1925-06-02 — Page 8

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Writing from Singapore, under date. March 31st, 1922, Sir Guntray Themas, Private Secretary to HRH. 7 Paron on Walks, sya :---

SI-I beg to acknowledge the receipt of your letter of the Sri

•istant and am desired by the Prince of Wales to thank you for the copy of the 60th annual edition of "The Dockrest & CaSOWICIE FOR OHINÁ, Japan, THE SIKITS SEPTLAKERITA, VIC, BEC," which His Boys! Highness has been pleased to accept, and which will be extremely useful during the remainder of the tour.

The Managing-Director,

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WHY FRANCE SHOULD PAY.

SENATOR BORAH STATES THE AMERICAN CASE.

Wasiuros, May 3rd.

In addition to steps to willeet ware debts from Emp-n connies, the Government has drawn attenta to the failure of some to pay wither prmchai or interest on reconstruction, lotus made after thr Armistice. The Government les notised that there will be no discrimination is the discharge of debts of this character. Reuter.

in publishing this cable were to it the caption Pay! Pay! Pay" and an American reader, who signs bil F. H. T. sends us the following article. contributed by Senator Willam E. Barah to the Nee York World of April 8th, 1927, "Geterally speaking," writes our cor respondent "there has been but one side of the argument put forth in the local press, and while Senior Borak's article does not touch on that point, there are probably people in Hongkong who still believe that

the statements made in the fanous Balfour Note were correct."

.. Following is Senator Bernh's article:

FLEA FOR CANCELLATION OF DEBT WEAK.

1925

|

Observing upon the title page of one of the oldest and most uated of English magazines the subject Internallied Debits," I purchased and read it. I found it a fierce, arraignment of the United States. It was a late publication and I was a little surprised. I'could not under. atand how the extremely liberal settlement which we made with English could leave so much resentment. Onlinarily every oco feels better after paying an honest siebt. I quote u single paragraph:

We fought the German in Europe. We know, for instaner, S850,000,000 of governmental Lawns were used to prx, off while the Americans lent us money, which lations of Allie ations to private was spent in their own country, with the bankers incurred in this country belt re result that while the United States are March, 1917, all of which was securely saved the rest of the world is over hend and them. For the next. marketable investment's deposited here beurs in "debt to

NS have agreed to pay forsign Gurernments. To American Yasisty years

annual tribute to them, our sad payers stepped in and assumed the load.

And behind all the gun burdly imagine the bankers wait. reward of victory. ing six years for their principal, much less the deliberations, in Paris there lurked, in the mind of France at least, the their interest. And one can hardly con-

feur lest she should be called strictly to ceive of the bikers exhibiting the com

Are then the Americans Allies or placenes onder postponal payment which account by the United States; her late ally, it is urged the taxpayer should now

are they usurers? Did they go into a war manifest and without liinit.

in 1917 or were they after an investment?"

It should be borne in mind ako iu con- nection with this peculine line of argument that we expended in France for war up- phes, &c., $1,207,000,000, 'Arvording to Gen. Hurbord's report. France, charged us $810,803,279.97 for ordance furnished. The Allies purchased in the United States on credit extended by our Government. We paid cash for things we bought abroad

HEAVY PAYMENTY TO FRANCE.

We paki for camp sites for our anuy in France, that is, for billeting, fentals, reat estate, damages to real estate, leased France is in better curtition economically damages, lease rentals, requisitioned pro- than any European nation whicle asperty, restoration of French public build engaged in the World War or any nation ings, 360,014,890,57. For airplanes and which came into existence by reason of the other aviation material we pail France She has no unemployment of any 372,543,024.97. We are also informed that moment and the people of France are we paid port taxes for the entrance of our universally prosperous. Her industr

ships into French harlours. I do not here development since the war has been strik, discuss the question of the prices we paid ing and exceptical, and the increase of her Suffer it to say that the profileer us no economic strength has uxrite the sperial afone digenous to the American anil. comment of all who have undertaken to measure its solidity and its extent.

War.

Notwithstanding the notorious experience through which she is passing, due nut to economic conditions but to polities, she cau; if she chooses, meet her obligations upon fair and reasonable terms. I shall Erst review the creation of the French debt, the amount of it and how sed under what circumstances it was incurred; secondly, the attitude of France toward the debt, and We ability. itste chooses to do so, to meet į it.

2"

There has been a vast amount of propa- ganda, direct and indirect, put out since the war in the way of argument for the cancel lation of this debt. All sorts of reasons have been advanced as to why it should be forgiveu.

There is no just fication, either io morals or in the economic necessities of France, for cancellation or for any reduction below the standard fixed in the settlement with Great Britain. Just and reasonable terms will la conceded, but acquittaste of the debt would be signally unjust to the people of this country, who, through their Govern ment, made the loan.

Fmure at this time owes the United States or, rather, the taxpayers of "the United States-for it was their money we lounedin round numbers $4,000,000,000 According to the terms of the loan when made, the debt bears interest at the rate of 5 per cent."

Some six years have passed since the war. No part of the principal, no interest, bus been paid No acknowledgment of the debt has been made sare the original obligation. No plan, no proposal, upon the part of France for its settlement or "ai- justment has been submitted

No one would contend that France should have paid or should now pay this debt at once and out of band. It has always becu known that the terms of settlement upon the part of the United States would be fair. and most liberal. But while it was not expected that France would pay according to the strict terms of the contract, it bas been a matter of surprise, great. surprise, that France bas at no time submitted any terms of settlement of made any proposíl looking to adjustment. It is difficult to reach. but one conclusion from this fact,

MONEY LENT AFTER WAR,

It should be borne in mind in cousider- ing the conditions under which this debt was incurred that $1,027.000,000 of the debt is for money loaned after the close of the war.

It has been urged by leading Freschien and high officials of the French Government that this debt was incurred during the war and used in a common cause. This proposition is put forth as a justification of cancellation.

But a large portion of the debt wuf not incurred during the war; it was incurred" after the war was over. The money went direct from the taxpayers' pockets in the United States to the taxpayers' pockets in Franes, for if the money. had not been laoned by our taxpayers, they, the tax- payers of France, would have had to mise

I.

This money was used not in the prosecu tion of the war but in meeting the ordinary expenses and obligations of the Government in time of peace.. It is a great test of tolerance to listen with courtesy to arguments against paying a debt incurred sa this portion of the debt was incurred. We were extremely generous in loaning this money after the war closed, and it scenus rather strange that Franco in her discus sions takes no cognizance of that fact.

PLEAD EXPENDITURER IN U.S.

It is also urged that the money, or the most of it, borrowed by France was expended in this country. It is not exactly plain how this change the terms of the contract of borrowing, It is true that much of it was expanded in this country.

T. LIBERALITY UNPRECEDENTED. It seems to he thought that if the denun

ciation is sufficiently false and sufficiently severe and sufficiently persistent, it will bring about an acquittance of the debts.

The fact is that the record of the United States for disinterestedness und liberality in all dealings, both with Allies and enemies, in the last war is without precedent or parallel. We claimed uo territory. Eng. a result of the war and received as

of territory, 1,607,053 square miles

ccupied by 50,000,000 people and enriched by some of the most valuable natural resources in the world.

One recalls the speech of Lloyd George, apon his return from Versailles to make the House of Commons, in his report which he related in glowing terms but in truth the vast gain to England. The outstanding feature of the peace treaty," (Continued on page 9).

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