The evening world. Newspaper, February 22, 1922, Page 8

| } / I | 1 PREMERA TOI BAIT soa eee ELLE RTE PILL PETS BEER OLN LEONI OUS CIRCLE” = LIBERTY | BONDS AND TARIFr ‘World Finance Threatens | Trouble Over'the Payment of Allied Debt. CANNOT WAIVE A CENT. Funding Commission May Tell European Nations That the Worst Is Really Over. By David Lawrence. ‘(Special Correspondent of The Eve- A ning World.) oa pieleaet Feb, 22 (Copy- 1922.)—World finance is + <i a to develop a ‘‘vicious cir- @e” involving not merely the pay- Ment of American Liberty bonds but the height of the tariff wall being constructed by the American Con- France says through former Minis- Loucheur that she will not be to pay America the debt because the high customs duties imposed \against her. Italy, through Ambassador Ricci, | who is a famous economist as well a diplomat, says the tariff wall will prevent Italy from paying what ishe owes the United States, | Great Britain says she will not can- is still saying harsh things about Mr. McCormick's query. But when the American Funding Commission starts work it will ask more pertinent ques- tions and tell Europe some more facts about the origin of the ten billions which were lent during the war. | ln answer to French and Italian pessimism, circles is to tell Europe not to disconsolate about its own utare 6 and to point out what remarkable prog- | ress has already been made in recon- struction. The recovery of Europe is in many respects greater than was anticipated. In such circumstances, instead of imagining that twenty-five years hence Europe will be bankrupt, the American Debt Commission will proceed on the theory that Europe is strong enough and resourceful enough to pay her debts if she is given time —and that no doubt will be granted. (HARDING EXPECTS BRITAIN TO PAY U. S. BILLION JULY 1 Sale of Bonds Here Would Provide | Fund to Pay Part of the Soldier Bonus. WABHINGTON, Feb. President Harding hopes that by July 1 Great Britala will have handed over to the United States more than $1,000,000,000 ix bonds, to refund part of its war debt to this country, and that the sale of these securities here will provide the necessary fund to pay the sol- dier bonus, This Information was imparted to prominent members of the House Ways and Méans Committee by Mr. Harding at a recent White House meeting. Great Britain owes about $4,- 000,000,000. ‘The billion in bonds would more than provide a first bonus payment, and the-total debt cels an equivalent amount of British debt. * | France says she cannot pay Great | Britain until money is forthcoming | ‘from the German indemnity. America has just appointed a} {funding commission and has yet to} | peak her policy. But certain fun- | ‘Jdamentals can be taken for granted. ,,One is that the new commission | gisomposea of Becretary Hughes, Sec- | retary Hoover, Sectetary Mellon, | } Senator Smoot of Utah and Repre- sentative Burton of Ohio will not i |gancel any of the European debt, }/No such power is vested in the com- jmission. The most that can be done for Europe is to spread the payment of interest and principal over a ‘Period of years, and here too Con- igress has Imposed a limit of twenty- ifive years. This may have to be ‘extended, but that’s a subject for bargaining across the table. ] = E | | In fact, the appomtment of che ‘American Funding Commission has feen the signal for pointed expres- sions from both France and Italy. (The cry that nelther can pay unless ithe tariff wall is renigved is regarded ‘here os having some teeis of plausi- ‘Dility from the viewpoint of sound jeconomics, but the belief prevai!s What Europe will look around for jmany an excuse to postpone or re- (pudiate payment unt! finally com- }pelled to meet the yuestion directly itm the official negotisticns. The action of Grext Britain in an- cing that she fully intends to pay ferest and principal ond that she Hees already set aside approximately 110,000,000 to pay six months’ in- ‘terest on her indebtedness to Amer- |e has produced a pretound impres- ii i cion here and is another evidence of ‘the betterment ions. of Anglo-American ‘There are of course three ways by ' Europe can pay her debts to ‘America—in gold, in goods and in pervices, such as freight ecrrying. The of goods which would be pay- eS debts to America would help urope, but the tariff laws under ‘consideration in Congress will tend to oe the amount that Europe can here. If it ever comes to a ques- of permitting foreign manufac- ures to flood American markets and rot. American