Evening Star Newspaper, November 29, 1932, Page 12

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Sizer, Manager OUSE PLANTS | WILL BE LOVELY | ALL WINTER EVEN THO in| ring two| HARRISON ATTACKS DEBT BOARD IDEA Forum Speaker Describes Proposal as Invitation for Negotiations. | Opposition to American representa- | tion on a World Dsbt Commission was expressed by Senator Pat Harrison, Democrat, of Mississippi in a talk last | night in the National Radio Forum, arranged by The Star and broadcast | over a coast-to-coast network of the | National Broadcasting Co. “The President,” he said, “has urged the creation of a World Debt Commis- sion, manned in part by our repre- sentatives on the World Disarmament Conference and the World Economic Conference. He thinks this is neces- sary, because Congress has declared its policy against cancellation or reduction of the debts, which, he intimates, de- prives the Executive of power to treat with the debtors. It is absolutely incon- sistent with any idea of treating with each debt and debtor separately and on the merits of its individual case.” Oppeses Joint Consideration. He vigorously opposed any joint con- sideration of war debts with debtor nations, declaring “above all we should avoid any joint negotiation and deal throughout with each nation separately, on the merits of its particular case | without regard to other cases.” He adde “There no law of Congress which could, or does, or attempts to prevent | the executive branch of the Govern-| ment from hearing anything a debtor | may have to say, and if the President | deems anything so said worthy of con- | sideration of Congress he can submit it to Congress. The appointment by us of a Debt Commission is like appoint- ing an Ambassador to the debtors. It is ‘a gesture inviting them to come to us and negotiate on their debts, and if such action immediately follows a re- quest for reduction there is the strongest kind of implication that the sole pur- pose of the commission is to work out some sort of reduction. There is no obligation, legal, ethical or moral, for this Nation to engage in such move- ments. The debtor should come to the creditor with requests for consideration, and not the other way around. FURNACE | HEAT IS | SO VERY | DESTRUCTIVE | by feeding Fulton's Plantabbs, the finest of | plant foods. Clean, economical, convenient tablets, no odor, balenced and complete. | FREEI A handy flower pot Cultivator | made of solid brass and copper, 8 lovely tool and better than a kitchen knife to | Joosen the soil in pots and window boxes, Sith purchase of cach $1.00 box of Falionrs Flantabbe. At all dealers 35c-S0¢ and $1. PLANTABBS CORP., Balto., Md. S ———————— Wins Back Pepl H ER nw nerves were soothed. She banished that *dead tired” fed- ful color—restful mthl!. ll:nl:‘ve dzyl all be- cause she rid her system -dc?m. ‘wastes that wenlupmflk her vxu.hl . NR Tab- formation. lets (Nl Try u for constipation. blhuunuu, bead- TUMS. e B LUDEN’S Menthol Cough Drops NO OTHER SERVICE Declares Board Not Justified. ‘The purpose of our State Depart- | ment is _to hear and discuss interna- tional affairs. It stands there ready and efficient, and there is no possible | Justification for appointing any kind of commisflon unless we are harboring a purpose to reduce or cancel these debts, and both parties deny such purpose.” Opening his address, Senator Harri- | | son expressed the opinion that the American people will not stand for be- | ing saddled with the burden of debts | they did not contract. Text of Address. Senator Harrison's address follows: In the last election the American people spoke in no uncertain terms their attitude against any cancellation of the foreign debt. At the outset, per- mit me to say that we sympathize with our neighbors and have been ready and generous in doing our fair share to aid, but cancellation, modification or un- necessary postponement are all pro- posals to transfer tax burdens from | foreign shoulders to the backs of our own people. Let me analyze some of the reasons assigned for postponement, modification or cancellation, because, in my opinion, too little has been said in behalf of the American side of the case. At the Peace Conference the position of the allies was that Germany could pay enormous sums, ranging up to $120,000,000,000. The estimates upon which the Lausanne agreement was based were that she could pay mly $714, omooo It is not our purpose to criticize the Lausanne agreement in general, yet when it is advanced as a reason for forgiving war debts, we have a right to question the action of the allies in rushing from one such extreme to another. . Supported Moratorium. ‘When the Hoover moratorium was under consideration I supported it with the understanding that it would give a year of grace, during which !uropem nations were to put their own houses in order. A critical time then existed in Germany, and the morato- rium promptly justified itself by creat- ing a condition of relative calm, but the year of grace was frittered away, and the only fruit that it has ylelded is