Indianapolis Times, Volume 44, Number 168, Indianapolis, Marion County, 23 November 1932 — Page 5

NOV. 23, 1932

TWO FACTIONS DIFFER WIDELY ON WAR DEBTS Cancellationists and Antis Have Directly Opposing Views on Subject. Following Is th* third and last of a aerifs of dixpatchas on the origin and history of the war debts, BY JOSEPH H. BAIRD United Press Stall Correspondent WASHINGTON. Nov. 23.—A bitter controversy which has raged through the last decade over cancellation of Europe’s war debt to the United States seems likely to reach a crisis this winter. Requests by Great Britain. France and Belgium for fundamental debt revision makes it almost inevitable that congress either shall grant more lenient terms on Europe’s sll,000,000,000 obligation or else say: “Pay or default." * When the issue reaches the floor of congress two opposing schools of thought in America—the cancellationist and anti-cancellationists—-are expected to open fire on fellow senators and representatives. Battled for Decade They have battled for a decade. Thousands of words have been written and spoken by each side to support its view. Briefly, their arguments can be summarized thus: Thr An ti-Can cel la t ion ists Europe’s debts were legally contracted obligations. For every dollar advanced, the European powers gave notes to the United States treasury. Nothing in any of the congressional acts authorizing foreign war loans nor in the diplomatic correspondence about them indicates that either the borrowers or the lender regarded the money as a gift. Indeed, when congress, in the early days of the war, discussed a gift to France, the French government notified the United States that the discussion was embarrassing and asked that it be stopped. Saved Allies From Defeat Money advanced by the United States enabled the nearly-bankrupt allies to carry on against Germany, and probably saved them from defeat. The United States treasury owes American citizens more than $12,000,000,000 that it borrowed from them to carry on the war. If Europe does not pay its $11,000,000,000 debt, the treasury must tax Americans to raise the money to meet its own obligations, and. thus, the United States will pay not only for its own part, but for a large share of Europe's part in the war. Hence, cancellation is unjust to the American taxpayer. The Cancellationists America's war loans to Europe represented this country’s contribution to the battle against the central powers. during the early war period when it could not send soldiers and sailors into action. Hence, Europe should not be asked to repay money that was a contribution to a common cause. Hold Repayment Impossible This argument is made by only a minor faction in the cancellationist group. A much larger faction argue on economic grounds as follows : Repayment of Europe’s war debt virtually is impossible because of American economic policies. The United States has attempted at the same time to be a lender of money, a net exporter of goods and a hightariff nation. This combination of functions is. over any considerable time, an economic impossibility. A nation can not indefinitely collect loans from abroad, sell services and goods abroad and erect tariff -walls to keep out foreign commodities, for, if it does, there is no way cf establishing a balance of international payments. Cancellation of the war debts

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would aid in re-establishing the balance of payments between America and Europe, now badly asked, would help Americans to receive returns on their $15,500,000,000 foreign investment, and Would stimulate the foreign market for American goods. In the long run, this would bring more money than would collection of its w r ar debts. Honest Effort to Pay Europe has made an honest effort to pay its debts. It has transferred $443,310,743.87 on principal and $1,231,372,572.46 on interest to the United States treasury. Now it is unable to continue these payments. Hence they should be canceled, or at least reduced, in the interest of general economic recovery. Whatever the worth of the two opposing arguments, it is obvious to observers here that congress is against either cancellation or reduction of debts.

