The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1936-02-13
BY WILLIAM c. UTLEY

5s "t--tNW ~ - -
~HALL we cancel the war debts!
Ask any average American
\ that, and the hair will begin TO
bristIe on the back Of his neck
Cancel the war debts? Well l
guess not! Those Frogs and Wops
borrowed all that dough in good faith;
we raised II out of our own pockets
in Liberty Loans, and now, by GOD.
let EN- pay IL back
and there Mr.. Average American
will usually utter a derisive snort.
turn away in disgust al the very IDEA
Of canceIing a business mans agree
ment'' and stomp of, muttering TO him.
self about the depths 70 which inter
national integrity has sunk when ma
tons whom we helped win the war
will gyp US out of our just rights.
If you had asked him chad he given
you the chance) just what he would
do If the debtor nations won't pay, &C
cording TO the terms Of the agree
ments, he will go red with anger and
simply stare you down as though you
had insulted him by even bringing the
matter up.
But Finland excepted (good old Fin
laudO, the debtor nations are NOT
paving, and give little or no indica-
ton that they intend 10 pay in gold or
dollar currency. -Four courses lie
opel: To go on insisting that the deb
tors live up 10 the letter Of the agree
ment. and simply act frightfully right
eous and annoyed when they don't;
10 cancel the debts in part, hoping TO
salvage at least some Of the loans !;
10 cancel them altogether and forget
about the whole discouraging mess, or
10 revise the means of payment TO a
form in which it will not be looked
upon as so difficult by the debtor ma
tons.
Commercial Youth Has Plan.
The United States Junior Chamber
of Commerce believes il has hit upon
a plan of revision Of the method OF
payment which should prove accept
able to both this country and its cred
itors. Certainly il ii works it would
make COAECL4As Tit 0CON Tvs ~ -N-
for Americans and for foreign inn
keepers (until they got around TO pay
ing their taxes. at leasO. For the
plan would allow Americans TO travel
In the debtc- nations, paying their
wav with credit certificates on those
nations. which would be exchanged for
domestic currency by the foreign gov
ernments. Americans would pay the
United States government for the Ger
tihcates and the payments would ap
DIV on the war debts; the foreign gov,
e-uments would float domestic bond
issues TO raise the money TO redeem
the certificates. thereby transforming
the war debt from an external one &c
an internal one. But that's getting q
little ahead of our story.
The United States Junior Chamber
OF Commerce and the 500 branches
with which ii is affiliated are making
some progress in getting the plan rec
ognized. The efforts OF $1,000 profes
siouaI and business men between the
ages Of twenty-one and thirty-hve WHIT
are members, and the approval OF 2oO,
600 other such men who are associ
ated with them. are behind it Since
these are, presumably, the young me'
who will direct the destinies OF Amer
lean business in years TO come, the
plan has more than a slim chance o.
one day becoming national issue.
The author of the Big Idea is Thorn
as D. O'Bryan. chairman Of the IA
tfonal body's war debts committee
O,Bryan was bora and reared il
Lovflia. Iowa. and attended Iowa State
university at Ames- He came TO Chi
cago with head for figures TO wori
in the foreign exchange department o
large brokerage house. To ut hiId
self better for his Job. he burned th'
lamps long and late every night. Rad
ing up on the history and princip> 1
of foreign exchange. and il was Il
these early morning hours when decen
folk were long in bed that the O'BryaI
Plan. as II is now known first hegal
70 see the light of day. II that ism
mixing I'D the metaphors too hopeless
" for anyone to follow.
A Word About Plans -uthor.
Today. ar twenty-eight- O'Bryan L
man with a mission. Tall larg'
honed. darkly handsome, OF serious