this claim to transfer the entire bur- den of the intergovernmental debts to our people. In the event of complete cancella- tion the total remaining debts of the United States, Great Britain, France and Italy would be about $68,000,000,000. Deducting the total pre-war debt to get some idea of the remaining war heri- tage, we would have $54,000,000,000, di- vided among the nations as follows: Germany would escape with possibly 1 per cent of the remaining burden of the war, France 8 per cent, Italy 2 per cent, the United States 39 per cent and Great Britain 50 per cent. When we SENATOR PAT HARRISON. —iStar Staff Photo. nothing but less to us in these cebt settlements as they now stand. Silent on Burden on U. S. These arguments are alw: silent on the burden of these modification pro- posals on our people. Germany is to go free and pass her burden to the allies. They delay not at all in trying to pass the burden to our Government, and our Government necessarily passed them on to the American citizen—and that is the end of passing. He has no place to pass except to the sweat of his brow. The accumulated cost to our people of the part of these debts which we have already forgiven amounts to nearly $4,000,000,000. It is now running at the rate of $290,- 000,000 every year. In a moratorium year the cost rises to about $500,000,000. That is more than the cost of our Army or our Navy and nearly as much as the whole pre-war cost of our Government. It is frequently said that we havi already been paid substantial amounts on both principal and interest. This is very misleading. Accumulated interest of approximately $1,700,00,000 was not paid at all, but was funded, and it is the literal fact that the total of all pay- | ments since incurment of these debts | is not as much as all the interest since | incurment. There is, therefore, a real | | question whether it is proper to say that | there has been any payment on princi- | pal at all. It is also a fact that about | two-thirds of these payments were made | not in dollars but in Liberty bonds pur- chased at very low figures, but now ac- counted as payments in dollars at par. It is true that Germany has paid these countries in reparations consider- ably more than they have paid us on the debt. In other words, they really have made no payments whatever out of their own domestic econcmy, but it is strange that the fact that Germany no longer pays should be advanced as an argument for modification. The debtor countries ought at least to be willing to make for the future some sacrifice in return for benefits received. Records Disprove Assertion. ‘The assertion is sometimes made that the reparations were deliberately de- signed to tdke care of allied payments to us, and that, since this reliance has falled, we should forgive. The records of the Peace Conference prove this assertion to be in error. That project was discussed and emphatically rejected on Woodrow Wilson’s statement that it ‘would be a violation of what we had led our enemies to believe in the armistice agreement. There is also much talk of “capacity to pay,” but what it meant is “capacity to pay the United States.” They do not seem to question their capacity to pay other creditors. For example, Great Britain owes us a little more than $4.000,000,000, but her total debt is $35,000,000,000. Why should all her relief come from the taxpayers of the United States? How about the bond- holders of England? When these debts were funded we had some experience with the doctrine | of “capacity to pay.” We tried to dis- land and France. the object of our especial forbearance, enjoying our moratorium, was busily engaged in assaulting the American dollar from the vantage point of a tre- mendous stock of gold and an economic condition at least equal to our own. England, on the contrary, was beginning to feel her present stringency. Yet France is here again with the “capacity | to pay” argument, notwithstanding that | she has more than a quarter of the world’s gold in her vaults. Why should we attempt at the very depth of the world's greatest depression to say what the capacity of these na- | erations I have just discussed there is criminate between the capacity of Eng- | Within a few years | although our debtor by billions and then | merce is being stifled by trade restric- tions, but it is a curious argument that | the action of Great Britain, for example, in barring imports from France should be advanced as a reason Why neither nation should pay their debts to us. The existence of trade barriers is an incentive for us to do all we can to per- suade them down. It is my opinion that we might even consider some modifica- tion of debt due from a particular na- tion as a price for definite trade con- | cession. But the mere existence of trade | barriers is no argument for modifica- tion of debts in favor of those who raised them, unless we get relief from trade restrictions against us in return. The departure of countries from the gold standard creates exchange diffi- culties which are generally recognized. But before we