industries, the ten- Hfieacy would be to forego payment of [foreign debts and keep American in- |} dustries going. |) The effect of the statements by for- ‘mer Minister Loucheur of France and \\Ambassador Ricci of Italy will be to | erystallize opinion om the necessity of \taking into consideration the foreign ‘flebt phase of the tariff question, If it jhhad not been for the foreign trade | question the Republican Party would diong ago have passed an old-fashioned itariff. ; |) The great game of excuses and pre- | peste, political and economic, for the -payment of the American debt as begun, The American offensive Thas hardly been started, though Sen- tor Medill McCormick of Illinois re- } cently ve Europe a surprise by put- ing tHrough the Senate without any culty whatsoever a resolution in- airing how European Governments would, In the opinion of many Congressmen, discharge the entire bonus obligation. There probably would be some difficulty in float- ing all the British bonds, but the | sale of a billion dollars’ worth Is | held to practicable. NEW MEYER MEASURE PROVIDES PORT BONDS ators Bill Authorizing Devel- opment Plan Reaches Gover ALBANY, Feb, 22.—Senator Schuyler M Meyer and Assemblyman Seabury C. Mastick, sponsors of the bill now in the hand of the Governor which is intended to authorize the plan for the develop- ment of the Port of New York as out- lined by the Port Authority, to-day in- troduced in the Legislature a new measure designed to make bonds, notes and debentures of the Port Authority legal investments for savings banks. “The securities of the Port Authority,” said a statement by Senator Meyer, “should be as good and safe an invest- ment as mortgage bonds of any railroad now specified in the banking law as legal investments for savings banks. ‘The proposed amendment, tf adopted, will give @ broader market for the Port Authority's securities,” | paces rll EEE EXTEND TO MARCH 15 | VICTORY NOTE SALE | Federal Reserve Banks May Par- chase Until That Date. { Benjamin Strong, Governor of the Federal Reserve Bank of New York, | in @ communication to-day announced | that the period during which all Federal | Reserve Banks have been authorized to | purchase $100,000,000 of the 48-4 per reent, Victory notes at par and accrued interest has been extended to March 15. He also announced that the Reserve Banks will redeem 33-4 per cent. Vic- tory notes before June 16 at par and accrued interest and that beginning to- morrow all Treasury certificates matur- ing March 15 will be redeemable at the holder's option .at par and accrued interest. rere spending their money. Europe | book offense at that—the French press | STRENGTH :anovst NOURISHMENT | Abundant in weakened system what energizing proper- | ties, oe, pure in bode pow ioe oil is to the fuel is to your furnace, SCOTT'S EMULSION me | is readily absorbed and taken up by the blood and its ener ' benefits are felt in every part. Nearly everybody has proved the power of Scott’s energize the body and reinforce strength. ‘The exclusive grade of cod-tiver oil used in Scott's Emulsion is the famous “san gay made in Norway aud refined in our own American Laboratories. is © guarantee of purity and palatability unsurpassed. a Le Eerclson fe the tendency in Mcaperd THE EVENING WORLD, WEDNESDAY, SINN FEINERS PUT OFF TREATY ACTION 3 MONTHS (Continued From First Page.) pened to be divided exactly equally, Mr. Do Valera said, which was not at all the case with the regular standing committee. Arthur Griffith, President ‘of the Dail, said his interpretation was the same as Mr. De Valera’s, AGREEMENT {18 A WELCOME SURPRISE TO DELEGATES, Reaching of the agreement came as a welcome surprise to the dele- gates generally as it enabled the Ard Fheis to carry its session over for three months Sag the necessity yi a split in the Sinn Fein on the ssue of the Anglo-Irish Treaty. The belief generally expressed after the adoption of the pact was that it would tranquilize the situation in Southern Ireland. The delegates gave evidence by the acclaim with which they greeted the announcement of the agreement that they regarded Irish unity as the greatest achieve- ment toward which this representa- tive body could contribute. Rumors that an eleventh-hour at- tempt to reach a compromise were being made among leaders of the op- posing groups in the controversy over the Anglo-Irish Treaty were in circu- lation as the delegates were assem~- bling to determine the position of the Binn Fein Party with regard to the pact. Lateness