Indianapolis Times, Volume 34, Number 187, Indianapolis, Marion County, 16 December 1921 — Page 6

6

YANDERLIP HAS PLAN TO SOLVE ALLIED PUZZLE Would Apply Interest on Old World Debt to Work of Restoration. By FRANK A. YANDERLIP. NEW YORK, Dec. 16—Questions Indicate Interest. There are certainly questions enough asked about the plan for handling the inter-allied indebtedness to the United States which I have proposed to leave no doubt that people are interested. That plan, briefly, suggested that the payment to us by the allies of the interest, and gradually the principal, or what they owe would probably be an impossible drain upon their resources, but, so far as they did pay, it would disorganize our industrial affairs, because payment would have to be made in goods. To avoid the danger of ruining our debtors and harming ourselves, it was suggested that for a time the interest payments be devoted to the rehabilitation of Europe, expended under our direction. There would be no relation between the source of the rayment and the place of expenditure. Much of the expenditure would be in the form of revolving credits, and would resMlt in replacing allied obligations with obligations of other governments, but with the further specific recurity of the railway, grain warehouse, hydro-electric plant or other work that had been undertaken. • . • The most frequent question asked is: If the allies an unable to pay us interest on the debt, how would it be possible for them to put cash in our hands to make snch expenditures as suggested for the rehabilitation of European economic life? It Is apparently diffi.ailt to grasp the economic difference between making a payment to us here in America and making' payments to be expended under our direction in Europe. If payments cannot be made to 11s here, many fall to see how they could be made if thev were not brought here. There Is. I think, a distinct difference In the difficulties involved in the two forms of payment. Let us take, for example, the situation 1n Italy. Italy is one of the richest countries in Europe in its effective labor supply. It Is one of the poorest countries in'native raw material. There is at present much unemployment. The official figures when I was in Italy were 430,000, and unemployment has been steadily increasing. Italy is doing better thin al-

4 j. jjjj|jp- •*/ . • l FISHBACK. J CHIMES ! J&L CLOCK . : w I. L I

The Three F Clock IT IS a twelve-foot timepiece on the building 1 at Pennsylvania and Maryland, the home of the Three F Coffee. It has four dials, easily read two blocks away in any of the four directions from The Fishback Cos. corner. It may be known also as THE FISHBACK CHIMES CLOCK, but above all it will prove to be THE CORRECT CLOCK for thousands and thousands. It will be correct because each day it will be kept correct from the government observatory at Washington, the time being received by wireless at the building, which is equipped with wireless apparatus for the special purpose. It has beautifully colored stained glass and at night the dial is powerfully illuminated. Moreover, it is a clock with music, having the famous chimes of Westminster, the English parliament house. The traffic at this comer has increased beyond common knowledge. Within a year the number of persons who pass the comer daily has mounted by thousands. The opening of thoroughfares to the South Side has caused an increase in street car traffic until now twelve lines are routed by the corner, 120 cars an hour, two a minute, and doubling at the particular comer as it is the pivotal one of the four in the loop of a block. The same reason for the increase in the street car traffic applies to vehicular traffic which has been at as large ratio. The pedestrian movement runs into thousands a day as against hundreds. All projected changes in routing of street cars must recognize the use of this comer. All of which is to say that the clock is to render a public service and will come to be recognized as standard in its way as are Three F and other articles from The Fishback Line in food quality. The Fishback Cos. Indianapolis Kansas City

most any other European country in balancing its budget. It is not only laying taxes, but collecting them. It has actually reduced its circulating notes, having cut down its note circulation from the high point more than 1,500,000,000 lire. The weakness of the Italian situation lies in the necessity for imports and the inability to export under present conditions. For the first five months this year Italian imports were in excess of 6.500.000.000 lire, while exports were 2,677.000.000 lire, leaving excess of imports 3.848,000,000 lire. If Italy were to pay us here in America the deficit in her foreign trade balance would be increased by the amount she said us. • • • On the other hand, if we are to undertake, for example, the development of hvdro-electric power in Italy, she could readily furnish all the labor and a considerable amount of the industrial matinf.ictures connected with such an undertakii * She could domestically raise the credit for that work. The result of such a program might well be the furnishing of a large amount of employment, a derelopment of electric power that would ease the necessity for coal imports, which would help balance her foreign trade deficit: and the conversion of the debt which she could not possibly now pay us directly into an obligation that would give us all the security we now have, plus a lien on the hydro-electric plant which would be constructed. England could help with the enterprise and, at the same time, make some payment of Interest due us by constructing turbines and dynamos for export to Italy. No one's domestic industrial situation would be upset and a great contribution would be made toward setting things going again Industrially. Lot s look at another project. The food situation in Europe could be immensely improved if mortfrn systems of grain elevators were established in the agricultural districts of pastern Europe. All the labor necessary easilv could he supplied in each of the countries where the elevators were constructed. The cost of that labor might be met by English payments, but the payment would not have to be made in foreign exchange. The moment these non-mannfacturing nations could obtain any credit in England they would spend it for English manufactured goods. England has 2.000.000 idle men and as many more working on short time. The English payment would be made, not in cash or foreign exchange, but In goods that eastern Enrope Is hnngry for, while English mills are standing idle. The necessary timber for such construction might, in part, for example,