consider that as a reason for immediate debt postponement and | eventual modification, would it not be | well to explore all other possibilities of | payment? None of these intense pro- ally arguments seeks means for paying; | they all bring up reasons for not paying anything. Could Impound Products. Some of these countries produce goods | which we cannot produce and some of | these goods are needed by us at nll times and are indispensable in war. \ Can we not, against some future war | need, accept from England—and for a time’ impound—a quantity of tin, or | rubber, or jute, or silver? Our citizens | are constantly purchasing the curren- cles of these countries. Would it not be possible for them to create credits in favor of the United States against these needs? The debtor nations have all agreed to furnish our Government on demand and in place of our blanket evidences of debt definite bonds of mar- ketable denomination. May we not avoid some of the exchange difficulties by taking payment in part on such bonds in lieu of speeie payments? We might even accept part of some install- ments in industrial securities of their pationals. T do not propose any of these methods, but I do say that such possi- bilities ought all to be examined before we decide to postpone payments now due, and certainly they chould be ex- hausted before we modify or cancel. Some of these arguments go the length of saying that it would be unde- sirable for us to take any gold from Europe in payment, and that we cannot | afford to receive payments in goods: or, in other words, that it is undesirable for us to be paid at all. While we, of course, do not wish unnecessarily to de- prive Europe of gold, yet if we had a superfluity of the metal we could find places to use it to restore our trade. It will be hard to convince our people that we would not be better off with pay- ments in gold than with no payments at all. It is also insisted that these countries cannot pay because they collect their revenue with great difficulty; that their tax rates are at the point of diminish- ing returns, and that business is so bad that increased revenues are impossible. This is an attempt to balance hard- | ships with a conclusion that our tax- payers ought to take on this burden because their lot is easier than that of | Europeans. I fear this argument is not based on sufficient study of our own condition. U. S. Tax Power Near Limit. None of these countries have more unemployment than we. No budget of theirs is as far out of balance as our bwn. The business of none is at as | low an ebb. There is none that suffer a ratio of government costs to the na- tion’s income as high as our current 3315, As for revenues being obtained with difficulty and taxes at the point of diminishing returns, I recommend a glance over the current yields of our own revenue laws. This modification & nation which is able to that it ought not to defawt. _ is also said that because cluum‘:: xpenditures in a com- mon war, which should be shared, they will rebel against the heavy taxes and overthrow their governments. Our peo- ple, too, are: suffering from onerous taxes, and as between high taxes upon their citizens to pay these just debts and even higher taxes on our people to pay a debt they never did contract, the danger of resentment would seem to lie here rather than there. Certainly the occasion for resentment is greater here. This argument over- looks the fact that we have already granted 40 per cent forgiveness, and the present agreements represent their con- clusions as to what they ought to pay on the debt they contracted, not ours. ‘They had originally promised to pay a much larger sum, and we accepted with reluctance the present figures of debt because that is what they solemnly said they could and would pay. Fear Bond Impairment. Of course, the real reason for the very limited sentiment in the United States for cancellation is the fear that the | fiscal difficulties of these debtors may impair the value of foreign bonds and other debts privately owned in this country. Reduced to its bare ribs, this argument is that the average taxpayer | here who did not risk his money for gain in foreign investments is to make | good a default to protect his fellow | citizen who did so risk his money. There is no equity in this argument. It has been worked overtime during the past year. If it is to continue, it may mark the beginning of a policy of pro- tecting all private investments at the e of Government—which is to say the general taxpayer. We cannot countenance this. It may lead to de- struction. It is an unfortunate inter- jection into this discussion, because it gives the whole argument an air of special pleading and blurs whatever justification there may be for govern- mental forbearance on purely public grounds. It is also said that we should forgive these debts in the interest of export trade. This is a re-echo of the doctrine of 1928, when we were lending $2,000,- 000,000 a year abroad in the hope of promoting commerce. Only a part of the money loaned produced export