of the leaders, De Valera, Arthur Griffith and Michael Collins, in appearing gave rise to the rumors, ‘Erskine Childers, one of the leading | Republican advocates, who was absent yesterday, appeared, taking a front seat next to Countess Markievicz. Packed closely together, the delegates waited patiently for the leaders. Meanwhile @ leaflet was circulated containing the Republican answer to | yesterday's circular issued on behalf of the Free State adherents. The leaflet asserted that the Anglo-Irish Treaty had made Ireland a mighty in- ternment camp, and continued: “Seven battalions of British reg- ulars are still posted in Northeast Ulster to swoop on the Free State when England is out of her present difficulties.” At 12.10 o'clock a voice demanded: “Are we to have a meeting at all?" This provoked only good-natured ban- ter. A few moments later some one started a soldier song, in which the entire gathering joined, everybody standing. The song ‘Wrap the Green Flag Around Me" followed this, all delegates joining in the chorus. At 12.35, there still being no sign of Mr. De Valera and the other leaders, the delegates called on William Cos. grove of the Dail Cabinet to take the chair. Cosgrove suggested it would be better for some Vice President to preside. There were cries of walt for De Valera,"’ and that moment appeared with ina wen state- ment that the leaders were just com- ing in. They failed to appear imme- diately, however, and the delegates, still in good spirits, called upon Bo- land for a song. He backed out, but songs and recitations followed until at 1.03 o'clock Mr. De Valera, with Ar- thur Griffith, came up to the platform amid cheering. Michael Collins, head of the Pro- visional Government, ts sending to Secretary for Colonies Churchill a reply to the Ulster telegram of yen- terday which was in the form of an answer to Collins's complaints re- garding the treatment of prisoners in the hands of the Ulsterites, | x Government said it he making of vague against the constabulary, Mr. charges"’ “unsupported by any evidence,” Collins declares he will cite to Secre- tary Churchill several specific in- stances of atrocitics in Belfast in the week ending Feb. 18 for which he holds Premier Craig’s followers di- rectly responsible. a - WOOD ALCOHOL KILLS MAN. | A man believed to be James Chad- wick, forty-five, address unknown to the police, died in Cumberland Street Hospital, Brooklyn, early to-day from wood alcoho! poisoning. He was found unconscious by Policeman O’Brien of Poplar Street Station at Bridge and John Streets, Brooklyn. stl SEVERAL WOUNDED AS NEW OUTBREAK © OCCURS IN BELFAST Firing Results From . Vendetta Against Saloonkeepers With Sinn Fein Sympathies. BELFAST, Feb. 22 (Associated Press).—Several persons were wound- ed to-day in a fresh outbreak of firing on the East side, sald to have resulted from a vendetta against saloon keepers of that section having Sinn Fein sympathies. Military guards were stationed at al Ithe saloons in the York Street district. By the evacuation of the Clones barracks yesterday all the Irish con- stabulary have now left County Mon- aghan, The four special constables captured in‘ the disorders at Clones, as well as one constable of the spe- cial class and two civilians, are still held by the Republican forces. CORK, Feb,, 22.—The Royal Irish Constabulary forces were reported leaving Fermoy to-day for Cork. All the stations in the North and North- east sections of County Cork, with the exception of Mallow, have now been evacuated. The only other police sta- tions in the county occupied at pres- ent are Bandon, Cove and Haulbow- line. ~~ inducements. 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BALTIMORE, Feb. 22.—Tho United States has adopted toward the world bs Foiley 9 acecrne Washington, not icy of “dictation, coercion or im- erialism, but of co-operation and world, but ii tiny. helpfulness and of falth in the sanc- tion of the universal conscience of mankind,” Vice President Coolidge de- clared in an address here to-day at Johns Hopkins University. America stands ready, he said, bear its share of the burdens of “cannot live the life of other peoples or remove from them th» necessity of working out tielr own des- mite does not undertake to establish any artifelal relationship,” the Vice, 4 President said, referring to heat ington conference. “It a J any new law; it. ackni the binding force of an eternal law."* —___<~—_—— . ABRAHAM T. HARDIN DIBS. 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