The Waterbury Democrat., 1946-03-08
British Loan
Described As
Complicated
Explanations
TO U. 5. Senate
Not ANY Simpler
Ry FREDERICK Q. OTMNfAN

KY r ANGA$AAANANAA ~ - AeAefAeAeN
Washington, March S-(UP)-
With time out only for lunch
(bought with o non.interest bear
ing silver certificate Of the U.s.A)
I have found out about this new
loan TO the British.
I can describe the whole $780,
100000 idea in one word: complies
ted. 1t Is getting no simpler, either,
the more the experts explain 1t to
me and the U. s. Senate.
Let us consider first the Secre-
tary Of the Treasury, the man with
the eyebrows, Fred M. Vinson. He
sat on one side Of o gigantic cof-
nn-shaped mahogany table and
spent q day and a half telling the
members Of the Banking and Cur
rency Committee why he believed
we should lend our cousins the
money.
This Vinson is an able citizen.
His views must be accepted with
respect. was pleased to observe
that he wore q black tie with red
dish stripes, q cravat which indi-
Gates that he spends not one nickel
more than necessary on his haber-
dashery. A man who Is careful
Of little things may be expected,
etcetera on the big ones.
Many on Hand
This loan, fellow taxpayers, amt
little. So q lady in q loud blouse
sat In the first row Of spectators
knitting what looked like the sleeve
Of a blue sweater. Day long she
counted under her breath, either
her purls or Wilson'S dollars. It was
hard to tell which. Numerous other
folks were there, too, including
about half dozen gents in dark,
horn-rimmed eyeglasses. These were
Britishers. observing. My man said
you could spot 'em by the choco-
late shade Of their spectacle rims.
Americans wear light-colored rims.
SO Vinson made his statement.
He tangled with an assortment OF
Senators including Robert A. TAFT
Of Ohio, Abe Murdoch Of Utah, and
Ernest w. Mcfarland Of Arizona
over such esoterica as invisible in
comes (even as yours and mine)
gold credits, sterling balances and
dollar polls. With your permission
I'll skip those.
Assistant Secretary Of State viii
Clayton, the big cotton man In q
fine cotton shirt, came along then
and told the same story in differ
ent words. He also got into the
same arguments with the same
Senators.
It Is peculiar Cor maybe It isp'D
how q head like mine begins u
ache from the strain Of q session
like this, but believe ! have the
deal figured out. Vinson and Clay
ton claim the British have got te
have this dough so they can buy
stuff from US. II they don't, there'll
be an international depression, and
whooiel I'm still quoting Vinson &
Company. Some Of these Senators
aren't so sure.
May Skip Interest
SO we lend the money to tn
British and charge 'em something
under 2 per cent year Interest. I
business still goes blooie, We ski
the interest. strictly as 5 business
loan. Vinson said the scheme wa
not 30 hot. lie said he liked u be-
cause Of Us other advantages.
We do not have any $3.50 900 90
70 land across the ocean. Vinsol
has got 10 borrow II from the peo'
pie. He thinks this should be easy
II he can sell rs bonds that pes
i.04 per cent interest ana loan ~
dough 10 Britain at i.Je PER cent
he might make = proiit o. abon
ia Of one per cent.
Senator Taft said al right. then
what's the Idea Of charging hom'
buyers four per cent? Vsnson aals
that wasn't his business. TIT
arguers then took up BTitisl
credits, south African gold mine
and-I swear it~Why mechanics
Gotten pickeEs won't work ~ Brazil
clayton said Il vas too hilly there
Na~MmaAnrm Estimate thai t1aa NTmltnI