trade. That is gone, and we now run the risk of losing the loans also. If we had $500,000,000 8 year to promote trade, which we have not, we would do better to use it to lighten the burden of debt on our own almost ruined agriculture instead of wasting it on the more pros- perous farmers of Europe. Assumes Huge Increases. ‘The mere fact of international bar- riers and trade restrictions, which is now used as an argument for modifia- tion, would make it doubtful whether we shall ever reap much benefit from | export trade by the expedient of debt forgiveness. Overlooking these facts, this argument assumes enormous in- | creases in export trade and minimizes | the effect of additional tax burden of | $280,000,000. Obviously, the most that | would be directly added to foreign buy- ing power by mere forgiveness would be $280,000,000, but that increase in trade—even if it came—cannot offset the depressing domestic effect of $280,- 000,000 increase in taxes. It would take many times $280,000,000 in trade to do | that, and no such increase can be anticipated. I would be the first to admit that these debts are a burden on commerce, but it is not wise to exaggerate that. The total gross debt of the United States, Great Britain, France and Italy is about $84,000,000,000, and the debt | due the United States $11,300,000,000. | Complete cancellation would scale the | total by 13!, per cent. A 10 per cent | scale-down would reduce the intergov- ernmental debt only a little more than | 1 per cent. This argument even goes the length | of saying that modification would so far | expand the profits of industry and agri- culture that tax revenues would in- crease and the burden of taxation be thus much reduced. If we tax cor- porations 13 per cent of income, their profits would have to" increase by $2,000,000,000 to offset the increased tax burden. Their business, as distin- guished from their profits, would have to increase by from $10,000,000,000 to $20,000,000,000. That is, of course, an | absurd assumption. It has recently been ardently uxged; that unless the British burden is lifted | Economic Joint Commissions as mem- it will further decrease the relative ORANGE BLOSSOM SPECIAL value of the pound sterling, which will | further decrease the buying power of the British Empire, which will further decrease commodity prices in this coun- try, resulting in a new deflation. The exchange value of the pound sterling may be reduced and the effect upon our commodity prices may be felt, but at the most the effect will be im- ited to surplus and export products, and the bearing of these on world xtngnl tion has probably already reached Such weight that further depreciation would not much aggravate the existing situa- tion. This effect is now so great that only necessitous demands are moving, and they will in large part continue to move, come what may. Furthermore, the British Empire preference pact has 50 cut us off from British trade that any benefit granted by us to the ex- change value of the pound would flow | back to us only in small amount, if at all. I think we should approach this problem from an American point of | view, but in a spirit of fair play, sym-; pathy and helpfulness. To do that it is necessary to veer from the side of | some of the pro-ally arguments just | discussed to a little more just advocacy of our own rights and obligations. | 1 am perfectly willing that we ex-| plore all the possibifities of alternative forms of payment for the period of this emergency—payments in kind, in nego- | tiable credits, in service, in marketable securities or even definite concessions | of any nature. Of course we should | always be willing to confer or even | negotiate in that spirit of sympathy | and helpfulness. But I do not see why payments now due should be postponed for the pur- | pose of negotiation. Any individual in- stance of a real need for postponement should rest on the merits of that par- ticular case. Perhaps some burden may be lightened when necessary by monthly | installments, but there is no sufficient | argument for postponement in full. Above all, we should avoid any joint negotiation and deal throughout with | each pation separately on the merits of | its particular case without regard to other cases. | Plan Held Inconsistent. The President has urged the crea- tion of the World Debt Commission, manned in part by our representatives | on the World Disarmament Conference | and the World Ecomomic Conference. He thinks that this is necessary because Congross hias declared Its policy agatnst cancellation or reduction of the debts which, he intimates, deprives the Ex- ecutive of power to treat with the debtors, At the same time he says that we should treat with debtors sepa- rately and not jointly. He is right when he says that we should treat separately and not jointly. But_the naming of our representatives | in the World Disarmament and World | bers of the Debt Commission could not | possibly escape the effect of joint con- sideration. It is absolutely inconsistent | ith any idea of treating with each debt