Show I I I Hoover Proposes Debt Moratorium CHICAGO Sept 17 lt UP UP- UP Former President Herbert Hoover proposed Monday that a year five-year moratorium be be declared on lend- lend lease and other war debts and that th t the United States' States postwar lo loans ns be limited d only to commodities es essential es to the borrowing nations nation's domestic needs Mr Hoover pointed out th that t his recommendations ns applied to o government government gov gay loans exclusive of ot th the billions of po postwar aid already e dy pledged through the International bank the st stabilization fund the export bank and the Ute united nations relief and rehabilitation adminis- adminis t ra t ion His recommendations were made In th the address prep prepared for delivery before the Executives' Executives club of ot Chicago Opposes Opposes' Cancellation Neither war nor postwar loans can be repaid in full lull Mr Hoover said because of this nations nation's Inability inability In in- ability to absorb equal commodity return for tor her exports He urged however that there be bo no immediate imme dint diate cancellation of our dour forty billions of ot lend We should Instead propose a world wide moratorium on all Intergovernmental Intergovernmental intergovernmental In in- war war debts and five years h hence nce when the shape of ot the world Is Js more cl clear ar we should Join our ou our allies alUes in settling the disposition of all such debts ho he said mid In the meantime we I should demand that all aU the weapons weapons weapons ons we have sent on lend lease c should be destroyed Sp Speaking as the sole Bole surviving I American official from froth World Work War Var I who combined th the fun functions of authority o over oer er a a portion portion of the loans made during and after the first world war Mr fr Hoover said that he believed some of ot that wars war's debts might have been collected had congress granted his requeSt for tor their renegotiation Sees P Past Fast st Mistake l I t was always of the opinion that had Mr Roosevelt secured that authority from congress congress he might have saved something Mr Hoover said Postwar loans Mr Hoover said Baid will be made with the knowledge that we are doing it at a loss to ourselves but to aid mankind to recover from the greatest disaster of all history But the loans mus must be limited by what our taxpayers payers can afford and by the immediate commodity needs of the borrow borrow- ers He recommended that the United United United Unit Unit- ed States be credited by borrowing nations with receipts from the sales of ot loaned commodities to their peoples The United States stales he said should insist on some Indirect indirect in in- direct benefits That there be no quotas against us no discriminatory tory tariffs against us no dumpIng dumping dump- dump Ing mg of ot goods upon us WJ- WJ no cartel carte operations against us We Ve must have some protection from socialized foreign trade There should also al o be agreement of ot no trade discriminations in spheres of ot Influence against us In favor faor of the dominant power These loans too Mr Hoover said should be reconsidered by agreement at the Ute end of 10 years If lilt we would avoid the ill will wil which will arise among our respective cUve c- c live tive peoples from the emotional and moral coloring of ot these trans trans- actions |