Salt Lake Telegram | 1936-02-06 | Page 6 | Morgan's Partner Scouts Collection of War Debts

Morgans Morgan's Partner Scouts I a Collection of War Debts WASHINGTON Feb eb 6 AP The AP-The The senate sena munitions commit- commit tee all ee ail through with J. J P P. Morgan and his partners was partners was left today with the impression that the chances of collecting the billions in war debts in the near future are none too bright Thomas W. W Lamont Lament n a top ranking partner r in the house of Morgan told the committee 4 I hI 1 am apt sorry I Iani Iam am unable to find for Tor y you u a a means of immediate payment S Lament Lamont had been pressed by Senator Senator Sen Sen- ator ater R. R Mich for an answer as ns to whether the tho agreements agreements agree agree- I ments with defaulting nations would permit conversion of the debt into marketable securities for sale to the tha public The banker expressed the opinion n only fresh agreements would hasten tion He declared that if the United States would be content to take half halt a loaf as better than none none at atall atall atall all the negotiations might produce produce produce pro pro- duce a settlement This he said could be based on a transfer of the war debts to private hands through flotation of at foreign securities Later a story of serious friction among allied and American leaders over military and financial problems problems problems lems of the tho World war was told I Ia It ig iga a treasury document laid before the tho committee Writing from London July 16 1918 Oscar T. T Crosby assistant secretary secretary sec see sec rotary of the treasury told Secretary Secretary Secretary Secre Secre- tary of ot the Treasury William Gibbs McAdoo that there was 73 m much ch feelIng leeling feel feel- feelIng Ing against American restrictions on loans to the allies The letter was one one of at scores S thrown into the committee record as it recounted dealings between the American an treasury and the tho BritIsh British British Brit Brit- ish and French While J. J P. P Morgan Morgan Mor Mor- gan and oth other r banker witnesses before the committee justified treasury treasury treas trees ury transactions as a necessary part of winning the war the munItions munitions muni muM committee dumped in documentary documentary documentary docu docu- evidence purporting to show that in allied debts Incurred in ins this country while the United States was still sun paid off oft with Liberty loan m money ney