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Show AMERICA READY TO M GGLLEGTIDN5 IT IS BELIEVED ENGLAND CAN PAY INSTALLMENT ON ACCOUNT AC-COUNT OF INTEREST Czecho-Slovakla May Remit Some, But France and Soma Others Are Not In Position to do Anything Now Washington. The commission whose function it is to collect the $11,000,000,000 owed to the United States by various European nationi hng organized. The next step, necessarily, neces-sarily, be for this commission to iftve formal notification to the European Eur-opean debtor governments of the commission's com-mission's duties In the collection of these debts or In the making of arrangements ar-rangements for their collection, and them to await such responses as the nations may decide to make. It is easy for any well-informed person to guess approximately what these responses re-sponses will be. Great Britain -will probably pay a considerable sum on account of the accrued interest and express willingness willing-ness to accept any terms that tho United States may suggest about future fu-ture installments. Aside from Great Britain, it is difficult to think of any of the other natoins that is likely to make ny payments on account. It is just possible that the Czechoslovak Czecho-slovak government may be prepared to do something in a small way. This government is about the only one of the various new nations set up by the Paris conference thnt has conducted Its fiscal alTuiis In such a way as to qualify ns a solvent debtor. As a resule of Ozecho-Slovak economy and the sound management of Its finances it has recently been able to borrow several million dollars from private bankers in America and Great Britain. After the debt refunding commission commis-sion has received its various answers, the next step, logically, will be a report re-port by the commission to congress. That report may turn out to be dis-apointing dis-apointing to congress and the country. So far as the country expects all of these debts to be refunded on a normal nor-mal basis at a normal rate of interest and with Installments beginning immediately, im-mediately, the country is likely to be disappointed. Beyond these three steps it is difficult diffi-cult to see farther into the future. By the time all this has taken place certain cer-tain other angles of the European situation will be clearer than they are now. If those of the European nations which have debased their currency cur-rency should decide as a result of the Genoa conference to stabilize their currency and , otherwise bring their fiscal affairs to a sound basis, therd is likely to be a request by some of them for an advance of a part of the United States gold to serve as a basis for their new currency. At this point it is going to be necessary ne-cessary for America to practice a good deal of wisdom. If any of those European Eur-opean countries show an honest disposition dis-position to stop spending more than their income and to stop printing paper pa-per money, then It would be a wist and statesmanlike thing for America to lend them some American gold under un-der proper restrictions. Just why it is disadvantageous foi America to have such a disproportionately disproportion-ately large shre of the world's gold supply and why it would be advan-taeous advan-taeous for America to devote some ot it to enabling other countries to stabilize sta-bilize their currency is a more complex: com-plex: aspect of economics than is commonly com-monly understood. Incidentally, one of the countries that owes money to the United States is Russia. Russia owes some hundreds of millions to the United States government and also al-so owes some hundreds of millions to American bnnkers. At the Genoa conference Russia has developed the theory that agains-t these debts she has a setoff in the shape of damage done by American troops In Russia. That setoi'f cau h;;rdly be admitted. American troops were in Russia chiefly for the legitimate legi-timate purpose of protecting supplies sup-plies sent by America to Russia at the request of the preceding Russian government. gov-ernment. Moreover, there is all the difference in the world between Russia's Rus-sia's obligation and promise to repay re-pay a loan made by America and any posible libiltty America may be under for damages. |