditor America.
At the moment public opinion in the
United States Is almost unalterahly op-
posed to new concessions. Those debt
ors who have deliberately defaulted
have assuredly not improved matters
In their own favor.
But this unhappy situation does not
alter the fact that the debts cannot be
left eternally suspended IN midalr.
Sooner or later something will have to
be done about them, if they are not to
continue to poison and aggravatc inter-
national relations. AS Europe-broadly
speaking-does not intend to pay, cer-
tainly does not intend to pay in full
what then?
That Is the question this country has
to pose itself and to answer as expedi-
LlOuSlY dS VIC IlOiC P4CSAoAAAS PAONANAAi
Of domestic economic restoration per-
mits. The country and Congress, ii
wise in their day and generation, will
approach the task OF answering II
open -mindedly and exclusively in a
spirit of common sense and enlightened
self-interest. In The Sunday Star q
well-known Washington writer on poll
tics and economics declares that SUBJ
stantial reduction of the debts may
now be taken for granted" He says
''the truth is, that Congress is being
gradually let down" 1t took several
stages, he points out, for allied Europe
to confront the fact that Germany
would pay but few cents on the dollar
in reparationS, and he suggests SIM
liar process is under way in the United
States with respect to the debts. Presi-
dent Roosevelt having declared that he
personally does not consider ten pei
cent token payments" as defaults, the
writer just quoted asserts it may be ex-
pected that the next move Will be ar
offer to settle the whole thing on ter
per cent basis" That would NEAR
Uncle Sans collecting about billior
dollars of the eleven billion odd dut
altogether.
Whether this or something else is tht
prospect, We as people indubitabIy ART
face TO face with the compuls!on t
make up our minds about it. And ii i
no less imperative that We keep ou
national temper while doing so. Il
private life no creditor strengthens hi
case or enhances his collecting chance
by abusing his debtor no matter hoy
reprehcnsible the latter's conduct is
The creditor generally concentrates oil
figuring out what is best for himsel
under all the circumstances. That i
what the United States is now Gale,
upon TO do.