Show L Taking Tal the tIle War Debts Out GIlt in ill Travel w ea a aa a 1 K k w r S a L- L a Americans would be able to enjoy the famed beaches beachu of Deauville and the tho romantic canals of glorified Venice as al well as u the recreational and cultural facilities of all debtor nations and their expenditures would apply upon the liquidation of the war debts If the plan of Thomas D D. D OBryan shown In Inset should be accepted By WILLIAM C. C UTLEY we cancel the war SHALL S debts Ask any average American that and the hair will bl begin ln to bristle on the back of his Ms nt neck DICk ek Cancel the war debts Well I Iguess Iguess gu guess ss not I Those Fru Frogs and borrowed all nil that dough In good goad faith we raised It out of ot our own pockets In Liberty Loans and now by God Cod let em tm pay puy It buck back I 1 And there Mr Average American i i will usually utter a n derisive snort turn away awny In disgust at ut the very IDEA of ot canceling a business mans man's agreement and stomp off olT muttering to himself about the dt depths to which International Integrity hits hns sunk when nations whom we helped win the tho war will gyp gHI us liS out of ot our Just rights If It you had luul naked him had hud he given given en you the chance chalice Just what he would do If the debtor nations wont won't pay according to the terms of ot the hoe agreements hi he will RO go red with I anger and simply stare you joti down os as though you had hind Insulted Instilled him by even bringing the mutter matter up Rut hut Finland excepted good old Finland the debtor nations are NOT paying and give little stile or no Indication that they Intend Intend to pay payIn payin In gold or dollar currency hour Four courses lie open To go on Insisting that th the debtors live up to the letter letter letter let let- ter of the agreement and simply act frIght frightfully tully righteous and annoyed annoyed an an- noyed when they dont don't to cancel the debts In part hoping to salvage at t least some of the loans to ounce can oun eel cel ce them altogether and forget about the whole discouraging mess or to revise the means menns of ot payment to a form torm In which It will not be looked upon ns us so difficult by the debtor nations Commercial Youth Has Hal Plan The United States Slates Junior Chamber Cham her ber of Commerce believes It has hit upon a plan pion of revision of ot the method meth od of ot payment which should prove acceptable to both this country und and Its creditors Certainly If It works It would make muke collecting the debt lots of ot fun tun for Americans and for tor foreign Innkeepers until they got around to paying their tuxes taxes ut nt least For Tor the plan would allow Americans to travel In the debtor nations na no- lions pa paying their way with credit certificates on those nations which would be ex exchanged for domestic currency by the foreign govern meats ments Americans would pay the United States go government for the certificates and the payments would apply on the war debts the foreign furn for eign governments would float domestic domestic domestic do do- bond honel Issues to raise the money to redeem the certificates thereby transforming the war debt from an nn external one to an Internal one nut But ut that's getting getling a little ahead of our story The United States Junior Chamber Cham Chum ber her of ot Commerce and the 1 branches with which It Is are making some pro progress rl's In getting get ting thin the plan recognized The efforts of ot professional and business businessmen of or twenty twenty- men between the ages alls who members mem one and thirty thirty live fUe are ore hers bers and the approval of other such lIuch men who are associated with them are Bre behind It Since Ince these are arp presumably the time young clung men who will direct the destinies of American business In years to come corne the thin plan lists Ims more than a slim chance of ot one day diy becoming a B na nn national Issue Issup The author of or the Rig g Id Idea Is chairman of ot Thomas D. D the national body's war debts com born horn sn and was mitten reared In en Iowa and attend attended Stale State university at Ames Amps ed Id Iowa lows He lie camp came to Chicago with a head tor for figures to work In the Hie foreign exchange department of a large lorge himself lf Let bet brokerage house To 0 fit lit I burned the lamps iter ter for his Job he and late every night rl rending long lon and i of or on OD the history up In was wall It and exchange n when deI de- de Lucite early morning h In bed It'd that the lime cent folk wt were re long OBryan Plan as It Is lit now known first bl began un to see the lI light hl of day If that Isn't mixing up the metaphors metaphors meta too loo hopelessly for tor anyone to follow to A Word About Plans Plan's Author Today at twenty eight ht OBryan Isa Is Isa Isa a man mun with a mission Tall lar large o boned darkly handsome of serious demeanor and perpetual frown of ot thought he be has hils a n paying Job In In Lu LuSalle Solie Salle street but It Is not hard to see that he ht lives thinks and breathes the tho OBryan plan lie He can spout figures and ar arguments to support Its theories right through the lunch hour If need be never nc once thinking thinkIng think In ing of ot the Inner man to convince a heathen unbeliever And about seven tines times out of ot ten the said suld heathen unbeliever will find himself agreeing agree whether ing-whether ing whether through honest con con- fiction or n a credible desire to let gel about till the business of acquiring lunch It Is not within the province of ot this recorder to Judge I cnn car only set down a brief synopsis of ot Mr theories uni und and let the reader decide fur for himself First of all he be asks us to consider the nature of ot the debts and the manner In which they were Incurred In In- The debtor nations were at al war and because their Industries were vere busy husy manufacturing munitions and aud other goods of war they found It necessary to Import goods In vast amounts which for tor the large part they normally norma produced at home We Ime lent them the money with which to buy these goods and then they bought the goods from Crom us Our government of ot course borrowed borrowed bor bore rowed the money from Its citizens 3 billions of ot dollars do In the First Liberty Liberty Liberty Lib Lib- erty Loan Lonn a net act t 4 billions In the Second Secand Sec ond and Liberty Loan art act and nail 3 billions more In the