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THE INDIANAPOLIS TIMES

ILLINOIS RELIEF BILLS PASSED: ASSEMBLY ENDS Two Emergency Measures, I Involving Millions, Go to Governor. BH T'nitrd Prrn* SPRINGFIELD, 111., Nov. 23 The Illinois state senate met in ex- j traordinary session at 12:01a.m. to- 1 day, passed tw'O emergency relief bills involving millions of dollars, j and declared its calendar in time for its members all to reach their | homes for dinner Thanksgiving. The unusual session, which startled at one minute after midnight, was necessary in order to pass the ; bills before the holiday recess and yet adhere to the law requiring that before being passed a bill must be read on three legislative days. Both 1 bills had their second readings j Tuesday. One measure, known as the Igoe bill, provides that Cook county (Chicago) may issue $17,000,000 in relief bonds. It passed by a vote of 38 to 0. The second bill authorizes coun- ) ties to levy a retail sales tsx on all i sales of tangible property, except farm products sold by the producer, and on motor fuel. It passed, 34 1 to 5. Both bills previously had been i passed by the house, and now go to j Governor Louis L. Emmerson for approval or veto. Governor-Elect Henry Horner and Mayor Anto Cermak, Chicago, at- j tended the midnight session and urged passage of the bills. Oswego Woman Burned OSWEGO, Ind., Nov. 23.—Mrs. Meritt Wildman, 42, w f as burned seriously at her home near here today when kerosene with which she was building a fire exploded. Her clothing caught fire.

Large Company Will Sing ‘Rio Rita’ at Indiana _____ „ ¥ With the Musical Comedy on the Stage, the Screen Will Offer Joe E. Brown in “You Said a Mouthful/’ "T? IO RITA." a former well known Broadway musical, will be brought XV to the stage of the Indiana theater for one week starting Friday. This is not a motion picture, but a stage presentation with a cast of sixtv-two people which runs for an hour and a half without intermission. On the screen, Joe E. Brown will be seen in “You Said a Mouthful." Supporting him in this First National comedy are Ginger Rogers, Farina and Preston S. Foster. Everything has been done to make “Rio Rita" the very height of pretentious stage spectacles from a standpoint of principals, cast, cos-

tumes, settings, productions and dance numbers. The show is set in six beautiful scenes and 350 specially designed costumes are worn by the cast in this lavishly produced musical comedy. The cast includes a beauty chorus of senoritas and special male vocal ensemble. Two of the outstanding features are the “Moonlight Ballet" and “Study in Black and White” numbers, arranged by Chester Hale. Harry Tierney and Joseph McCarthy are responsible for the lyrics. Guy Bolton and Fred Thompson provided the romantic book. Sammy Lee staged the dancing numbers and Gene Ford wrote the dialogue. In ‘“You Said A Mouthful,” Joe E. Brown impersonates the world’s champion swimmer so well that the real champion is thrown in jail. Joe then is forced to live up to the fame that has been shoved on him. How he does it and finally wins the hand of Ginger Rogers offer him plenty of opportunity for his own special brand of comedy. Other theaters today offer: Stanley Twins at the Lyric; “Prosperity” at the Palace: “Tess of the Storm Country” at the Apollo; “Evenings For Sale” at the Circle: “He Learned About Women" at the Indiana, and burlesque at the Mutual.

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Wynne Gibson When ‘‘lf I Had a Million” opens Thursday at the Circle, Wynne Gibson, so very blonde, will be seen as a hard-boiled case hostess. A safety gasoline, which will extinguish a match dropped into it, is on the market, but engines have to be adapted to use it.

INSURGENTS TO BE BARRED AT LABOR PARLEY A. F. of L. ‘Rump’ Meeting Ends; Hearing Sought on Resolutions. Bis Vnitrd Pres* CINCINATI. Nov. 23.—Insurgents in the American Federation of La- ! bor, concluding their separate convention, said today they would attempt to obtain a hearing before | the A. F. of L.'s fifty-second reguI lar convention this afternoon to I present the resolutions they had ' adopted. President William Green indicated this morning that the insurgents would not be given a hearing. He | asserted that labor unions "who j are supposed to be represented by ' these delegates have duly accredited delegates to our convention.” “Our meeting is for officers and delegates of the American Federation of Labor, and for the public which cares to listen to our discussions." Green said. “These so-called twenty-five dele- | gates • insurgents) have no consti- ! tutional or legal right to address our meeting, and have no right to | force themselves upon us for the purpose of presenting their views or starting controversy. Their presence will be regarded as an intrusion.” Resolutions drafted by the insurgents which they sought to present before the convention included the following. No expulsions of union members for nonpayment of dues; unemployment insurance paid by the government and employers and distributed by workers’ committees; liberation of Tom Mooney and the Scottsboro Negroes; a call for a hunger march to Washington by labor organizations; recognition of the j Soviet government, and exposure cf

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war maneuvers by “American imperialists.”

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