and debtor scparately and on the merits of its individual case. There is no law of Congress which | could, or does, or attempts to prevent the executive branch from hearn;s any- thing any debtor may have to say, and | if the President deems anything so said worthy of the consideration of Congress he can submit it to Congress. The ap- pointment by us of a Debt Commis- sion is like appointing an ambassador to the debtors. It is a gesture inviting them to come to us to negotiate on their debts, and if such action immedi- | ately follows a request for reduction, | there is the strongest kind of an_implica- tion that the sole purpose of the com- mission is to work out some reduction. There is no obligation, legal, ethical or moral, for this Nation to engage in such _movements. The debtor should Gas, Pain 3 Years Ends. Sleeps Fine “Had a mean case of acid indi- | gestion for three years,” says Ade- line Kelly, Brooklyn, N. Y. “Tried ACIDINE and it is wonderful. Can eat anything without gas or pain. Sleep fine.” | End gas, sourness, heartburn, diz- ziness, sleeplessness, headache re- sulting from acidity. Maker guar- antees ACIDINE ends these troubles | or money back. All druggists have ACIDINE.—Advertisement. | come to the creditor with requests consideration and not the other way round. me purpose Siate Department 18 to hear and i | cuss international affairs. It stands there ready and efficient, and there is 1o possible justification for appointing ‘any kind of commission unless we are harboring a purpose to reduce or cancel these debts, and botk parties deny such a purpose. Gov. Roosevelt has adopted a wise and sympathetic course. JBut wisest of all, and best of all, it is &n American- minded course. It indicates a new day in our international relations, when, | ‘with malice toward none and charity for all,’ we shall be able to do our duty | as good neighbors and good friends without being utilized—against the just | | rights of our own people—by -nyy" nation. —_— A man recently wrote a railway in| England asking for a reservation for his coffin in a corner seat cf the car. - | Justice of Peace and Constable Are Arrested Following Fire. CEDAR KEY, Fla, November 29 (P). —Justice of the Peace T. W, Brewer and Thomas Booth, special constable, were under arrest last night as State and county authorities investi- | gated the death of three Greek sponge fishermen in the city jall here yester- day morning. The three bodies, charred beyond recognition, were found when firemen extinguished a blaze that destroyed the | Jail. * Authorities first said the men were burned to death. At a coroner’s inquest da) . W. Turner, exnmlnlny:Mhy; said one of the dead men had a frac- tured skull. The three men were arrestel Sunday | night by Brewer and Booth on chlrg- of drunkeness and disorderly conduet. STUDEBAKERS REDUCED $250 to $600 NEW ROCKNES REDUCED $100 to $200 We Have Taken Our Entire Allotment of New 1932 Automobiles and When These Are Sold No More Will Be Available at These Prices. LEE D. BUTLER, Inc. 14th and R Sts. N.W. THIS IS NOT A FACTORY REDUCTION Reduction is a Sacrifice By Us to Move at Once 12 Studebaker and 16 Rockne Floor Cars FR EE BRAND-NEW LEONARD ELECTRIC REFRIGERATO FLOOR SAMPLE WITH THIS MODEL 15-DX tor | PAIR HELD IN JAIL DEATHS ~ 3 q ! PHILCO tions to pay may be throughout all the | years of the future? Hits Private Business. consider the relative economic condi- tions of these countries, the result is fantastic. Our generation has some re- proposal overlooks the fact that we are already at the practical limit of our own taxing power. It is a simple fact The Only All-Pullman Train, Wash- ington to Miami and St. Petersbury, Resumes Service December 15th le ‘These bur- schcdulcs fo RICHMOND through schedules to NORFOLK HERE'S frequency of serv- ice that will surely save you hours, anywhere between ‘Washington, Richmond, and Norfolk . . . and everyone knows that Greyhound fares are lowest. Cozy, Tropic-Aire heat for chilly days — most modern coaches of all. Same dependable schedules and service to any part of America, Save 20 to 40 Percent of Usual Travel Cost One Round Way Trip RICHMOND ........$3.00 $5.00 NORFOLK : . 480 7. FREDERICKSBURG 150 PETERSBURG . SUFFOLK ...... PROVIDENCE DISPUTANTA WAVERLY .. WAKEFIELD IVOR .. UNION BUS DEPOT 1336 New York Ave. N.W. Phone Metropolitan 1512 RICHMOND GRE@UND sponsibility for the future. dens will Temain. Germany, free from debt, will be a principal competitor in world ‘markets, and Italy and France will have to be reckoned with. Our Government has a duty to see that our oncoming youth shall not be slaves in | an economic galley, and that is what they may be if we assume such dispro- portionate burdens. Used to Release Collateral. The impression is frequently left that our advances to our associates in the war were spent in this country, to our | great profit. While definite figures are not available, it is probable that not less than $2,000,000,000 was used by them to pay off pre-existing debts which they had borrowed on collateral. ‘They thus released