The midland journal. (Rising Sun, Md.) 1885-1947, 1946-01-11
News "a
BEHIND
THENE|E|&E!$i||IEI!
Released by Western Newspaper Union.
By PAUL MALLON =

| the British loan deal Is that there
are only three things which can be
done with the British:
(a) Prop them up.
| (b) Let them fall.
(c) Let the Russians take them.
On this basis the project was sold
to the reluctant and discouraged
congressman will increasingly be
sold. This is the argument which
won congressional approval. !.
In its details, the arrange
ment is indefensible. A care
full reading Of the agreement
will show that upon practically
every agreed point, the British
have cOntrived an escape clause
or phrase-in short, an out.
In the matter of interest pay
ments, for example, these will be
waived unless British trade aver
ages more than 1868 for five pre-
ceding years. Again, the British are
to try to do something about the ster-
ling discrimination pool against the
dollar, but will only make every
endeavor" to do so. They agree to
"relax," not stop.
FEW BENEFITS FOR
AMERICAN PEOPLE
Again, they agree to discuss a
new de luxe super Breton Woods
arrangement to create a world
trading and monetary system; they
agree to- work with us for this Gin
ternational trade organization" at a
world conference next year, but
there nothing definite is provided be-
yond the discussion" stage.
Again they promise to pay per-
haps $50 million dollars in settle
ment Of "lend-lease" chow irOni-
cal those two words sound nOw)
but only so millions is to be cash
within five years, and we will
not take this money, but will use
it to build educational or other
institutions i'm the British en-
pire.
| There is hardly line in the
agreement which Is not hedged
thus with a legal escape for
nonfulfillment.
| For this, we are to throw 3a4 bill
lions more after the Is billions of
"lendlease" we are cancelling Off
| thus giving them title to remaining
planes, guns, trucks, typewriters
and what not, without trying to get
| the materials back for scrap or use.
| (Army claims we already have
more than we can sell or use in sur
plus property, but they are thinking
of peace, not yet restored.)
The best objective world finance
authorities tell me the British care
fully carved their excuses in adj
vance, because they cannot expect to
repay this 'loan" any more than
they could pay our war advances,
given away under the disguised
booby-trap phrase "lend-lease."
They have no raw materials on
their island except coal. They cam
not produce without raw materials,
and they cannot pay for the ma
terials except by production.
BRITISH FUTURE DOES
NOT JUSTIFY LOAN
With their prospects they would
have difficulty getting anyone to say
their amortization. plan for this
''loan" is sound. They can win
a respite against fate with our
money, but their 55-year future does
not justify the deal financially.
But what could we do? The
Byrnes people are already ask
ing the senators in private. The
senators are saying we could
have taken title to the equip
ment we have given them and
used it for storage against the
future or scrap; we could have
taken payment in materials Of
which our own stockpiles are
low; we could have acquired
territories needed for raw ma
teriaIs, and for civilian and mill
tary world air bases.
In short, we could have reached
fair and good business settle
ment Gin kind" and closed the
books on this endless dumping of
the product of our toll into Britain
these last 30 years. We could have
reached final settlement.
AS it is, we have left the books
open, to furnish more money when
this ''loan" is gone and cannot be
repaid-money which really repre-
sents the sweat of our workmen, be-
cause our treasury has no money"
except as it drains that source.
We could have wisely prepared
| ourselves with territory, stockpiles
and power for the new barter world
of trade (Which is coming as surely
as borrowed international money is
never repaid). We could have won
the peace with this deal.
A few of the bravest administra-
ton congressman said God loves
everyone and the British loan agree
ment is a good one, Immediately
after 1t was announced.
The suspicious or knowing con-
| ..~ecx.eox. vn.,ndlx, dano..ncod n