The Washington times., 1934-06-06
BY HIRAM w. JOHNSON
United States Senator From Cali
fOrnia
Copyright, 1884. Universal
Service, Incl

Copyright, 1884, Universal
Service. InC.)
Since 1882 the British govern
ment has been wiggling about,
hoping at small cost to preserve
its traditional high position in the
financial world.
Last year a small So-called
"token" payment in silver at so
cents an ounce was permitted
upon its just obligations to this
country and the President in his
gracious way said that he did not
personally consider the British
action a default.
This was a sort of euphemism,
possible only in diplomacy. To
Acontinue this diplomatic fiction
you'd be futile and absurd.
Hypocritical Pretense
Great Britain says now unless
upon small token" she receives
dissolution for her failure to pay
her obligations, she will not pay
anything at all. It is just as well
that we reach this stage.
The English insist their action
is no reputation. If this is so,
we are in no worse situation than
we have been for two years past
when little tokens of little or no
consequence have been made. In
deed it is better that the atmos-
phere be cleared.
The British Empire is now
stripped of its hypocritical pre-
tense; and this to the self-reSpect
of all concerned is worth the
token price.
The Foreign Legion press in
this country, the paid propagan-
dists of nations beyond the sea,
and the scribes who hug their
foreign decorations and who
apologize for being Americans,
affect to see dire consequences
in what has TRANSFERRED; and in
their anxiety to please countries
other than their own, they rather
bitterl'- denounced a law of which
! was the author and sponsor.
Necessary Stay
This law says simply that our
people shall not sell securities or
obligations of those countries
which have defaulted in their
payments to our Government. 1t
is an appropriate and necessary
protective measure. Our Treasury
is choked with bonds of foreign
nations Solemnly given as settle
mentS they themselves asked, and
settlements which were made for
only portion Of the debts due.
These obligations are now repudi-
ated.
What good reason is there to
permit Americans to sell in the
future to our people other bonds
of like character of these repudi-
ating nations?
To prevent this is simply a mat
ter of Self-protection relating to
our domestic economy, and none,
least of all, those responsible for
the situation, should be heard to
object.
If a nation declines to pay its
outstanding bonds held by an
other nation it cannot be trusted
to pay the bonds which might be
held by the people of that other
nation.
All the specious arguments now
utilized to excuse reputation to
cur Government would, dressed
in other forms, be made here
after to excuse reputation of
obligations sold to the people of
our Government.
Summed up in its essence, the
British note says we must cheer.
fully accept whatever it chooses
to give us upon pain of not be-
ing given anything at all. Their
tokens are worth no such price.
After all, the question is, Who
pays?"
The money that we loaned
Great Britain was wrung from
the American people. Upon it
the American people have paid
their interest and their taxes.
It was loaned to Britain, and for
the loan we agreed, at Britain'S
instance, to accept only a part
of our due.