come from Poland. Poland owes us a considerable amount, but has such an adverse balance of trade that she cannot pay outside debts in foreign currency values. She has almost unlimited forest products and plenty of labor to convert these Into lumber. This program would stimulate her exports, giving her an outlet for something she can produce instead of leaving her lumber as it is In Us present stagnant position. There are regions in Europe where the building of railroads would be followed by as rapid economic development as followed the construction of some of. the railroads in our great West a generation ago. The food supply of Europe would be increased and the buying capacity of great masses of Eastern European peasants would soon make itself felt In all the nations of western Europe. • * • There would undoubtedly develop creative programs which we might undertake both in England and France. There are great water-power developments ready to be undertaken in France, but in the present state of government credit further loans for the purpose cannot be made. It would be possible, nevertheless, for France to make payments to us of funds that were to be directly expended within her own boundaries. The productive capacity of France could be increased, her fuel situation could be improved and the character of her obligation greatly benefied. England desires to construct a series of great central electric power stations. She has all the means of doing that within herself, but has not the economic courage to start on such a great enterprise In the face of a situation where we may demand from her hundreds of millions of dollars a year if our claims were to be realized in payments made in the United States. She could readily undertake such construction if, for the time being, she did not have to export goods into our market to meet our claim. She would Increase hr productive capacity, employ her Idle workmen, put fresh courage into her industrial and economic situafion by doing this, and we would have, in addition to the obligation we now have, the further security of the great power plants created. • • • Qnita another question Is raised in connection with the carrying out of such a project. It is asked whether, in view of the mess that governments have already made in conducting great undertakings, it would be possible for our Government to undertake successfully such a program. If Congress had to pass on each undertaking, if the projects were handled after the manner in which we improve inland waterways and construct

INDIANA DAILY TIMES, FRIDAY, DECEMBER 16,1921.

public buildings, I would say, No. The work would need to be handed over to a properly instituted commission. I have sufficient faith in American genius to believe that we could properly construct such a commission. Some amazingly good work has been done in EClrope by Americans in the days since the armistice. They have shown such a sense of fairness, such a grasp of method, such an ability to organize the forces there into self-helpful-ness that I know we could successfully undertake such a program as outlined if we could put some of our Lest men at the job. The man who fears that we can not trust the character, good sense and ability of Americans to undertake a work of this kind has less faith in his

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fellow countrymen than I have. I believe that we can. • • • The great task would evolve only gradually. At best we can get only a portion of this interest paid at once. We would have to plan expenditure only as rapidly as income developed. I feel profoundly certain, however, that sensibly to start on the program will result in rapidly developing the ability of our debtors to pay. With such a program wisely carried out they can, in time, discharge their full obligations to us. Some part I would certainly expend with no obligation for its direct return. We are talking now about remitting the debt, about sealing it or about cutting down the interest

Child’s Suit Case ilS§l 39c New shipment (similar to cut) without straps, good lining; brown or black; just the thing for children. Xmas Suggestions Gifts From Hartmann’s Are Sure to Please Electric Irons Cut Glass Water Sets Cut Glass Vases Cut Glass Punch Bowls Aluminum Ware Leather Rockers Dining Room Chairs Davenports Davenport Suites Ladies’ Desks Buffets Extension Tables Floor Lamps Stand Lamps 1 Telephone Stands Smokers’ Stands Cedar Chests Room Size Rugs Small Rugs Pathe Phonographs Selection of Records Combination Ranges Cook Stoves Electric Sweepers, Etc., Etc. If If Harfmann a \ Says ite Rirfht I \ If IS Ris&l- / sls-3J7-319 E WASHINGTON ST.

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