Show EI I President Elect s t Works Works On Reply France Urges European Peace Army Acceptance of Bid to WhiteHouse WhiteHouse White WhiteHouse House Conference Seen by Fri Friends CONTENTS CONTENTS' NOT REVEALED Hoover Message Mess Recalls Cancellation Cancellation Cancellation Can Can- St Stand nd of Bourbon 8 Br fly Associated Press Puss ALBANY N. N Y Nov 14 14 dent elect dent elect Roosevelt today prepared I Ia a reply to President Hoovers Hoover's invitation tion lion to a White House conference on the war debt situation It was believed by those close to the New York governor that he would accept the invitation and suggest the confer conference nce be held on Monday or Tuesday of next week Mr Roosevelt's reply the governors governor's governors governors governor's gover gover- nors nor's secretary stated wo would ld not be completed until late this afternoon It will be released to morning news news- papers Mr Roosevelt recovering from a slight cold which confined him to his room since last Friday expects to resume his engagements tomorrow All of t his appointments for today as aswell aswell aswell well as since last Friday were can can- celled President Hoovers Hoover's Invitation recalls recalls re re- re- re calls the one sentence reference to war debts Carried Democratic plat plat- form It read We oppose cancellation of the debts owing to the United States b by foreign nations COMPLEX PRO PROBLEM LE 1 On July 30 in an address on the plat platform orm Mr Roosevelt said referring referring refer refer- ring to th the plank declaring against cancellation This problem of ot the debts is comIts com corn plex Its solution has however been brought measurably nearer by the recent results at Lausanne Lousanne Great Britain France and Germany h have ve veat at last agreed among themselves concerning concerning concerning con con- reparations This comes I Iam Iam am convinced not so much from the debts they owe us as from our barriers barriers bar bar- against their trade which make the problem so difficult The debts will not riot be a problem problem we we shall not have to cancel them them them-it if we are arc realistic realistic realis realis- tic about providing ways in which payment is possible through the profits profits prof prof- its arising from the rehabilitation of trade I The Republican platform said nothing about this but their position has been the absurd one of demanding demand demand- demanding ing payment and at the same time making payment impossible This policy finally forced a moratorium I as it was bound to do Our policy declares for tor payment but at the same time for lowered tariffs and resumption resumption tion of tr trade de which opens way for tor payment a GOLD RESERVES DRAINED In his Sioux City speech on September Sep 29 Mr Roosevelt said There was was a second secondary ly and perhaps perhaps per perhaps haps even cven more disastrous effect of ot Grundi Grundyism m. m Billions of ot dollars of debts are due to this country from abroad If the debtor nations can cannot cannot cannot not export goods and services they must try to pa pay in gold We started such a drain on the gold cold reserves atthe of at the principal commercial countries as ns asto asto to force practically all of ot them off oft the gold standard The value of at the mo money x of the e cot countries reI rd y c. c r on Pa Pe e Three President-Elect President Prepares Reply Reply Reply Re Re- ply to Invitation From Chief Executive I Continued from Page Pan One to the value of the dollar de de- lined dined alarmingly They just couldn't buy our goods with their mone money These goods were thrown irown back on our markets and prices rices fell JeU still sUll more I ul say to you in all earnestness and sincerity that unless and until this ils process is reversed throughout the ic world there is no hope for full economic recovery or for true prosperity prosperity pros pros- In the United States Europe's Debt Plea Fate rate Is Uncertain By JOSEPH H. H BAIRD United Press Staff Correspondent WASHINGTON Nov 14 14 The The fate ot of f Europe's plea pica for war debt revIsion revision re- re vIsion islon depended in large measure toay today today to- to day ay on President President elect Roosevelt's answer anwer an an- to President Hoovers Hoover's precedent- precedent shattering invitation to a WhiteHouse WhiteHouse White WhiteHouse House conference I Great Britain and France put the debt reduction issue squarely up to tolis this lis country In notes made public by bythe bythe the he state department They asked fundamental revision of their obligation Pending negotiations ions to this end they requested deay delay delay de- de lay ay on December 15 payments of nearly early I Mr Hoover speeding east from California California asked Mr Roosevelt and his lis advisers to meet with him at the White House late this week The president wants his successors successor's ideas deas on war debts and other economic eco ceo issues because these questions arc re certain to carry carryover over into the Roosevelt administration Any debt settlement will rest finally with the Democratic congress The French British French attack on the war debt structure was regarded by Mr Hoover as the opening wedge ina in a general campaign for reduction of Europe's debt to the United