their collateral by means of this unsecured loan by our Government. Among other uses of this money will be found “exchange and cotton pur- chases,” $2,644,783,000. Some of this was money used artificially to stabilize allied exchanges and to make our pur- chases abroad far more expensive than they would otherwise have been. Nearly | $4,000,000,000 was used to purchase | food, which these governments sold to their own people, thus reimbursing themselves and possibly making a profit. Indeed, of a total of nearly $12,000,000,- 000 loaned only about $2,443,000,000 was used by these governments to pur- chase munitions. Finally, this argument entirely overlooks the fact that we spent approximately $1,500,000,000 in the allied countries and paid every cent of it. If we offset that sum, on which we have been paying interest for 14 years, the debts would have a different aspect. Some advocates of cancellation have | a habit of adding interest to principal | to state a gross total of $22,000,000,000 as the burden of these debts on Europe. This overlooks the fact that we will have to pay out in interest a great deal more than the $11,000,000,000 we hope to re- ceive. On all our bonds the rates will pmblbly be much higher than the rates itra in their bonds which we hold, ermnment is prohnb}y double the interest it will receive. Notwithstanding these facts, it has been (on a wholly unfounded conjecture of very low terest rates for our Government in the future) that we may actually make money on the funding agresment. No such thing can ever happen. The con- jecture of future low interest rates is based on recent low rates on short-term If a debtor says, “Times are hard and I cannot pay,” no private creditor ever offers to reform the debt. He may be willing to aid the debtor by temporary concessions to bridge over hard times, but he does not cancel the note. Be- fore he is willing to do even that much he demands that all other creditors do the same. The allied debt to us is only & fraction of the debt to other creditors, and it is certainly a novel proposal to ask our taxpayers alone to assume the burden. Even if this were the equiva- lent of a receivership and a reorganiza- tion of the whole debt structure, all other creditors would be asked to scale down ratably. It is a curious thing that in none of these notes asking postponement and immediate modification is there any positive showing of inability to pay. Except for England, no instaliment now due from these countries is so large that there is any argument that payment would involve embarrassment. It is really remarkable that none of these countries accompany their request with offers to pay at least what they can, and none makes any reasonable agru- ment supporting its request for com- plete postponement during discussion, 1t is urged that on account of the low price of commodities the burden of the debts is increased 50 per cent, but no one ever seems to remember that if we put this burden on American shoulders they also will have to work half again as long or produce half again as many goods to pay the same amount. Fund Sources Shown. It is not strictly true that the credits to support all these payments must come from sales of commodities at cur- rent low prices. Some come from ocean freight, insurance rates, fees for a va- riety of services, and the whole Ameri- can tourist expenditures abroad. It is also erroneously said that, except for gold payments, a debtor nation must pay its debts only in goods which the creditor must receive if the debt is to be discharged. Indeed, exports from debt- ars to creditors is put forward as the ultimate criterion of “capacity to pay.” That is simply not & correct statement of the governing economic law. It would be true as between two nations only if there were no other nations on the earth. Prance could pay us if she did not export to us 1 cent’s worth of product. If she sold to Brazil, for ex- ample, enough goods to create a credit that we cannot assume these burdens without danger to our fiscal stability. The last session of Congress simply scraped the bin for new sources of taxes | and every new revenue has proved dis- | appointing. ' It is also sald that complete loss ol these loans will follow any default. That is a dogma with no sufficient sup- port in precedent or logic. It is like the assertion that any act of repudiation would impair international confidence. | That argument is that these nations cannot pay, and therefore the world | will lose confidence because they do not pay. That is putting the cart before the horse. If any confidence is lost, it will be because they cannot pay, and not be- cause they do not pay. It is quite true that if they can pay, repudiation will impair the world’s belief in the sacred- ness of contract, but that is no reason why we should attempt by forgiveness there of any amount she owed us, we could then take our payment in coffee in a three-cornered trade. Comfort, Smooth-riding NEW YORK - FLORIDA LIMITED Leave Washington, D. C. 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