Indianapolis Times, Indianapolis, Marion County, 10 December 1940 — Page 10
NEW WAR DEBT
DISPUTE L LOOMING
Pattern of Two Decarles Ago of U. S. as ‘Shylock’
corine Led to Gradual Abuse Being Repeated; Some
Urge Gift to British This Time.
By WILLIAM PHILIP SIMMS Times Special Writer
WASHINGTON, Dec. 10.—The whole tragic quarrel be-
tween the United States and debts is seen here as about
During the World War
Great Britain over the war
to repeat itself, chapter and verse, “Uncle Shylock,” and all
and immediately thereafter,
Great Britain, France, Italy, Belgium, Poland, Czechoslovakia,
Jugoslavia, Rumania, Estonia, Finland, Lithuania, Latvia and Hungary borrowed $11,522,354,000 from Uncle Sam. This amount includes interest up to the time of
funding. Then, as now, sentiment was lavishly mixed up with the deal. Said Rep. Claude Kitchin, Chairman of
the House Ways and Means Committee: “You will
understand that they will be fight-| : ing with our " money their battles and will oe fighting with our money our battles t00: . - » Said Rep. Fitzgerald, chairman of the Appropriation 8 Committee: “I should gladly vote to give the nations arrayed on the same side with us if we could win this war without sacrificing American blood and Amerjcan lives. I have little sympathy with the suggestion that possibly we will not get our money back. I care not so much if we do, if American blood and American lives be preserved.”
Came From Liberty Loans
money. Principa: and interest, for the 62 years during which the installments were to run, aggregated
more than 22 billion dollars, of |#
which Britain, France and Italy would have to pay better than three-quarters. 3 Few Installments Met Some of the first installments were met. But it hurt—like paying for |a dead horse. Uber Britain's lead a cancellation movement swept Eurppe like a prairie fire. Uncle Sam became Uncle Shylock. Amer-
icans abroaa were insuited in pub- | NN) lic places. A sightseeing bus loaded | §\)
with American tourists was stoned in the Montmartre quarter of Paris. Nevertheless, Uncle Sam kept trying [to show his heart was in the right place. He lent Owen D. Young to the Allies to arrange a reparations plan. According to the Young plan, Germany would pay the Allies 26 and one-third billion dollars in installments lasting some 60 years.
Here, then, was more than enough an
to pay the whole Allied ‘war debt as founded. And, what is more, the
United States proceeded to lend
Germany enough to pay the first installments.
U. S. Got Only Abuse
But, it is pointed out here, all these efforts were futile. As soon as
Germany had to meet the payments | Na
with her own money, she quit paying. She pretended virtual bank-
The money thus advanced came! ruptcy and once again was pulled
from the various liberty loans. The United States took ordinary commercial notes, for the most part
bearing interest at 5 per cent. Soon, |the Allies made any further pretense |<
out of the hole by the Hoover moratorium, After that, neither Germany nor
however, the debtors began to com-|at paying. The whole reparations plain over the high rate, so between and |war-debts incident was closed.
Aug. 18, 1225 and May 3, 1926, the
Closed, that is, save for the bitter
13 nations listed above signed fund-| taste left behind. For about all the
ing agreements materially reducing
United States got out of it was the
the total indebtedness. abuse of all concerned.
By this time Congress had got
Today, members of Congress are
over its sentimental jag. It had|beginning to repeat the phrases .of
ceased talking about “giving.” “They|Kitchin and Fitzgerald, almost word |
hired the money, didn’t they?” said
for word. Once more, as in 1917,
President Coolidge, echoing senti-|sentiment which we all feel for ment on Capitol Hill. Yet, while de-| Britain is preparing the way for
manding that the debts be paid,|recriminations later on. Nevertheless|
Congress was still in a mood to be|there are some who warn against
generous in its own way. The Debt Funding Commission radically reduced interest on a basis of “capacity to pay.” Even so, it added up to a lot of
retracing the. e old steps. If [Uncle Sam and John Bull are to pe on good terms they must
keep| their business dealings on a business basis.
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