States In a resolution adopted last December December De- De cember ember congress shouted a resounding resound- resound ing ng No uNo to possible future requests for or debt revision Now the question Is Shall Mr Hoover ask congress to change its mind He said he wanted Mr Roosevelt's advice before drafting recommendations REACTION COLD First congressional reaction was cold old toward any further concessions to Europe Senators R Reed d Pennsylvania Pennsylvania Pennsyl- Pennsyl vania ania and McNary Oregon Republican can an leaders said congress should stand land firm on its declaration of last winter opposing debt reduction Democrats were cautious in commenting commenting com corn pending disclosure of or Governor Gover- Gover nor or Roosevelt's Roosevell's views but Senator Swanson Virginia ranking Democrat on n the foreign relations committee saId aid he believed congress would receive re- re reductions proposals ably bly Senator Walsh D. D Mont said a special session should be called quick quick- quickly I ly y if a decision was necessary before debt payments are due December 15 The regular session does not convene con- con vene until December 5 Representative five tive Ive Ragon D. D Ark proposed that the he house ways was and means means' committee commit- commit tee ce investigate the capacity of at European Euro- Euro nean can nations to meet reparations Secretary of State Stimson de- de dined lined to discuss the British and Trench French notes pending Mr Hoovers Hoover's return He said no other notes had yet been received Asked if it the Hoover administration still till held to its policy of discussing debts with each nation separately Stimson said there had been no change hange This policy if continued would make a general debt conference conference confer confer- ence impossible It appeared likely if iI Mr Roosevelt Roosevell agrees to come here ere a large conference conference confer confer- ence once Including senators and representatives representatives of both parties as well as ashe the he secretaries of treasury state stale and I perhaps commerce would be summoned sum- sum mooed to concentrate on the debt issue KNOTTY PROBLEM Because of its tremendous implications lions for both world economic recovery recovery reeDy reeDy- ery cry and domestic politics because of the he aversion of congress to debt re reduction reduction re- re and because of ot the impendIng impend- impend Ing ng change of or government the debt deb problem is particularly knotty at this time Yet the course of world history history his his- tory ory may depend on a clear sighted solution The gist of ot the British and French notes noles is briefly this Mr Hoover last October In the Laval Hoover-Laval recognized recognized that further adjustments in debt deb and reparations might be necessary He tie advised Europe to put Its own house louse in order before asking favors of America Americ Europe did this at the Lausanne reparations conference where it lifted lilted Germanys Germany's bur burden en Europe believes world recovery now depends on debt reduction DClay Deis Dolay DC Do- lay Is costly Let America and Europ Europe Europe Eu Eu- rope rop e discuss the debt structure u turc Pending Pending Pend Pend- ing lag the outcome let the December payments remain in abeyance The notes were not unexpected Virtually all allot of at the European debtors debtor indicated had during recent months month they would ask for release from a aleast at least llast part of their bur bur- den To avoid injecting the dynamic issue into a political campaign however however how how- ever they waited wailed until l after the Salient points in the British note read It will be remembered that o on June Junc 22 1931 his majesty's government govern govern- mont ment in m the United Kingdom subscribed subscribed sub sub- scrib scribed d wholeheartedly to the principle principle principle prin prin- ciple of the proposal made by th the president of the United States on th the preceding day for the postponement during one year of all aU payments o on I intergovernmental debts TROUBLES NOT ENDED The uThe hopes which were carl early v raise rals d by the presidents president's initiative h have ve unfortunately unfortunately unfortunately un un- un- un fortunately not been realized an anthe and the economic troubles which it was wa designed to alleviate have not come com cometo to an end Indeed in October of last las year car the published a at Washington on the occasion of Mon Mon- Laval's visit already recognized recognize that prior to the expiration of th the Hoover year some agreement on in intergovernmental intergovernmental intergovernmental in- in obligations may b be necessary covering the period of ot th the business depression It UIt was in accordance with the recommendation rec roe quoted above that in inJune inJune June last the European creditor powers powers powers pow pow- pow pow- ers met at Lausanne to agree on D a lasting settlement of at the problem ere cre by intergovernmental payments in respect of ot reparations The series of ot agreements reached on July 9 aims alms at t the ultimate termination of all reparation reparation repa- repa ration atlon payments It represents the maximum contribution in m the field o of f intergovernmental finance which the he