The Ypsilanti daily press. (Ypsilanti, Mich.) 1928-1962, 1940-12-16

eIf
len d er limited
that he'd like at least an OCCASION
al remittance on account And sup
pose that the borrower thereupon
replied, why you darnel old Shy
lock-" And suppose that the lender
never did get back a single kopek
Then suppose that the same por-
rover, becoming involved subse-
quently in a fresh financial jam,
were 10 apply TO the same lender
for another huge loan. The con-
gressional critics aforesaid agree
that the chap so appealed TO might
have reasons for dishing the cash
out to him. but would feel very
hopeful Of ever having it paid back
again? Would he" the critics
query, remark, upon receiving his
already defaulting debtors appli-
cation, i consider that guy good
risk'?"
When British Ambassador Lord
Lothian recently returned to
Washington from visit in London
with news that John Bull impera-
lively requires new contribution
from Uncle Samuel; even the pres
entity most critical of our congress
men were prepared to admit that.
considering todsy's worl situation.
maybe our best interests made 1t
desirable for us to hand 1t over.
But they say they certainly didn't
expect Commerce Secretary and
Federal Loan Administrator Jesse
Jones to observe. We'll, it's a good
risk"
Outright Gift.
Lord Lothian himself didn't ar
que that Britain's a good risk"
Neither did British Treasury IN
dersecretary Sir Frederick Phil
lips. when he, too, arrived in Wash
ington to back up Lord Lothian's
application. Both his lordship and
Sir Frederick rather plainly inti-
mated thu. their country's after an
outright present. And perhaps that
would be worth while from Uncle
Sans standpoint. However. a good
risk was what Jesse Jones called
the proposition-distinctly imply
ng that h, thinks there's more
han a fair chance that well get
our dollars back II we ante them
into the jackpot
Moreover. Treasury Secretary
Morge.:thau UNDERWRITERS Jesses
comment.
The impression get from talks
with plenty Of Washington officials
Is that Jesse and Henry are the
only pair who subscribe to The
good risk idea. That Henry does
isn't so general a surprise. for he -
doesn't widely rate as much OF a
businessman, anyway. Jesse's re-
puted TO be exceedingly hard
boiled, though he astonished
nearly everybody who knows him.
The question also is raised,
How are Jesse and Henry going
to provide the credits Britain is
seeking without the repeal Of our
Johnson and neutrality laws?"
Their repeal is being urged. to be
sure, but it's bound to be holly
contested.
True, the treasury does have
available a $1,000 100000 stabilize
ton fund, and scarcely anyone Is
sure exactly how far that fund can
and can't Re manipulated. Possibly
Britain can be given the benefit of
some Of it. without calling 1t tech
nically an extension OF credit. But
the trouble Is that Britain won't be
satisfied with a mere measly two
billions. Either the johnson and
neutrality laws will have to be doc
tored or the Sterilization fund will
have to be greatly sweetened to
meet John Bulls necessities.
Besides, the sterilization fund
already has been considerably
dipped into. Only the other day a
deal was framed up 10 take $780,
100000 out Of II. as a credit to
Argentina. and the Export-Import
banks to contribute = like amount
altogether sl00,000,000, to the
southern republic.
Where l. Money Going:
But how can we oe sure the Ar
gentinos won't spend this Doodle
In trade with other countries than
Dur own? This question was asked
Of Secretary Morgenthau His an
swer was that ne has every conf