Third and Fourth Liberty Liberty Lib erty Loan Acts a Acts a total of 10 to bil lions Practically all nih of ot this was a advanced to the time Allies In exchange for tor I I. I O. O Us U.'s from each ach debtor After Atter Af At ter the war war Uncle Sam supplied funds for tor relief to Finland Inland Lithuania ania anla Latvia Poland Austria Aus tria trio II lIun Hungary ary and Czechoslovakia The aggregate principal amounted to The total debt Including Interest amounts to about aboul Ivery nation notion but Finland Inland defaulted the payment due dug December t 15 when payments ol ot nearly a billion dollars were yere due Difficulties of Payment The present agreements provide for the debts to be paid In gol gold or In dollar currency ncy This means that a debtor must ship gold to the United d States or sell goods here In order to tc accumulate dollar currency Pres Present ent eat economic conditions make It difficult di dif dlf- for tor debtor nations to pay ingold In Ingold Ingold gold nor with more than one hall the worlds world's supply already within our vaults do we want more of It Importing goods from the debtor nations nations na na- would woul lower lowe price levels and living standards In this country forthe forthe for tor the type tYlle of ot goods which we Voe would have to Import are largely those which we produce In sufficient quantities quan titles at home to protect our own Internal trade we have set up prohibitive prohibitive pro pro- tariffs which preclude the sale of Imported goods These conditions conditions con can make malte It virtually Impossible for our debtors to pay In dollar dolla cur cur- rency If It we cannot buy from them the flow now of gold would end ent In a reservoir In to this country and that would not be he desirable from a viewpoint view point paint of or International economy They y have the capacity to pay according to Mr and It ItIs ItIs itIs Is possible le they are willing to pay The hI answer lies liE's In discovering a means of ot payment satisfactory to both debtor and creditor cn The OBryan plan advances the argument that there Is 18 nothing which debtor nations produce that we wI ran can consume here but hul there lucre are services which we can an consume and which we WI do consume In a II quantity whirls which approaches tim HIP proportions In dollars and nd cents of ot the annual payment which the debtor nations are required d to pay us through the debt agreements Tourists spent outside the United States Stales according to the Department of Commerce l COO OO millions during 1923 1023 Hr and a peak plak of iO millions during dur dur- In lag ing 1029 1910 says Mr O OBryan ryan These expenditures can cnn be used to our benefit In dealing with the debts The United States could enter enter en en- ter Into agreements with the debtors whereby they would furnish to our Treasury department certificates of ot Indebtedness properly endorsed forthe for the full tull amount of or the time debts The secretary secretory of the treasury would he be authorized to countersign them thetas and distribute them to banks Travelers Traveler Would Estimate Expenses A tourIst arranging for a passport pass port would be required to estimate the amount to be Ile spent In a debtor country and also Include steamship fare tare that amount of certificates would be sold to time the t tourist to be used to pay fares whether on a fora foreign for tor eign elga or American line Une American lines could use them In foreign for tor or eign eln bills and to secure limo tho currency cur rency of ot a particular country by exchanging exchanging ex ex- ex changing them at the banks upon arrival there The debtor continues would agree to refund the certificates In specified amounts and In place of them Issue long term bonds of ot equal standing with other other obligations of the government incurred In in- Incurred for foy any other purpose The United States treasury would be required to hold moneys raised by the sale of the certificates In a atuna tuna fund to retire the outstanding government government gov bonds of ot this countr country Tho The result of the process would amount to the debts being liquidated d In this country and at the same time they would be transferred Into Inlo the time form torm of a long term International obligation obliga tion of the debtor debtors debtor as compared to toan tonn tonn nn an external long term obligation ns as they are now The Time process would go on until the entire amount of the debts was liquidated and the results obtained In this way would not require the time transfer of ot gold and the attendant disturbing Influence It has over r credit facilities In the debtor nations The young author of ot this plan points out that additional benefits would accrue to the debtor nations for their tourist and travel business ss would be stimulated without additional addi sales promotion cost Part of ot the Increased taxes of or the debtor nations nation's population would be returned returned re re- turned as profit upon this assumed Increase In business Marketing Certificates Is dabbling with several angles of the plan which h would stimulate travel by Americans For Instance If It the writer follows him clearly he suggests that time tile part of ot the United States national debt that resulted from the war loans be kept In a separate account A percentage of ever every annual direct federal tax tar would apply on the time liquidation of ot the war debts the citizen or corporation paying the tax would be Issued travel certifiCates certificates cates fur for an amount equal to the percentage of the total direct tax paid In speaking of ot our travel expenditures ex In the debtor nations perhaps unfortunately misuses misuses misuses mis mis- uses the won word tourist Tourists actually make up less than half halt of ot the Americans who travel abroad and If his plan would work at all the ct certificates would be attractive to all classes of travel tr vt l. l In determining de a representative working figure of expenditures OBryan takes the mesa mean travel ex ex- und and Immigrant remit lances In debtor nations for tor the years 1027 1927 I 1920 1120 tail 1031 which Is la Isan Isan an lID annual total of about third one one third If It a billion dollars dollar for all the debtor nations combined On this basis baals he ho estimates that the debts of all nations na an dons except nt Belgium and England could bp I liquidated over a period of snout fw years I m We WeI rn N wip p r Colon |