governments concerned have so soar far ar been able to make toward that early arly restoration of ot world prosperity On the nature of the remedial measures that may have to be adopt adopted d dit it is not proposed now to say more than han that in the re recent ent past his majesty's government in irs the United kingdom have frequently expressed their heir view and that neither in theor theory nor in fact are they able to find any reason eason for amending it They believe that hat the regime of intergovernmental financial obligations as now existing must be reviewed They are profoundly profoundly pro- pro Impressed with the Importance tance ance of acting quickly and they earnestly hope that the United States will see its way to enter into nto an exchange of ot views at the earliest earliest earli earli- est eat possible moment IMMEDIATE OBJECTIVE The immediate objective of or the present resent note however is of ot a more limited nature On December 15 the next instalment of the British war debt is due to be paid It is not possible possible pos pos- sible to hope that agreement can be achieved in five weeks on matters malters of such vast scope Confronted last summer with a similar difficulty the conference o of Lausanne found it necessary necessary necessary essary in order to allow its work to proceed undisturbed to reserve during during dur- dur ing ng the period of the conference the execution of at the payments due to the participating powers His majesty's government in the United Kingdom hopes lopes that a similar procedure may now be followed and asks for a suspension suspension suspension sus sus- pension of the payments due them for or the period of the discussions now suggested or for any other period that may be agreed upon High spots in the French note were I Basing its action upon the principles prin plin I c ples which were expressed in the joint issued on October 25 1931 by President Hoover and Mr Laval at the conclusion of their discussions and which were the logical logical logical logi logi- cal development of ot the proposal made by the president of at the United States in June 1931 the French government certain of ot being in close accord with the ideas of the American government government government govern govern- ment voluntarily agreed to very heavy sacrifices at Lausanne hoping thereby to appease resentment existing existing existing exist exist- ing among nations and at the same time to make a contribution toward recovery reco and toward the consolidation of at peace IN SAME SPIRIT It It is in this very very same spirit that the French government today proposes proposes proposes pro pro- poses to the government of ot the United States to join with it in a further study of the debt question Ina Inasmuch much as ns such a Q study will by virtue of circumstances circumstance require too much time for a speedy conclusion to appear appear ap op pear probable the Fi Fn French ench government asks t tint that at in accordance with the process followed at Lausanne an nn extension ex cx- tension of ot the suspension of payments may be granted to the French government government government gov gov- in order that the study atthe of at the present serious problems now Under under under un un- der discussion may be continued and completed j in the necessary atmosphere atmosphere atmosphere atmos atmos- phere of mutual trust The French government is further convinced that such a step would have the most helpful effect on the monetary crisis which threatens so many nations dared the project cannot be re rc- rc The plan provides also for storing staring In each European state and under the control of the league of at nations of ot all transportable war material whose maintenance would be authorized by bythe bythe the thc disarmament treaty but which could be possessed by the national term short armies It proposes progressive sIve unification of the manufacture of at war material which would be supervised and gradually grad organized on on an international basis The stored war material would be placed at the disposal of ot the vie vic tim Urn of ot aggression France Prepared for forWar forWar forWar War Germans Claim By P. P LOCHNER Associated Press St Staff lt Correspondent COLOGNE Germ Germany ny Nov 14 In 14 In Inan an exhaustive discussion of at French military organization and equipment to be presented in a special issue tomorrow tomorrow tomorrow to to- morrow the a widely read weekly circulated circulated internationally and md throughout Germany German reaches the conclusion that before the gates of at Germany there stands the best equipped army in the world wOrld ready ready to march Statistics graphs and maps maps are set forth in the issue along with photographs photographs photo photo- graphs lined banner quotations from rom the sayings of ot French statesmen and scientific analyses by Germany military mill mili tary tory experts The purpose Is to prove to the German German Ger Ger- man reader that Jules Cambon nent French diplomat correctly Interpreted interpreted in In- the French people in saying In the army lies the soul of or France The publishers of the weekly the weekly the English equivalent of ot the title is the Cologne Illustrated Newspaper as assert sert that much of ot the material they present never |