The midland journal. (Rising Sun, Md.) 1885-1947, 1934-06-15
by William Bruckart

a terrific bombardment of propaganda
from the borrowing nations and from
some of the misguided folks in our
own country calling for absolute can
collation.. But cancellation could not
win. 1t was impossible. So there fol-
lowed lot of negotiations in which
commissions from foreign governments
came here and conferred at length
with our debt funding commission.
Settlements were eventually worked
out. The debts were funded That is,
the debtor nations were given long
time in which to pay. They were CIV
en- enormous concessions by our debt
commission in order to get some agree
ment for repayment of the various
loans. / know whereof l speak re-
garding those concessions because it
happens that l am the only newspaper
correspondent in Washington who re-
ported everyone of the debt confer
ences, and l say unequivocally that
those funding settlements represented
on the average a reduction Of more
than one-third in the total amount
which the debtors contracted original
ly to pay.
Now, again we are in the midst of
new efforts to get something done in
the way of repay
Dodges ments. The foreign
Ds nations are not 60
ing to pay if it can
be avoided. They put up the very
natural argument that obtains with
everyone who is in debt and who has
been hit on the chin by depression
conditions. They cannot raise the
money, so they say. To avoid de-
faults, some of the foreign nations
made what they called token payments
a year ago at this time. Some of them
have offered token payments again.
But token payments amount to about
the same thing as when your friend
eats the apple and hands you the core.
1t was nice apple to begin with, and
the funding settlements were nice set
Elements when they were signed.
Frankly, / suspect that the United
States is never going to get more than
about 10 per cent of the total now
due. There will be plenty of argu-
ments, propositions and counter prop
ositions, negotiations and hauling and
filling, and after awhile some of the
foreign governments will have sue
ceeded in creating enough public SEN
timent among their home people to
cause a national action of the same
character as that taken by France a
year ago.
The condition as regards the foreign
debts owing the United States, I am
afraid, will be paralleled right here at
home by individual and corporation
and bank debts owing the federal gov
eminent. Many borrowers will run in
to hard luck, as they always have
done, and they will appeal to the poll
ticians to save them.
When those debts become political
issue, it will be an issue too strong for
politicians to Withstand. They will
arise on the floors of congress and
weep about the plight of "those poor
people"
The special senate committee is get
ting under way with its inquiry into
the various indus
Nav Stir tries that manufac-
~ CAL ture materials for
war, and it appears
now that it is headed into an investi-
CATION that will disclose plenty of
things that will cause stink to arise
when the investigators have laid their
findings before the committee headed
by Senator Bye of North Dakota.
spent a couple of hours the other day
with one of the wheelhorses command
ing the investigating force and 1t was
certainly his opinion that there are
things awaiting revelation that will
SIlrnriSe the nODulacp He is conf