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Show NewsJx Behinm By-PaulMallon Released by Western Newspaper Union. FUTURE OF LEND-LEASE NOW HELD IN DOUBT WASHINGTON. Shenanigans are starting for the dispensing of credit-and-loan billions abroad to replace re-place lend-lease. Mr. Truman announced an-nounced the good news about the let-down in lend-lease spending, and Mr. Crowley simultaneously took the credit to taxpayers for the news that Britain, Russia, France, China and the rest of the world were coming com-ing in with their hands out to him now. Every news reader is naturally asking himself the question what kind of a bargain did we get, or are we going to get? It should be a good bargain because the rest of the world is politically non-co-operative with us in certain glaring examples of foreign policies, but must have our financial help. The answer is nowhere apparent yet, in front of or behind the news, but some doubtful aspects are discernible dis-cernible to those in the financial know-how. Take Britain first, the biggest and most-easily-seen case. An American letter to business men, purporting to carry official British viewpoint (although (al-though it does not always say so) justifies large loans to London on the ground that the proposed Socialism So-cialism for the British mines and transport (their purchase by the government) is to be financed by self-liquidating bonds so we naturally na-turally can have no interest in them. That is the kind of propaganda to appeal to the American business mind self - liquidating loans are sound. They pay themselves off from profits. So, concludes the propaganda prop-aganda letter, there could not possibly pos-sibly be able objection to them in the United States. The propaganda neglects to reveal to our people the one salient sal-ient fact of the matter which would knock that whole appeal into a doublecocked Homburg, namely that British Socialism contemplates also taking over the Bank of England, which, of course, is the most important consideration in iter future credit cred-it standing. Any American business man who thinks of that fact (he will have to think of it himself because the propagandists will not tell him) will immediately say to himself: "Why, if the Socialists are to abolish the standards of credit of Capitalism in their best, and perhaps change it from day to day, or run it in any direction di-rection they want, I would not make them a loan. I would make them give me some unchangeable assur ance of financial good faith before I would even consider it." Cancelled Last Loans. Now their argument (the British) is that they had to have the Johnson John-son act repealed to cancel their last war debt; the London economist was put up to say that a 50-cents-on-the-dollar settlement is necessary nec-essary to pull them out of lend-lease lend-lease red (although no one else said anything officially about paying anything), any-thing), and they are in a desperate financial plight for dollars, credit and internally from their terrific war debt but they want more debt from us and want to increase their internal debt untold billions more for Socialism and make their people pay the interest. That sounds like a one-sided proposition. To put it In its simplest terms: Britain wants us to pull her out . of the red and yet have her way, exclusive of our interests in any particular. (Her government told parliament it would be awful aw-ful for us to interfere with her wishes in any way.) This same proposition is being sold to the public in an equally clever clev-er political way. The news accounts out of the Crowley press conference (quite plainly presenting off-the-ree-ord material) said a $3,000,000,000 loan to Britain was being discussed but British officials were anxious to make some arrangements "concerning "concern-ing eternal debts incurred during the war before taking on additional outside debts." Not a word was mentioned about Britain taking on more internal debts by purchasing her own industries ones which she already controls in the public interest. inter-est. Our officialdom just let it be known "some way would have to be found to carry Britain over the bumpy road ahead." but not a word that I see about what we would get out of it in any particular. But one day the news from abroad quotes the British brain truster. Prof. Harold Laski, as suggesting the new British government does not have the interests of the United States at heart in any respect but would work closer to the Russians, developing Socialism throughout Europe, revise England throughout, and enough other things to drive any creditor away, and then days later comes Foreign Minister Bevin, belatedly, be-latedly, agreeing that maybe some of the Balkan elections and plans are not on the level, or our.Uvel H:iv we any guarantees in this condition? |