Show AMERICA TOLD TUi TIME TUiE E IS COME TO RESIGN AS WORDS WORD'S SANTA Senator lowell A Assails sails Terms of Italian Debt Settlement U S LOSES CLAIM Smoot Makes Error of 23 Million In Ill Sup Sup- Supposition Supposition Supposition position Case WASHINGTON March 30 Ity 30 30 By V I I The Tho Associated Thc Press Press time Ume has come for tor America to ab ab the part of ot Santa Claus CIluS to Europe Senator Howell Republican Republican can Nebraska told the senate enate yes yes- yesterday yesterday yes yesterday In opposing ratification or of orthe the Italian debt settlement Every debt agreement recommended recommended recommended mended thu thus tar far by the American debt commission he be said pro In for tor cancellation of ot the principal addition to cancelling the principal ot of owed by Ital Italy It he contended that agreement impose on the American people an annual deficit In Interest of ot representing the difference between the 1 I 1 I per cent to be bo paid by Ito Italy Iy and the tho 4 23 per cent rate author authOr- authOrized authorized authorized by congress and paid on liber libel liberty liberty ty bonds LOSS JoS or OF BILLIONS S Reviewing Vie the 1 12 funding agree agree- agreements ments ne negotiated by ly the tho commis commis- commission commission commission sion Involving h he said that cancellation of ot this amount of ot principal and on nn annul Interest deficit of ot for Cor 62 year years yeara with Interest at 3 per pr percent percent cent compounded annually on this deficit give gl an apparent loss to the American people of on account of ot these theo trans trans- transactions transactions actions Charging that the echo of ot the thelast thelast last gun fired tired in the great war had bad scarcely died away when a project tor for cancellation of ot every everyone everyone ono one of ot our war debts was Initiated ed he declared It clasped hands with lIh our oue International bankers and remarkable as It may S seem em actually triumphed In the settle settlement ment of ot the British ish debt debt- ThIs was Justified ho said s with the new sounding phrase ot of ability to pay but when the haye been favorable to the United Stiles Stites In other debt It was forgotten TOO FAIL I-AK A Protesting against the deter deter- determination now as to whether these debts should be cancelled at the end of ot 62 63 years he asserted that list no living man malt can an see ee what 63 years may bring tort forth h The Amt American people base ha ha e been lulled Into a II state of ot complaisance by assurance that the principal of the foreign loans is to to to be paId he con sued while the prejudice ot people of ot the debtor nations nation against Americans has been ben con con- confirmed confirmed con confirmed firmed by the very same assurances assur- assur ances that they must pay their to us Of Ot the nations which have havo ne- ne negotiated negotiated ne negotiated agreements he said everyone la is relieved ell of ot ultimate payment by cancellation except little Cuba Our Island neighbor was as too hast hasty in settling her debt of or 10 S 10 10 he added Sho She should Great Groat Britain have o waited until had played her trumps He held that Great Britain hId had obtained far tar better t terms from Italy than the United Stat States since the British are to have ha In gold belonging to Ital as security and will begin to get getan getan ao an average of or between and ant annually almost Immediately whereas In tho the Amer- Amer Amer- Amer Amerlean lean n agreement the large largo pay pay- payments payments payments ments are way at st the other end ot of the scale seale SMOOT 8 MAKES F ERROR WASHINGTON March By 30 30 ByThe The Associated The Preas-The Press Pre s The I-The The Ital Italian ian tan debt settlement kicked up a 0 areal areal real rumpus Monday in the senate with lIh rules going by the board rd AS senators engaged In a running cross fire of or attack and defense Premier Mussolini 11 1 came In for tor a afew afew afew few broadsides and the conflict even en extended to who ho was as re- re reI responsible re responsible I or writing the tho Republican Republican lican party platform of ot 1324 1924 While the tho debate of ot three hours was reaching Its climax the tho Amer Amer- American Amer- Amer ican lenn debt commission was accused ot of having ha used a new system of ot mathematics mathematic In figuring the ital- ital italIan ItalIan Ital Italian ian Ian on onn n settlement This accusation came canto after acter Sun Sun- Sen Senator n ator Smoot Republican Utah Ulah a member of ot the commission and generally g regarded as a fInancial wIzard had lOae made an error of In calculating early Interest on n a hypothetical settle settle- ment mt nt Defore the tho discussion ended Senator Reed Recd Democrat Missouri offered a resolution directing the senate foreign relations committee to Italy's ability to pay her war debt J bt the tho extent and ond terms term ot of private American loans to Italy and nd tho the amount of ot money spent pent for tor propaganda In this country countr |