Detroit evening times., 1945-08-27
PAUL
.NIALLON
Behind
The News

" Shennanlgans are starting
for the dispensing Of credit-and-
loan billions abroad 10 replace
lend-leaSe. Mr.. Truman an
nounced the good news about
the let-doWn m lend-leaSe spend
lng. and Mr. Crowley simulta-
npouSly took the credit to
taxpayers for the news that
Britain, Russia. France. China
and the rest of the world we're
coming IN with their hands out
10 HIM now.
Every news reader Is natu-
rally asking himself the question
what kind of bargain did We
get or are We going 10 get.
II should be a good bargain
because the rest Of the world
is politically noH-co-opefatiVe
with MS in certain glaring eX-
amples of foreign policies. but
must have our financial help.
This answer is nowhere appar-
ont yet IN front Of or behind
the news hut some doubtful as
poets arc diSCernible to those in
the financial know-how.
TAKE Britain first. the biggest
L and most-esSily-Seen case.
An American letter ia business
men, purpOrting 10 carry official
British viewpoint although IT
does not always say sol iuSti-
fes large loans 10 London on
the ground that the proposed
socialism for the British mines
and transport (thelr purchase
by the government is to he
financed by self hquidating
hondS-So we naturally can have
no interest in them
That IS the kind Of prOpa-
Ganda To appeal TO the Ameri-
can bushes mind - self
hqudatinG loans arc sound.
They pay themselves off from
profits So. concludes the propa-
canada letter, there could not
possibly be able objection TO
them in the United States.
The propaganda neglects IN
reveal 10 our people the one
salient fact Of the matter which
would knock that whole appeal
into a doublecoCked Homburg,
namely that British socialism
ContemplateS also taking over
the Bank OF England, which. Of
course is the most important
consideration in her future
credit standing
4 NY American businessman
~ who thinks Of that fact lhe
will have 10 think Of II himself
because the propagandiStS will
not tell HIM will Immediately
say 10 himself
why. II the Socialists are Ia
abolish the standards Of credit
Of capitalism in their hest, and
perhaps change II fram day To
day, or run IL In any direction
they want, would not make
them loan. would make
them give me some unchange-
able assurance Of financial good
faith before l would even con-
slider It,"
Now their argument tthe
/ British is that they had 10
have the Johnson Act repealed
10 cancel their last war debt:
the London economist was put
up 10 say that q 50-cents-on-the
dollar settlement is necessary
10 pull them out Of lend-leaSe
red (although no one else said
anything officially about paying
anythIng), and they are in A
desperate financial plight for
dollars, credit and internally
from their terrific war debt
but they want more debt from
us and want 10 increase their
internal debt untold billions
more for socialism and make
their people pay the interest
That sounds like a one-Sided
proposition
To put It in its simplest
terms Britain wants us 10 pull
her out Of the red and vet have
her way, exclusive of our IN
terests IN any particular. Her
government told Parliament It
would he awful for us 10 inter
fere with her wishes IN any
way
THIS same proposition is being
L sold 10 the public in an
equally clever political way.
The news accounts out Of the
! Crowley press conference (quite
plainly presenting off-the- record
materian said p $1,000 .n00. 900
loan 10 Britain was being dis
cusSed but British officials were
anxious N make some arrange
ments concerning eNterna
debts incurred during the war
before taking on additional out
side debts
Not word was mentioned
about Britain taking on more
internal debts by purchasing her
own industries ones which she
already controls in the public
! interest
our offiCialdom lust lot il he
known some way would have
to nc found io carry Britain
over the bumpv road ahead
but not a word that I see about
what we would get out OF II IN
any particular.
DUT one day the news from